Power Transformers Market worth over $35 Bn by 2032

Power Transformers Market size is set to surpass USD 35 billion by 2032, according to a new research report by Global Market Insights Inc.
 

The industry growth is attributed to the rising electricity demand across the globe. The fast-paced development of residential and commercial infrastructure, aided by consistent population growth and rising disposable incomes, has significantly elevated electricity consumption across developing economies.
 

According to the Central Electricity Authority (CEA), power demand in India witnessed an over 4% uptick in the last five years ending 2021/22. The country plans to add an estimated 165.3 gigawatts (GW) of power generation capacity over five years ending March 2027. Furthermore, the accelerating rollouts of several rural electrification projects and the burgeoning demand for uninterrupted electricity supply will push the requirement to refurbish the existing power grid infrastructure, augmenting the power transformer sales through 2032.
 

Cost-efficient structure to bolster the sales of shell core power transformers

The shell core transformer segment is slated to observe significant gains during the forecast period. This growth is credited to the improved efficiencies, economical cost structure, and several other benefits offered by shell core power transformers. Besides, the high-end product flexibility in line with rapid integration of smart monitoring devices will complement the industry expansion.
 

Better operational flexibility to drive the autotransformers segment

In terms of winding, the power transformers industry from autotransformer segment is poised to register substantial growth rate between 2023 and 2032. Autotransformers offer a range of benefits over two winding transformers, such as higher operational flexibility and increased efficiency owing to their compact structure. These attributes provide them a competitive edge over their counterparts, which, in turn, may drive product demand. Moreover, the integration of smart monitoring technologies has significantly boosted product reliability and cost-effectiveness, further bolstering segment gains.
 

Dry-type transformers segment to expand due to robust application landscape

In terms of cooling, the power transformers market from dry type segment is anticipated to witness more than USD 14 billion by 2032 on account of the enhanced operational safety and competitive cost structure of dry-type transformers. Phase-changing materials find significant applications in these transformers impelled by their reduced core temperature. This helps the transformer cool without consuming additional energy, thus, bolstering product deployment in a range of utility applications.
 

Oil-insulated transformers segment to propel substantial impetus owing to their remarkable attributes

The oil-insulated segment is primed to accumulate a decent market share by 2032 mainly attributed to their primitive nature. These units boast effective insulation capabilities, sustainable product applicability, and high temperature bearing strength, making them suitable for heavy load applications. Additionally, the consistent expansion of the existing electricity infrastructure across developing economies will foster product adoption.
 

Browse key industry insights spread across 950 pages with 1957 market data tables & 36 figures & charts from the report, “Power Transformer Market Size By Core (Closed, Shell, Berry), By Winding (Two Winding, Auto-Transformer), By Cooling (Dry Type {Self-Air, Air Blast}, Oil Immersed {Self-Cooled, Water Cooled, Forced Oil}), By Insulation (Gas, Oil, Solid, Air), By Rating (< 100 MVA, 101 To 500 MVA, 501 To 800 MVA, > 800 MVA), By Mounting (Pad, Pole), By Application (Residential, Commercial & Industrial, Utility), COVID-19 Impact Analysis, Regional Outlook, Price Trend, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/power-transformer-market-report
 

> 100 MVA to ≤ 500 MVA rating segment to gain traction due to their compact structure

The > 100 MVA to ≤ 500 MVA rating power transformers market is predicted to attain commendable gains between 2023 and 2032, backed by their low installation cost, compact size, and high applicability across various industries, including healthcare, utilities, and the oil & gas sector. Furthermore, the rising strategic investments focused on developing cutting-edge high-end products, in addition to the growing product utilization in a range of step-up or step-down applications across transmission & distribution networks, will accelerate business growth.
 

Increasing infrastructural investments to push product demand in utility applications

In terms of application, the utility segment is projected to witness substantial expansion during the forecast timeline. Rising efforts toward integrating wide-range frequency transmission links, coupled with escalating concerns about building an energy-efficient infrastructure, will complement the market revenue trajectory. The ongoing expansion and refurbishment of existing power infrastructure and development of cross-border transmission networks will further aid segment growth.
 

Increased emphasis on developing energy-efficient infrastructure to facilitate industry growth across Europe

Europe power transformers market will observe a significant rise through 2032 on account of the introduction of stringent emission norms coupled with rising efforts to integrate renewable energy across the power grid. The proliferation of energy-efficient technologies and the replacement of old equipment across the T&D network will accelerate product penetration in the region. Nonetheless, the skyrocketing demand for electricity and increasing infrastructure development projects will support regional expansion.
 

Novel innovations to strengthen the competitive outlook

Major players operating in the power transformers industry are General Electric, Toshiba Energy Systems & Solutions Corporation, Hyosung Heavy Industries, Hyundai Electric & Energy Systems Co., Ltd., Schneider Electric, Mitsubishi Electric Corporation, WEG, CG Power & Industrial Solutions Ltd., Celme S.r.l., Kirloskar Electric Company, Daihen Corporation, Siemens Energy, Hammond Power Solutions, Bharat Heavy Electricals Limited, Grupo Comtrafo, Pfiffner Group, JSHP Transformer, Hitachi Energy Ltd., Hangzhou Qiantang River Electric Group Co., Ltd.(QRE), YueBian Electric Co., Ltd., and Bharat Bijlee Limited. These organizations have been emphasizing leveraging next-gen technologies and developing breakthrough products to gain a competitive edge over others.