Dublin, July 01, 2024 (GLOBE NEWSWIRE) -- The "Global Power Transformer Market by Power Rating (Small Power Transformer (Up To 60 MVA), Medium Power Transformer (61- 600 MVA), Large Power Transformer (Above 600 MVA)), Cooling Type (Oil-cooled, Air-cooled), Phase (Single, Three) - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global market for Power Transformers is poised for substantial growth, with a projected trajectory reaching USD 37.7 billion by the year 2029. This represents a noteworthy increase from the estimated value of USD 27.9 billion in 2024, reflecting a steady Compound Annual Growth Rate (CAGR) of 6.2% over the period spanning from 2024 to 2029
Several factors are driving robust growth in the power transformer market, notably the increasing global demand for energy, which has significantly boosted electricity consumption in recent years. The industrial sector plays a pivotal role in this surge, fueled by escalating industrialization, manufacturing activities, and infrastructure development across various regions.
As industries grow and modernize, there is a corresponding increase in the demand for efficient and reliable electrical power distribution systems, with power transformers being key components. Beyond industrial uses, the demand for power transformers is also rising in the commercial, service, and residential sectors. Commercial enterprises depend heavily on a stable and continuous power supply to sustain operations. Similarly, the service sector, which includes healthcare, education, and hospitality, is consuming more electricity. Furthermore, driven by population growth and urbanization, the residential sector requires dependable power distribution to support homes and communities.
Power transformers are essential for efficiently adjusting power rating and providing effective cooling and cooling type, making them critical to maintaining the reliability and stability of electrical grids. These components ensure a steady flow of electricity across various economic sectors. As the global energy scenario continues to evolve, factors like the integration of renewable energy sources, advancements in smart grid technologies, and a focus on energy efficiency will further drive the demand for power transformers.
Moreover, the growing need to modernize and upgrade aging power infrastructure in various regions is contributing to the ongoing expansion of the market.
Large Power Transformer (Above 600 MVA) segment, by voltage, to be fastest growing market from 2024 to 2029
The Large Power Transformer (Above 600 MVA) segment is anticipated to be the fastest-growing market from 2024 to 2029 due to several pivotal factors.
Firstly, the global push towards renewable energy and the integration of large-scale renewable projects like wind farms and solar parks require robust transmission infrastructure capable of handling high voltage levels over long distances with minimal losses, making large transformers indispensable. Additionally, regions undergoing rapid industrialization and urbanization are expanding and upgrading their power grids to meet escalating energy demands, which necessitates the deployment of large power transformers.
There is also a growing trend towards interconnecting power grids over vast geographical areas to enhance reliability and stability of power supply, further driving demand for high-capacity transformers. Moreover, initiatives to replace aging infrastructure in developed countries with more efficient and reliable systems underscore the need for these large transformers. Collectively, these dynamics are propelling the growth of the Large Power Transformer segment as critical components in modern energy networks.
Three phased transformer, by phase type, to be the largest market from 2024 to 2029
The three-phase transformer segment is projected to be the largest market from 2024 to 2029, primarily due to its extensive application in commercial, industrial, and utility sectors which demand high power capacities for efficient energy transmission and distribution. Three-phase transformers are essential in these settings because they provide a consistent power flow and greater efficiency, especially suitable for high-load applications.
As global industrial activities and energy consumption increase, the need for robust infrastructure to handle substantial electrical loads also rises, driving the demand for three-phase transformers. Additionally, these transformers are integral in integrating renewable energy sources into the power grid, facilitating the transition to sustainable energy practices. The widespread adoption across various high-demand sectors, coupled with their capacity to efficiently manage larger loads, makes three-phase transformers a dominant force in the transformer market during this period.
Asia Pacific to be largest and fastest growing region in power transformer market
Asia Pacific is projected to be both the largest and fastest-growing region in the power transformer market, primarily due to the region's rapid economic expansion, significant investments in infrastructure development, and an increasing focus on renewable energy. Countries like China and India are leading this growth with substantial urbanization and industrialization initiatives that require extensive upgrades and expansions of their power distribution and transmission networks.
Furthermore, these countries have ambitious renewable energy targets to meet their carbon reduction goals, necessitating the integration of renewable power sources into the grid, which relies heavily on power transformers. Additionally, the region's commitment to improving rural electrification and modernizing aging grid infrastructures to reduce losses and increase efficiency is driving demand for new and advanced power transformers. This surge in demand across multiple fronts makes Asia Pacific the largest and fastest-growing market for power transformers.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 269 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $27.9 Billion |
| Forecasted Market Value (USD) by 2029 | $37.7 Billion |
| Compound Annual Growth Rate | 6.2% |
| Regions Covered | Global |
Companies Featured
- Siemens Energy
- Hitachi Energy Ltd.
- Schneider Electric
- Toshiba Energy Systems & Solutions Corporation
- Hd Hyundai Electric Co. Ltd
- General Electric Company
- Cg Power and Industrial Solutions Ltd.
- Mitsubishi Electric Corporation
- Products/Services/Solutions Offered
- Hyosung Heavy Industries
- Bharat Heavy Electricals Limited
- Fuji Electric Co. Ltd.
- Sgb Smit
- Weg
- Transformer and Rectifier India Ltd
- Niagara Power Transformer Corp.
- Ls Electric Co. Ltd.
- Hammond Power Solutions
- Efacec
- Ningbo Ironcube Works International Co. Ltd.
- Mgm Transformer Company
- Wilson Power Solutions
- A B C Transformers (P) Ltd
- Vijay Power
- Jshp Transformer
- Chint Group
For more information about this report visit https://www.researchandmarkets.com/r/eo28np
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