Rising demand of electricity generation and increasing adoption of renewable power generation drive the Global Power & Distribution Transformer market in the forecast period of 2023-2028.
According to TechSci Research report, “Power & Distribution Transformer Market – Global industry Size, Share, Trend, Opportunities and Forecast 2018-2028. ,The Global Power & Distribution Transformer market is expected to maintain a high CAGR during the forecast period owing to maximum efficiency of power & distribution transformer, rising demand of electricity generation, increasing adoption of renewable power generation among others across the world.
A specific kind of transformer called a power transformer is used primarily to transport low voltage generating electricity through distribution lines inside the power grid network. As a result, power transformers are necessary for the transmission of electricity. Government efforts in North American nations to increase the capacity of energy generation, distribution, and transmission are driving up demand for power transformers. Moreover, the US government’s emphasis on the creation of renewable energy sources encourages company expansion. The industrial sector in the US will use around 3.93 trillion kWh of energy in 2021, which will cause the market to grow at a rapid rate.
The growing emphasis on the generation of renewable energy, the usage of smart grids and transformers, and the replacement of out-of-date power transformers are other factors driving the expansion of the global market for power transformers in addition to the increasing need for electricity. As the power sector is the key indicator of economic growth, North America and Europe are making investments to strengthen their power infrastructure and meet the increased demand for electricity. Investments comprise brand-new grid projects that link electrical energy generated from renewable sources to the main power grid. One of the main factors driving the Global Power & Distribution Transformer Market is the expansion of renewable energy sources including hydro, wind, and solar.
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Low power transformers with capacities up to 100 MVA are increasingly being used in transmission substations, generator step-up units (GSU), industrial facilities such as oil and gas refineries, chemical and petrochemical plants, cement and mining, desalination plants, malls, metros, and other infrastructure fields. Transformers are categorised based on their capacity rating, or the most power they can transmit. As a result, the Power & Distribution Transformer Market is expected to expand during the course of the projected period.
Based on rating, the Global Power & Distribution Transformer market is further segmented into 1-500 MVA, up to 1000 KVA & Above 500 MVA. The Global Power & Distribution Transformer Market by rating is dominated by the 1-500 MVA category in 2022, with a market share of 48.49%. Since 1-500 MVA are utilized in both the residential and industrial sectors, the market in North America and Europe is dominated by this segment. The residential market in North America, which is expanding, frequently uses 1-500 MVA. The total revenue generated by the North American real estate industry, for instance, was USD 917.7 billion in 2020, representing a compound annual growth rate (CAGR) of 2.1% from 2018 to 2022.
Based on insulation, the Global Power & Distribution Transformer market is further bifurcated into oil immersed & dry. With an estimated market share of 80.35% in 2022, oil immersed transformers are expected to rule the global power and distribution transformer industry. Transformers of the oil-type are used in electrical or power distribution substations. Oil is used to bathe their core and coils, cooling and insulating them at the same time. Because of this, the market is anticipated to register a high CAGR. Oil is frequently used as an insulating medium in a range of industries due to its ability to maintain stability under high temperatures. Any potential damage from incoming high voltage is reduced by its electrical insulating qualities, such as dielectric strength. Owing to these advantages, oil insulators are the preferred choice among manufacturers. In addition, oil permits reduced coil utilisation and shields other components from harm like burning. Owing to the use of oil as an insulator in circuit breakers, high-voltage switches, oil-filled transformers, fluorescent light ballasts, and capacitors, the market for oil immersion is expanding quickly.
Key market players in the Global Power & Distribution Transformer Market include:
- Siemens Energy Global GmbH & Co. KG
- Mitsubishi Electric Corporation
- Hitachi Ltd
- CG Power & Industrial Solutions Ltd
- Hyundai Electric & Energy System Co., Ltd
- GE Grid Solutions, Schneider Electric SE
- Eaton Corporation plc
- Hammond Power Solutions Inc
- Olsun Electrics Corporation’s
- Tbea Co., Ltd
- JiangSu HuaPeng Transformer Co. Ltd
- Toshiba Corporation
- Bharat Heavy Electricals Limited
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The Global Power & Distribution Transformer market is expected to maintain a high CAGR in the upcoming years owing to Maximum Efficiency of Power & Distribution Transformer, Rising Demand of Electricity Generation, Increasing Adoption of renewable Power Generation, Technological Advancement of Smart Grid among others across the world. Additionally, in the north America region, the Canada government announced in 2021 that it will provide up to USD 964 million over four years for smart renewable energy and grid modernization projects as part of its Smart Renewables and Electrification Pathways Program (SREPs). Therefore, these factors are fuelling the market growth of the “Global Power & Distribution Transformer Market in the upcoming years, Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting organization.
“Power & Distribution Transformer Market – Global Industry Size, Share, Trends, Opportunity and Forecasted, 2018-2028 – By Type (Power Transformer & Distribution Transformer), By Rating (1-500 MVA, Upto 1000 KVA & Above 500 MVA), By End User (Industrial, Commercial, Residential & Utility), By Phase (Three Phase & Single Phase), By Insulation (Oil Immersed & Dry), By Region, Competition, Forecast & Opportunities, 2028”, has evaluated the future growth potential of Global Power & Distribution Transformer Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Power & Distribution Transformer Market.
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