NEWARK, Del, June 12, 2023 (GLOBE NEWSWIRE) -- From 2023 to 2033, the power transformer market is projected to grow at a 5% CAGR, with a global market value of US$ 24.1 billion in 2023. According to Future Market Insights (FMI), the market is anticipated to surpass US$ 39.3 billion by the end of 2033.
In order to transmit electricity between networks with minimal loss and frequency shift, power transformers are essential parts of power grids. In the upcoming years, the demand for power transformers will be fueled by rising investments in the construction of power grid networks and distribution channels to provide access to electricity in rural places.
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The need for wet-insulated power transformers is being driven by an increase in the use of transformers for residential and commercial applications, as well as by their low cost. The market will benefit greatly from studies and developments that integrate wet-insulated power transformers with smart energy grids and install solar power grids with eco-friendly coolants.
The primary drivers driving market expansion in the country include rising energy demand and an increasing emphasis on renewable electric power generation. Furthermore, the United States continues to be one of the world's top producers of energy, making it a lucrative market for power transformer manufacturers. Furthermore, the installation of smart grids and transformers, the modification of existing ageing power transformers, and the expansion of renewable energy generation projects will fuel market growth in the future years.
Key Takeaways:
- Between 2023 and 2033, the Indian market is expected to grow at an excellent 5% CAGR.
- Wet-type power transformer sales are predicted to exceed $20 billion by the end of 2033.
- The residential and commercial sectors are expected to account for more than 40% of overall revenue.
- The market increased at a CAGR of 4.6% over the last five years (2018 to 2022).
- The United States held a 20% market share in 2022.
“Several government programs aimed at installing technologically superior power transformers and modernizing existing power grids in order to improve energy efficiency and minimize losses are expected to boost consumer interest in the power transformer industry,” - says an analyst at FMI.
Competitive Landscape:
Market companies are focused on creating and manufacturing green transformers in order to generate clean energy and acquire a substantial competitive advantage.
- The engineering, procurement, and construction (EPC) agreement for the 300 MVA power transformer endeavor at Sulaibiya station (W) in Al Jahra Governorate is expected to be granted in the third quarter of 2023 by Kuwait's Ministry of Electricity, Water, and Renewable Energy (MEW).
- Ganz Transformers and Electric Rotating Machines Ltd. have begun a large repair program at the Esna Power Plant, one of Egypt's largest hydroelectric assets, that will be finished by 2023.
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Key Companies Profiled
- ABB
- Siemens
- General Electric
- Toshiba Corporation
- Schneider Electric
- Crompton Greaves
- Hyosung Power & Industrial Systems Performance Group
- Hyundai Heavy Industries Co. Ltd.
- Mitsubishi Electric Corporation
- Bharat Heavy Electricals Limited
Key Segmentation:
By Product Type:
- Core
- Shell
By Insulation Type:
- Dry
- Wet
By Phase Type:
- Single Phase
- Three Phase
By End Use:
- Residential & Commercial
- Utilities
- Industrial
By Voltage Type:
- 100-200kV
- 200-400 kV
- Above 400 kV
By Application Type:
- Generation Step-up
- Transmission
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Product Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Product Type, 2023 to 2033
5.4. Y-o-Y Growth Trend Analysis By Product Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Product Type, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Insulation Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Insulation Type, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Insulation Type, 2023 to 2033
6.4. Y-o-Y Growth Trend Analysis By Insulation Type, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Insulation Type, 2023 to 2033
Complete TOC: https://www.futuremarketinsights.com/toc/rep-gb-10800
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Old Source: Power Transformer Market Poised to Grow at 4.6% CAGR with Total Sales to Surpass 2000 Units by 2031, Says FMI
