Global power transformer market was valued at $27.7 billion in 2019, and is expected to reach $50.8 billion by 2027, registering a CAGR of 7.9% from 2020 to 2027. Power transformer is a type of transformer used primarily to receive low voltage generator electric power and transmit it across distribution channels across the power grid network. Power Transformer is part of the transmission system and an important element in the power delivery value chain. It facilitates evacuation of power from generating stations and its delivery to the load centers.

Since the world is advancing in various aspects, the demand for electricity is increasing at a higher pace. This in turn is leading the market players to boost the focus towards power generation. The market players are therefore highly implementing different strategies and are investing in research and developments. At the same time, with various activities and trends in order to improve power generation, the industry is also witnessing various transformations. 

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Power transformers are generally used in transmission network for stepping up or down the voltage level. These transformers operate at peak load and are designed to have maximum efficiency at full load. Decades of research in the transmission networks has led to an increase in the transmission voltages. Power transformers enable the power transmission low-voltage to high-voltages from one network to the other without change in frequency. Ability to minimize ohmic and core losses on account of transformer material reduction along with propensity to provide enhanced voltage regulation will boost the auto power transformer market share. Increasing applicability of these units across severe operating conditions coupled with rising deployment at critical nodes across high voltage transmission networks will positively stimulate the industry statistics.

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.

Increase in electricity consumption, replacement of existing power transformers for integration with renewable energy sources as well as deployment of smart power grids are the major drivers driving the global power transformer market. Increase in demand for electricity and emergence of renewable power sources increases the adoption of high voltage transmission technologies such as UHV, HVAC and HVDC power transformers. The development of modern electric cars and incentives to deploy them is increasing the consumption of electricity in the automotive sector. For efficient dispersal of power to deficit regions, strengthening and enhancement of the transmission system network are required.

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The global power transformers market growth varies in each region depending on the government investments, economic development, and private utility companies’ willingness to upgrade existing transmission networks. Aging infrastructure is one of the factors boosting the growth of the global power transformers market. Aging equipment has a higher risk of failure and is unreliable. Frequent failure in transmission hampers customer development as in the case of industries and other commercial consumers of electricity that demand stable supply of electric power. Furthermore, growth in renewable energy investment slows due to grid limitations. Hence, upgrading the capacity of power transformers is crucial to meet the future demand for electricity.

Rise in usage of electricity, replacement of existing power transformers, and increase in adoption of smart grids and smart transformers drive the global power transformer market. Growing inclination toward the integration of wide-ranging electrical distribution links along with rising energy demand will positively stimulate the residential and commercial power transformer market statistics. Increasing awareness regarding low carbon emission due to service expansions in resource-based industries is anticipated to offer prominent growth opportunities for the industry. However, pricing pressure on manufacturing companies coupled with fluctuating raw material prices are expected to hamper growth.

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. Medium power transformer accounted for half of the global power transformer market share due to its use in power as well as industrial transmission applications.

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Region wise, the power transformer market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to garner the highest market share during the forecast period due to ongoing power grid expansion projects, namely in India and China. Replacement of existing power transformers and adoption of smart grids will offer fresh opportunities to the global power transformer market.

This report caters to the requirements of certain stakeholders in the power transformer industry which include power transformer manufacturing companies, utility companies, industrial associations, and private equity investors among others.

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.

Tags: Power Transformer

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Contact Information:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
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