Vacuum Pressure Impregnated (VPI) transformer is a cutting-edge, technologically advanced insulated motor coil that can operate at a low operating temperature and also sustain degradation due to high temperature. The VPI transformer features an iron core with vacuum pressure impregnated high and low voltage windings. It is simple to install and maintain, reduces cost of cabling and has ability to support overloads of current. It is eco sustainable and pollution-free because it produces very less smoke. These transformers have high mechanical and short circuit strength, making them ideal for a wide range of commercial and industrial applications. The vacuum pressure impregnated (vpi) transformer market size was valued at $1.44 billion in 2021, and is estimated to reach $2.47 billion by 2030, growing at a CAGR of 6.2% from 2022 to 2030.
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VPI is the transformer that is most typically used to meet the need for power distribution. Several countries across the globe are adopting renewable energy sources to reduce carbon emissions and dependency on fossil resources, which can help to drive demand for voltage transformers for transmission and distribution. Moreover, fast industrialization in economically developing nations will lead to increase in demand for electricity. These factors are anticiapted to increase the vacuum pressure impregnated (VPI) transformer market share over the forecast period
The penetration of the VPI transformer in the industry could be hampered by high costs and incompatibility with greater power requirements (over 2000KVA). Furthermore, these transformers are long-lasting and have less chances of failure, but their failure causes entire configuration to change. For example: It may require complete change of high voltage and low voltage winding.
Vacuum Pressure Impregnated (VPI) transformer market revenue growth is fuelled by global expansion of energy distribution networks and rapid industrialization in economically developing nations. Moreover, technological advancements such as enclosure mounted High Voltage (HV) & Low Voltage (LV) cable boxes and 40% increase in forced air cooling are the major factors driving demand for VPI transformers. China, already a leader in renewable energy has announced further extension of capacity to up to 400GW. As China and other Asian countries cater 40% of the energy requirement of the world, it will help the Vacuum Pressure Impregnated (VPI) transformer market in future. Many countries are taking initiatives to reduce their carbon-dioxide emissions by 2030. This includes a shift to renewable sources of energy (solar, wind, and hydropower), rather than depending on fossil fuels. India’s Nationally Determined Contributions (NDC) is said to reduce India’s emissions by 33-35% by 2030 and to achieve 40% energy production from renewable sources of energy.
The global Vacuum Pressure Impregnated (VPI) transformer industry is segmented based on phase, voltage range, end-use, and region. By phase, it is sub-segmented in single phase and three phase. By voltage range, it is sub-segmented into low voltage and medium voltage. By end-use, it is sub-segmented into industrial, commercial, and others. By region, the vacuum pressure impregnated (VPI) transformer market analysis is done across Asia-Pacific, North America, Europe, and LAMEA.
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The major key players in the Vacuum Pressure Impregnated (VPI) transformer arket include ABB, General Electric, Eaton, Schneider Electric, Siemens, CG Power and Industrial Solutions Ltd., TOSHIBA CORPORATION, Bharat Heavy Electricals Limited, Raychem RPG Private Limited, and Instrument Transformer Equipment Corporation.
The report offers a comprehensive analysis of the global vacuum pressure impregnated (VPI) transformer market trends by thoroughly studying different aspects of the market including major segments, vacuum pressure impregnated (VPI) transformer market opportunities ,market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the vacuum pressure impregnated (VPI) transformer market growth. The report also sheds light on the present scenario, Vacuum Pressure Impregnated (VPI) Transformer Market Forecast, and upcoming trends & developments that are contributing to the revenue growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.
Impact of COVID-19 on the Global VPI Transformer Industry
- The COVID-19 pandemic had a negative impact on the global Vacuum Pressure Impregnated (VPI) transformer market, as many countries implemented lockdowns as a result of the outbreak. Travel restrictions and shutdown of manufacturing plants had an impact on the global supply chain, disrupting imports, exports, and production delays of transformers.
- As the energy industry is the largest consumer of Vacuum Pressure Impregnated (VPI) transformer , the market expansion has been hampered. The energy and power sectors are threatened by lower air activity, lower economic activity, and industry shutdowns.
- According to the Asian Institute of Technology, the world’s premier higher education organization, fewer air traffic and global isolation due to pandemic will result in a 30% drop in oil use. During the pandemic, there was a 40% fall in coal demand.
- During the initial phase of pandemic, there was a decline in demand for electricity in India and Europe. By the end of 2020, demand for electricity recovered quickly. When the lockdown was lifted, the economy grew rapidly, owing to increased demand for electricity and oil from the industrial and commercial sectors.
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Key Findings of the Study
- Based on phase segment, the single phase sub-segment was the most dominant in the year 2020 and triple phase sub-segment is projected to be the fastest growing in the forecasted years
- Based on voltage range, the low voltage is anticipated to have significant growth rate during the forecast period
- Based on end-use, the industrial sub-segment is expected to be dominant in the projected period. The commercial sub-segment is anticipated to be the fastest growing in the forecasted years.
- Based on the region, the Asia-Pacific dominated the market in the base year and North America market is expected to experience fastest growth rate during the forecast period
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