The Global Market for Power Transformers is Projected to Exceed US$28 Billion by 2024

Sophisticated Technology, Innovative Materials and Superior Engineering of Modern Power Transformers Drive Market Growth, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global Power Transformers market. The global market for Power Transformers is projected to exceed US$28 billion by 2024, driven by rising utility spending on upgrading transmission and distribution infrastructure to the smart grid standard, and growing prominence of smart, energy efficient, and eco-friendly transformers.

Transformers are designed to deliver high power to volume and power to weight ratios to lower production and installation costs as well as high voltages to enhance transmission efficiencies. The growing demand for electricity due to increasing global population coupled with rapid urbanization and industrialization in emerging countries continue to keep the power generation industry under immense strain. Driven predominantly by the need to enhance the controllability as well as efficiency of power transmission infrastructure by minimizing transmission losses and effectively co-coordinating the supply of power in order to meet the demand at the right place at the right time, countries globally are upgrading their power transmission infrastructures to smart grid standard. The urgent need to replace and upgrade aging power infrastructure in the developed countries, growing prominence of renewable energy, expansion and interconnection of grid infrastructures, and exponential increase in power consumption in both developed and developing countries requiring efficient management of electricity transmission and distribution represent important factors driving growth in the global power transformers market.

Future growth in the market will be driven by growing prominence of smart cities that require highly capable power transmission networks and the resulting demand for advanced and innovative power transmission systems and solutions. While the main function of transformers will continue to be conversion of voltage to transfer power over large distances, sophisticated technology, innovative materials and superior engineering in modern transformers is capable of resisting earthquakes, vandalism, and geomagnetic phenomena, so as to minimize losses and enable reliable operations. Today’s “plug & play” mobile transformers design reflects the robust characteristics of the transformer and its superior operations in terms of flexible voltage connections; ease of transport and installation; and quick replacement after unplanned or planned power outages. Growing utility interest in digital technologies including IoT-enabled automated monitoring and smart grids, which enable monitoring of transformer parameters such as tank temperature, voltage applied, etc., is also poised to benefit market adoption in the coming years. Another important growth driver is the steady proliferation of smart transformers driven by the establishment of smart power grids intended to respond to power requirements from load centers. In addition to significant benefits over traditional transformers, including high efficiency, reduced maintenance costs, bidirectional flow of power, high flexibility and higher power quality and efficiency, smart transformers enable diagnostic capabilities that help reduce maintenance costs and failures and improve dynamic transformer overload performance and reliability.

As stated by the new market research report on Power Transformers, Asia-Pacific represents the largest as well as the fastest growing market worldwide with a CAGR of 7.2% over the analysis period. Rapid industrialization; massive utility/power infrastructure investments; expanding population and energy needs; government focus on rural and urban power grid construction; implementation of energy-efficiency standards, and growing demand for Chinese transformers in overseas markets, represent important growth drivers in the region.

Key players in the market include ABB Limited, Bharat Heavy Electricals Limited (BHEL), Changzhou XD Transformer Co. Ltd., CG Power and Industrial Solutions Limited, DAIHEN Corporation, EFACEC Group, GE Grid Solutions, Hyosung Power & Industrial Systems Performance Group, Hyundai Electric & Energy Systems Co. Ltd., JiangSu HuaPeng Transformer Co. Ltd. (JSHP), Kirloskar Electric Company Limited, KONČAR Group, Mitsubishi Electric Corporation, Schneider Electric SA, SGB-SMIT Group, Shihlin Electric & Engineering Corporation, Siemens AG, Tebian Electric Apparatus Stock Co. Ltd. (TBEA), and Toshiba Energy Systems & Solutions Corporation, among others.

The research report titled “Power Transformers: A Global Strategic Business Report” announced by Global Industry Analysts Inc. provides a comprehensive review of the power transformers market, key market trends, current issues and concerns, growth drivers, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for the global and major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil, and Rest of Latin America), and Rest of World. Key product categories analyzed for the global and major regional markets include 100 MVA - 500 MVA, 501 MVA - 800 MVA, and 801 MVA - 1200 MVA.

To connect with us, visit our LinkedIn page.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.