Power & Distribution Transformer Market to Register a CAGR of 7.98% During the Forecast Period, 2023-2028
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transformers, and the replacement of out-of-date power transformers are other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.
Browse over 136 market data Figures
spread through 192 Pages and an in-depth TOC on the "Global Power & Distribution Transformer Market”
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
Download Free Sample Report
Customers can
also request for 10% free customization on this report.
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.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com