The Power Transformer Market is valued at USD 22.79 billion in 2023 and is projected to reach USD 41.80 billion by 2030, experiencing a compound annual growth rate (CAGR) of 9.05% from 2023 to 2030.
Power Transformer Market Overview
By using electromagnetic induction, the power transformer functions as an electric device that moves energy between two or more circuits. Before sending electrical energy via cables from one location to another, power transformers are used to raise or lower the voltage. Step-up transformers raise the electrical power voltage, allowing efficient distribution and cost-effective transmission by preventing heat loss. Power transformers have influenced the electrical energy supply sector as a result, enabling generations to be dispersed from centers of demand. Global demand for power transformers is being driven by several important factors, including an increase in electrical energy demand brought on by growing nations, large power plant capabilities, and economic expansion.
The electricity transmission and distribution firms need to find new solutions to lower the transmission losses along with the reduced cost due to the rising demand for energy from developed and emerging nations. The use of high voltage transmission technologies like EHV, UHV, and HVDC Power Transformers will expand if the power transformer manufacturers can find new ways to boost productivity while lowering costs. The aforementioned factors will likely cause the global market for power transformers to expand significantly throughout the projected period.
The global market for power transformers is expanding as a result of quick industrialization and increased domestic power demand. The electricity demand is gradually rising globally, which has led to an increase in the consumption of energy resources. There are now more power plants and large transmission networks everywhere as a result. Electricity usage in the automobile sector is rising as a result of the development of contemporary electric vehicles and incentives to use them. The majority of power plants are located in rural locations; the electricity they produce is then sent across HVDC power transmission lines to the substations, where it is subsequently supplied to the final consumers after being stepped down. Energy resources are generally underutilized in underdeveloped countries, and the power infrastructure in less developed nations should be improved. As a result, the need for electricity globally is now driving the global market for power transformers.
The transmission network is composed of poles, switchgear, and power grids. The majority of losses in a power system are caused by transmission losses, and increasing transmission voltage is a continuous effort to reduce these losses. Electric power is generally transmitted at high voltage to reduce transmission losses (above 115KV). A comprehensive overhaul of the transmission network was required due to the advent of Ultra High Voltage (UHV) transmission (1100KV and beyond). China has been using UHV DC/AC transmission since 2009, whereas India can transmit electricity at 1200 kV. When two networks with different voltages are connected, the power transformer is an essential connecting component. The power system’s numerous networks are connected by power transformers. As a result, larger transmission voltages are what are driving the demand for power transformers with higher ratings.
The Power Transformer market is studied across North America, Europe, Asia Pacific, Latin America and the Middle East and Africa
During the projection period, Asia Pacific will hold the largest market share for power transformers globally. Australia, China, and India are just a few of the countries in the Asia-Pacific area that regularly invest in the power industry to upgrade their electrical infrastructure. Due to its high adoption rate, Asia-Pacific is anticipated to drive market expansion during the projection period. The highest average solar radiation per square meter is received in Australia, which contributes significantly to the expansion of renewable energy. Additionally, being two of the economies with the greatest rates of expansion, China and India rank among the top producers of energy and have substantial transmission networks. Both countries have placed a priority on developing intelligent networks and incorporating renewable energy sources into the domestic power infrastructure. Three UHV AC transmission networks and one UHV DC power transmission network have each received major financial investments from China. In the Asia-Pacific region, the replacement of old equipment has opened up new opportunities.
- ABB Ltd.
- Alstom SA
- Hyosung Power & Industrial Systems Performance Group
- Crompton Greaves Ltd.
- GE Co.
- Hyundai Heavy Industries Co. Ltd.
- Siemens Energy
- Mitsubishi Electric Corporation
- Toshiba Corp.
- Bharat Heavy Electricals Limited
- August 2022 Siemens Mobility announced Siemens Xcelerator, a brand-new digital business platform, at InnoTrans 2022. To build a strong ecosystem of partners that can work together to accelerate digital transformation and sustainability in mobility at scale, Siemens created the open digital business platform Siemens Xcelerator.
Segmentation of the Global Power Transformer Market
The report comprehensively segments the global power transformer market, forecasting revenue growth at the global, regional, and country levels. It includes an analysis of the latest industry trends within each sub-segment, spanning the period from 2018 to 2030. Beyond Market Insights has categorized the global power transformer market report based on core, insulation, phase, rating, application, and region:
Core Outlook (Revenue, USD Billion, 2018 – 2030)
Insulation Outlook (Revenue, USD Billion, 2018 – 2030)
Phase Outlook (Revenue, USD Billion, 2018 – 2030)
Rating Outlook (Revenue, USD Billion, 2018 – 2030)
- 100 MVA to 500 MVA
- 501 MVA to 800 MVA
- 801 MVA to 1200 MVA
Application Outlook (Revenue, USD Billion, 2018 – 2030)
- Residential & Commercial
Regional Outlook (Revenue, USD Billion, 2018 – 2030)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
Power Transformer Market Report Scope
|Market Size Value in 2023
|USD 22.79 billion
|Revenue Forecast in 2030
|USD 41.80 billion
|CAGR of 9.05% from 2023 to 2030
|Base Year for estimation
|2018 – 2022
|2023 – 2030
|Revenue in USD million and CAGR from 2023 to 2030
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Core, Insulation, Phase, Rating, Source, Grade, Application, Region
|North America; Europe; Asia Pacific; Latin America; MEA
|U.S.; Canada; UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; Japan; China; India; Australia; South Korea; Thailand; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait
|Key Companies Profiled
|ABB Ltd, Alstom SA, Hyosung Power & Industrial Systems Performance Group, Crompton Greaves Ltd GE Co, Hyundai Heavy Industries Co Ltd, Siemens Energy, Mitsubishi Electric Corporation, Toshiba Corp, Bharat Heavy Electricals Limited