Power Infrastructure to Experience Considerable Transformation Driven by Modern Technology and Renewables

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Global Power Transformer Market

Global Power Transformer Market

Global Power Transformer Market

Dublin, September 6, 2022 (GLOBE NEWSWIRE) — The “Power transformers: analysis and trajectory of the global market” Report has been added to ResearchAndMarkets.com offering.

The global market for power transformers will reach 32.6 billion dollars by 2026

The growth in the global market is driven by the increasing demand for electricity and the resulting new energy projects, together with the expansion of the T&D network. The urgent need to replace and upgrade aging energy infrastructure in developed countries, the growing importance of renewable energy, the expansion and interconnection of grid infrastructures, and the exponential increase in energy consumption in both developed and developing countries developing countries that require efficient management of electricity transmission and distribution represent important growth drivers.

Furthermore, efficient transformer designs using amorphous magnetic materials as cores are likely to see increasing adoption in the coming years due to their ability to reduce noise and iron losses, while exhibiting long lifespans. Amid a positive GDP scenario and an increase in investments in construction/infrastructure, as well as spending on public services, the future outlook remains very favorable for power transformers.

Future growth in the market will be driven by the growing importance of smart cities requiring high-capacity power transmission networks and the resulting demand for innovative and advanced power transmission solutions and systems. Another important growth driver is the steady proliferation of smart transformers driven by the establishment of smart grids to meet the power requirements of load centers. The growing interest of utilities in digital technologies, including IoT-enabled automated monitoring and smart grids, which enable monitoring of transformer parameters such as tank temperature, applied voltage, etc., has also will benefit market adoption for years to come.

Amid the COVID-19 crisis, the global power transformer market, estimated at US$27.1 billion in 2022, is projected to reach a revised size of US$32.6 billion by 2026, with a compound annual growth of 5.1% during the analysis period.

The US market is estimated at $7.3 billion in 2022, while China is forecast to reach $6.6 billion by 2026
The power transformer market in the US is estimated at US$7.3 billion in the year 2022. The country currently accounts for a 27.1% share of the global market. China, the world’s second largest economy, is projected to reach an estimated market size of USD 6.6 billion in 2026, with a CAGR of 7.8% over the analysis period.

Other notable geographic markets include Japan and Canada, each forecasting growth of 2.8% and 4.6%, respectively, over the review period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR, while the Rest of Europe market (as defined in the study) will reach $7 billion by the end of the analysis period.

Select competitors (total 93 featured):

  • ABB Limited

  • ASTOR AS TRANSFORMER

  • Bharat Heavy Electricals Limited

  • Bowers Electrics Ltd.

  • CG Energy and Industrial Solutions Limited

  • DAIHEN Corporation

  • EFACEC Group

  • GE Network Solutions

  • Hammond Power Solutions, Inc.

  • Howard Industries, Inc.

  • Hyosung Heavy Industries

  • Hyundai Electric & Energy Systems Co., Ltd.

  • Imefy Group

  • JSHP Transformer

  • Kirloskar Electric Company Limited

  • KONCAR Group

  • Mitsubishi Electric Corporation

  • Olsun Electric Corporation

  • Schneider Electric S.A.

  • SGB-SMIT Group

  • Shihlin Electrical and Engineering Corporation

  • Siemens AG

  • SPX Transformer Solutions, Inc.

  • TBEA Co., Ltd.

  • Toshiba Power Systems and Solutions Corporation

  • Wilson Power Solutions

  • wilson transformer company

  • Winder Power Ltd.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. OVERVIEW OF THE MARKET

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS AND DRIVERS

  • Increasing utility investments in energy infrastructure for transition to smart grid standard drive healthy market growth

  • Energy infrastructure to undergo a significant transformation driven by modern technology and renewable energy

  • Wind energy advances strongly within the renewable sector

  • Solar power emerges as a reliable renewable energy source

  • Microgrids ease the load on the grid

  • Utilities bet on Big Data

  • Renewable energy: a statistical perspective

  • Targets for electricity production from renewable energy sources in selected countries

  • A host of benefits and attributes superior to traditional transformers drive strong demand for smart transformers

  • Global Smart Transformer Market: Annual Revenue Figures in Millions of US Dollars for the Years 2014, 2016, 2018 and 2020P

  • Smart transformers for smarter power transmission and distribution

  • traditional vs. Smart transformers: a comparison

  • The growing prominence of smart cities and smart homes of the future requires high-capacity power transmission and distribution networks

  • Increasing adoption of connected home equipment supported by the expansion of the digital living environment to benefit the growth of smart homes

  • Technological improvements and product innovations lead the expansion of the market

  • The future for gas-insulated transformers looks bright

  • IEC standards for gas-insulated transformers

  • Powerformer – a superior step-up transformer replacement

  • Innovative On Load Tap Changers (OLTC) improve reliability and safety

  • Stabilizing regulatory environment bodes well

  • Proposed/approved standards for transformers in selected countries

  • Demographic and socioeconomic trends strengthen market prospects

4. WORLD MARKET OUTLOOK

third MARKET ANALYSIS

IV. COMPETITION

For more information on this report, visit https://www.researchandmarkets.com/r/be8iro

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