Allied Market Research recently published a report, “Power Transformer Market by Rating [Low (5 MVA to 100 MVA), medium (100 MVA to 500 MVA), and high (500 and above)]: Global Opportunity Analysis and Industry Forecast, 2020–2027“. According to the report, the global power transformer market was pegged at $27.7 billion in 2019, and is projected to reach $50.8 billion by 2027, growing at a CAGR of 7.9% from 2020 to 2027.
Rise in demand for electricity across the world, replacement of existing transmission networks, and surge in adoption of smart grids have boosted the growth of the global power transformer market. However, high installation, logistics, and supporting the infrastructure cost of the transformer hamper the market. On the contrary, increase in use of renewable and non-conventional energy sources is expect1ed to create lucrative opportunities for the market players in the coming years.
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Power transformers are mainly used to step-up the voltage as transmission of high voltage power is more efficient than low voltage transmission. It is used in generation step-up units (GSU), transmission substations, industrial plants like oil & gas refinery, chemicals & petrochemicals, cement industry, mining industry, desalination plants, malls, metros, and other infrastructural fields. High-voltage direct current (HVDC) has emerged as the preferred transmission technology for long distance bulk power supply. Countries such as the U.S. and China, have constructed long distance power transmission networks to transfer more energy via UHV DC, thereby maximizing the use of renewable energy while slashing reliance on coal. Utilization of ultra-high-voltage transmission technology is already being used in many countries such as China.
Based on rating, the market is divided in low (5 MVA to 100 MVA), medium (100 MVA to 500 MVA), and high (500 MVA and above) rating power transformers. Moreover, the segment is expected to register the highest CAGR of 8.7% during the forecast period, owing to the replacement of existing power transformers as well as new power grid projects.
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By region, the global power transformer market across Asia-Pacific held the largest share in 2019, accounting for more than two-fifths of the market. Moreover, the region is expected to manifest the highest CAGR of 9.0% during the forecast period, owing to ongoing power grid expansion projects, namely in India and China. The market across North America held more than one-fourth of the market.
Major players in the power transformer industry include Bharat Heavy Electricals Ltd., CG Power and Industrial Solutions Ltd., EMCO Ltd., General Electric Company, Hitachi Ltd., Kirloskar Electric Co. Ltd., Schneider Electric SE, Siemens AG, TBEA Co. Ltd., and Toshiba Corporation.
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- The dampened demand for oil and plummeting pricing and production would negatively impact the market growth.
- The shutdowns and restrictions on production will hamper the market growth.
- However, continued operation of nuclear power plants and availability of electric services would minimize the overall impact on market growth.
Key Findings of The Study
- The power transformer market size is projected to grow at a CAGR of nearly 7.91%, in terms of revenue, during the forecast period.
- By region, Asia-Pacific dominated the power transformer market with a revenue share of over 43% in 2019.
- Medium power transformer is anticipated to witness a growth rate of 8.7%, in terms of revenue, during the forecast period.
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