Phase Shifting Transformer Market Size - By Application (Industrial, Utility), By Rating (< 400 MVA, 400 MVA - 800 MVA, > 800 MVA), Growth Prospects, Regional Outlook, Competitive Industry Share & Forecast, 2024 – 2032

Phase Shifting Transformer Market Size

Phase Shifting Transformer Market size was valued at USD 157.4 million in 2023 and is projected to grow at a CAGR of over 7.3% through 2032. The increasing integration of renewable energy sources (such as wind and solar) and the need for grid stability and reliability were driving the demand for phase shifting transformer.

The power industry faces challenges due to the high initial costs and rising replacement expenses for transformers. These costs have increased due to stringent regulations and labeling standards in the industry. Transformers play a critical role in the transmission and distribution (T&D) network by regulating voltage and conducting current effectively. Ensuring the quality and precision of these components for critical electricity applications requires significant investments in quality checks and automated manufacturing processes. Additionally, the use of advanced electrical components and the growing emphasis on energy efficiency further contribute to the overall increase in transformer prices.

COVID-19 Impact

Despite the disruptive impact of the COVID-19 pandemic, the development, construction, and maintenance of power infrastructure have largely continued without significant government restrictions on new energy projects. Government measures aimed at restarting major industries, manufacturing facilities, and infrastructure initiatives have been instrumental in supporting business growth. Additionally, government efforts to effectively address the pandemic have contributed to a more optimistic outlook for the energy industry.

Phase Shifting Transformer Market Trends

The electricity industry exhibits diverse prospects on a global scale, which are shaped by factors such as the size and extent of operational areas, network characteristics, the number of customers served, and ownership structures. Various models are employed to assess tariffs and revenues, accommodating this diversity and enabling effective comparisons. Despite this diversity, both Distribution System Operators (DSOs) and Transmission System Operators (TSOs) generally uphold high standards of quality and reliability in supplying electricity to their customers.

Phase Shifting Transformer Market Analysis

Based on rating, the > 800 MVA segment is set to grow at a CAGR of more than 7% through 2032. Grid modernization efforts were driving the demand for > 800 MVA PSTs. Utilities and grid operators were upgrading their systems to accommodate renewable energy integration, improve grid reliability, and enhance overall efficiency. The increasing deployment of renewable energy sources, such as wind and solar, required grid operators to manage variable power generation effectively. High-voltage PSTs were being used to control power flow and voltage levels, ensuring grid stability and reliability.

The utility segment will hold around 74.1% share of the of the phase shifting transformer market by 2032. The growing adoption of utility-scale renewable energy projects, such as solar and wind farms, was driving the demand for PSTs. The expansion of HVDC transmission systems created opportunities for utility-scale PSTs. These transformers were used at HVDC converter stations to control phase angles and voltage levels, enabling efficient long-distance power transmission. Utility-scale PSTs were integrated into smart grid solutions, allowing for real-time monitoring and control. Furthermore, as energy storage systems became more common, utility-scale PSTs were used to optimize the integration of energy storage with the grid.

Asia Pacific phase shifting transformer market is poised to observe gains at nearly 7.1% up to 2032. PSTs were being used to manage the variability and intermittency of renewable energy generation by controlling power flow and voltage levels. Many countries across the region are investing in grid modernization projects to upgrade aging infrastructure and enhance grid reliability. PSTs played a role in optimizing power flow and improving grid management. Cross-border power exchanges and interconnections between countries were becoming more common in the region. PSTs were used to synchronize and control power flows between different grid systems, enabling efficient electricity trading.

Phase Shifting Transformer Market Share

Some of the key market players operating across the phase shifting transformer market are:

• Siemens Energy
• Schneider Electric
• Hitachi Energy Ltd.
• ABB
• Eaton
• GE Grid Solutions
• Hyosung Heavy Industries
• Toshiba International Corporation Pty Ltd.
• SGB-SMIT Group
• Wilson Transformers
• Tamini Trasformatori S.r.l.
   

Company Market Share:

GE Grid Solutions commands a substantial share in the phase shifting transformer industry, distinguished for its extensive experience in engineering and producing diverse transformer types, encompassing power transformers and distribution transformers, among others. With a rich history deeply rooted in the transmission and distribution sector, the company has delivered transformer solutions across a broad spectrum of applications, spanning industrial, and utility sectors.
 

This phase shifting transformer market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume & revenue in Units & USD Million from 2019 to 2032, for the following segments:

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By Rating

• < 400 MVA
• 400 MVA - 800 MVA
• > 800 MVA

By Application

• Industrial
• Utility
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Russia
  • UK
  • Italy
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Egypt
  • South Africa
  • Nigeria
• Latin America
  • Brazil
  • Peru
  • Argentina