Power Transformer Market Size 2024: Key Trends and Growth Drivers

The global Power Transformer Market Size is expected to grow from an estimated USD 27.9 billion in 2024 to USD 37.7 billion by 2029, at a CAGR of 6.2% during the forecast period according to a new report by MarketsandMarkets™.

This growth is primarily driven by the need to strengthen power distribution networks to keep up with the rising global demand for electricity. Furthermore, the market stands to gain from the increasing capacity of renewable energy sources and substantial investments in industrial production, both of which are expected to boost the demand for Power Transformers. Another key factor contributing to this expansion is the growing adoption of high-voltage direct current systems, which is expected to further accelerate market growth during the forecast period.

 

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=128022787

 

End User Analysis

 

The utilities segment is projected to retain the highest market share in the power transformer market from 2024 to 2029 due to its critical role in the generation, transmission, and distribution of electricity. Utilities are the backbone of electrical infrastructure, required to meet the increasing energy demands of both growing urban populations and expanding industrial activities. Furthermore, this segment is heavily involved in upgrading aging infrastructure to ensure grid reliability and to comply with modern efficiency and environmental standards. With the ongoing global shift towards renewable energy sources, utilities need to integrate these variable energy sources into the grid, necessitating extensive use of power transformers for voltage regulation and stabilization. Government policies and investments in infrastructure projects to enhance national grids and to increase renewable energy penetration also significantly contribute to the sustained demand in the utilities sector for power transformers.

 

Regional Analysis

 

Asia Pacific is expected to emerge as the largest market for power transformers, driven by several convergent factors that are shaping its energy landscape. Rapid industrialization and urbanization in major economies like China, India, and Southeast Asia have led to a substantial increase in energy consumption. To meet this rising demand, these countries are significantly investing in expanding and upgrading their power grid infrastructures. Additionally, there is a strong governmental push across the region to increase the adoption of renewable energy sources to meet international climate commitments and reduce dependence on fossil fuels. This shift necessitates integrating large-scale renewable energy projects, such as wind and solar farms, into the national grids, which requires robust power transformers capable of handling high voltage and ensuring efficient energy transmission over long distances. Moreover, many countries in the region are focusing on improving rural electrification and replacing aging infrastructure with more efficient technology, further stimulating the demand for power transformers. These comprehensive development initiatives underscore Asia Pacific's position as the fastest-growing and largest market for power transformers.

 

Request FREE Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=128022787

 

Key Market Players of Power Transformer Industry:

 

Key players in the global Power Transformer Market include Hitachi Energy (Japan), Siemens Energy (Germany), Schneider Electric (France), Toshiba Energy System & Solution Corporation (Japan), and General Electric (US).

 

Hitachi Energy

 

Hitachi Energy is a dynamic player in the energy sector, renowned for its innovative solutions and global presence. With a focus on sustainable energy management and cutting-edge technology, Hitachi Energy operates at the forefront of the industry. In the realm of power transformers, Hitachi Energy stands out as a leading manufacturer, offering a wide range of high-quality products tailored to diverse needs. From distribution transformers for industrial and commercial applications to power transformers designed for high-voltage transmission, Hitachi Energy excels in providing reliable, efficient, and environmentally conscious solutions. Leveraging advanced technologies and a commitment to continuous improvement, Hitachi Energy ensures its transformers meet the highest standards of performance and reliability.

 

Schneider Electric

 

Schneider Electric, a multinational leader in energy management and automation solutions, operates in over 100 countries and employs more than 180,000 individuals, firmly establishing itself as a prominent figure in the global electrical industry. In the realm of power transformers, Schneider Electric holds a leading position as a manufacturer, offering distribution transformers for industrial and commercial buildings, as well as power transformers for high-voltage applications. These transformers are esteemed for their reliability, efficiency, and eco-friendliness, incorporating advanced technologies and innovations that underscore Schneider Electric's dedication to research and development. 

Transformer Oil Market: Increased Investment in HVDC Transmission Systems

According to the new market research report "Transformer Oil Market by Oil Type (Mineral (Naphthenic, Paraffinic), Silicone, Bio-based), Application (Transformer, Switchgear, Reactor), End User (Transmission & Distribution, Power Generation, Railways & Metros), and Region - Global Forecast to 2030 ", published by MarketsandMarkets™, the global Transformer Oil Market size is expected to grow from an estimated USD 1.9 billion in 2021 to USD 3.3 billion by 2030, at a CAGR of 6.5%. The expansion of electric grids in developing countries and the modernization of the electric grids in the developed economies are driving the Transformer Oil Market.

Mineral oil: The largest segment of the Transformer Oil Market.

The market has been segmented by oil type into mineral oil, silicone and bio-based. The mineral oil segment is expected to have the largest market share and is projected to grow at the highest rate during the forecast period. Mineral oil is mainly used for cooling and insulation purposes in transformers, reactors, and switchgears. It is also used for heat dispersion and to protect the transformer’s internal windings. Mineral oil is further segmented into naphthenic and paraffinic oil, and a majority of the existing and new transformers manufactured use mineral oil as the insulation fluid. The demand for mineral oil is expected to grow during the forecast period because of its low cost index and easy availability compared to other transformer oils.

Download PDF Brochure:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=967 

The transmission & distribution segment is expected to be the most significant Transformer Oil Market.

The market has been segmented by end user into transmission and distribution, power generation, and railways and metros. The transmission & distribution segment is projected to be the most significant Transformer Oil Market, by end-user, during the forecast period. It has the largest share of the Transformer Oil Market owing to the global growth in the production and consumption of electricity. Transmission & distribution utilities own and operate the transmission & distribution system. Thus, growing demand for power will necessitate the expansion of the transmission & distribution network, thereby enhancing the demand for electrical components, such as transformers, reactors, and switchgears, leading to an increase in the demand for transformer oil.

APAC is expected to dominate the global Transformer Oil Market

APAC was the largest market, for Transformer Oil Market in 2020, driven mainly by activities in China, India, Japan, South Korea and Australia. The rapid increase in the demand for electricity and an increase in the power generation capacity in developing countries such as India and China, along with the growth in industrial and commercial sectors, will lead to an increase in the number of substations. Growth in the number of substations will propel the demand for transformers, which will enhance the demand for transformer oil in APAC.

Request Sample Pages:

https://www.marketsandmarkets.com/requestsampleNew.asp?id=967  

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Transformer Oil Market. These players include Nynas AB (Sweden), Ergon, Inc. (US), PetroChina Company Limited (China), APAR Industries (India), and Sinopec Lubricant Company (China).

Power Transformer Market May See A Big Move

Global energy production has increased over the past decade, from 15,409.0 TWh in 2000 to 23,536.5 TWh in 2014. This has also led to the increasing need for expanding T&D networks globally; new T&D infrastructure needs $1.9 trillion in cumulative investment by 2024 to meet the growing energy demands. This includes substations, power lines, and associated equipment and new technology. Governments worldwide are investing in T&D network expansion projects, increasing the demand for power transformers.

The global Power Transformer Market is projected to reach a value of $29.91 billion by 2020, from an estimated $20.7 billion in 2015, at a CAGR of 7.6% from 2015 to 2020. Increasing energy demand coupled with rising electrical infrastructure projects would drive the demand for power transformers. Apart from this, the replacement of aging infrastructure in North America & Europe and the increasing rate of installation of green transformers are driving the power transformer market.

The demand for power transformers is increasing globally because of numerous T&D expansion projects and grid interconnection projects between countries. Siemens AG (Germany) is constructing a $450 million high-voltage direct current transmission link between Ethiopia and Kenya. The Ethiopia-Kenya Power Systems Interconnection Project will be roughly 1,000 kilometers long and will transmit hydroelectricity. Five South American countries (Chile, Peru, Colombia, Ecuador, and Bolivia) are seeking to interconnect their energy systems in search of better regional integration.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=128022787

The power transformer market is driven by increasing global energy consumption; to fulfill this, new T&D lines are being installed. Moreover, investments being made by governments in electrical infrastructure projects have also gone up, further aiding in the growth of the power transformer market.

T&D investment would approximately account for 40% of the total power infrastructure spending. An investment in renewable energy sources has increased from $60 billion in 2000 to $300 billion in 2011. However, for many emerging economies, keeping up with the increasing electricity demand is a huge investment challenge and current investment trends provide some warning signs for the adequacy of power supply.

For Europe to reach its targets for 2020 and 2030, a massive expansion of the power grid is required. All over Europe, there is a significant need for improved and integrated transmission lines, carrying more power. In addition, transition into renewables requires new lines and a restructuring of the grid, to transfer electricity from the place of production to usage.

In order to fully optimize the potential of renewables, better integration of energy markets is also required to exchange electricity across borders. However, the reluctance of governments worldwide in taking up capital incentive projects can hamper the power transformer industry.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=128022787

The major players in Power Transformer Market include ABB (Switzerland), Siemens (Germany), Crompton Greaves (India), and General Electric (U.S.) among others.

Transformer Monitoring System Market May Set New Growth Story

The Transformer Monitoring System Market is projected to grow from an estimated USD 1.47 Billion in 2016 to USD 2.68 Billion by 2021, at a CAGR of 12.77% from 2016 to 2021. Asia-Pacific is estimated to be the largest market for transformer monitoring system, followed by North America. This trend is expected to continue till 2021. The global market is witnessing significant growth due to digitalization of utilities, renewable investments, and smart grid initiatives. Digitalization of utilities is the major factor driving the demand for transformer monitoring solutions.  The evolution of internet of things and big data analytics has spurred the demand for digitalization of utilities and smart grids investments, which are likely to drive the demand for transformer monitoring systems.

The power transformers segment is the largest in the applications of the transformer monitoring system market. This share is attributed to grow because of government regulations targeting the monitoring and control of the transmission networks. Remote monitoring is also a key focus area in most countries, which is driving the market. The power transformer segment accounted for the largest market share, which is attributed to government regulations targeting the monitoring and control of the transmission networks. These transformers operate on high voltages, and therefore, it becomes extremely vital to monitor them regularly as against time-based monitoring and maintenance.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=197443553

Asia-Pacific is expected to be the largest market for transformer monitoring system

In this report, the transformer monitoring system market has been analysed with respect to six regions, namely, North America, Europe, Asia-Pacific, South America, the Middle East, and Africa. Asia-Pacific is expected to be the largest market for transformer monitoring solutions; the region has the most number of developing economies with high capacity addition planned during the forecast period. Utilities are expected to adopt monitoring solutions as part of their plans for installing new transformers. Moreover, countries such as India and China have invested heavily in smart grids, in turn boosting the demand for transformer monitoring solutions.

Some of the leading players in the Transformer Monitoring System Market include ABB Ltd. (Switzerland), Eaton Corporation Plc. (Ireland), General Electric (U.S.), Schneider Electric (France), and Siemens AG (Germany).