Power Transformers Market

Power Transformers Market registered a revenue of USD 30.8 billion in 2021 and is projected to reach USD 51.0 billion in 2029, growing at a CAGR of 6.5% during the forecast period.

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Key Drivers

The major factors proliferating the growth of the global power transformers market include the expansion in the renewable energy sector, continuous technological advancement in existing power grids, and increasing initiatives and demand for smart grid development. Governments across the world are launching numerous initiatives for the deployment of smart grid technology, as it helps in reducing greenhouse gas emission and enhances energy efficiency of producing and using electricity in homes, public institutes, and businesses. This technology is essential for fuelling the development of plug-in hybrid electric vehicles. A smart grid is an important foundation for the incorporation of renewable energy into the electrical grid. The advancements in power transformers will help in addressing the needs of smart grids. It will improve energy security, urban air quality, reduce greenhouse gas emissions, and provide higher grid utilization. Moreover, transformers provide the required amount of power needed by the systems. Therefore, strong demand and rising initiatives for the developing of smart grid will energize the growth of the market. On the other end of the spectrum, the high price of power transformers as compared to the conventional transformers is the major factor that will restrain the growth of the market.

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Rating – Segment Analysis

On the basis of rating, the market is segmented into small power transformer, medium power transformer, and large power transformer. Among these, the small power transformer is expected to observe a higher CAGR during the forecast period. This is attributed to the accelerated adoption of small power transformers across multiple small industries, and its easy customization option as per the customers’ requirement.

cooling method – Segment Analysis

Based on the cooling method, the market is segmented into oil-cooled and air cooled. Among these, the oil cooled transformers would witness a higher CAGR during the forecast period. This attributed to its wide-spread adoption among numerous industries.

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Regional – Segment Analysis

Based on region, North America is predicted to dominate the market during the forecast period due to the growing industrialization and urbanization in the region. Asia-Pacific region is projected to grow at a higher CAGR during the forecast period. This is attributed to rapid economic development and the growing requirement for reliable power supply in the region driven by the increasing population rate.

Top Market Players

The major players operating the market include ABB Ltd, Siemens AG, GE Company, Toshiba Corporation, Crompton Greaves Limited, Hyundai Heavy Industries Co., Ltd, Mitsubishi Electric Corporation, Bharat Heavy Electricals Limited, Hyosung Group, and SPX Transformer Solutions, Inc., among others.

Key Developments:

• • In 2020, Toshiba Transmission and Distribution Systems Gulf S.P.C. (TTDG) partnered with Toyota Tsusho Corporation, to supply gas insulated switchgear and power transformers to Ministry of Electricity (MoE) of Republic of Iraq. The delivery of the equipment is scheduled for 2021.
  • In 2019, Siemens AG and Egyptian Electricity Transmission Company (EETC) signed an agreement to supply first digital power transformer to North Egypt, to boost the energy efficiency and reliability of substations for delta area.
  • The global power transformer market has been segmented on the basis of rating, cooling method, and region. Based on rating, the market is segmented into small power transformer, medium power transformer, and large power transformer. Based on cooling method, the market is segmented into oil-cooled, and air-cooled.

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Key questions answered in this research report:

• • At what pace is global power transformer market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in power transformer market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global power transformer market?
  • Which type of rating generated maximum revenues in 2021 and identify the most promising products during the forecast period?
  • What are the various types of cooling methods of global power transformer market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD 30.8 billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Value (USD billion)
Market Segment	By Rating, By Cooling Method, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	ABB Ltd, Siemens AG, GE Company, Toshiba Corporation, Crompton Greaves Limited, Hyundai Heavy Industries Co., Ltd, Mitsubishi Electric Corporation, Bharat Heavy Electricals Limited, Hyosung Group, and SPX Transformer Solutions, Inc, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation:

Global Power Transformers Market by Rating

• • Small Power Transformer (Up to 60MVA)
  • Medium Power Transformer (61 – 600MVA)
  • Large Power Transformer (Above 600MVA)

Global Power Transformers Market by Cooling Method

• • Oil-Cooled
  • Air-Cooled

Global Power Transformers Market by Region

• • North America Power Transformers Market (Option 1: As a part of the free 25% customization)
    • By Rating
    • By Cooling Method
    • United States of America (US) Market All-Up
    • Canada Market All-Up
  • Europe Power Transformers Market (Option 2: As a part of the free 25% customization)
    • By Rating
    • By Cooling Method
    • United Kingdom (UK) Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Power Transformers Market (Option 3: As a part of the free 25% customization)
    • By Rating
    • By Cooling Method
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Power Transformers Market (Option 4: As a part of the free 25% customization)
    • By Rating
    • By Cooling Method
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Power Transformers (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • ABB Ltd
  • Siemens AG
  • GE Company
  • Toshiba Corporation
  • Crompton Greaves Limited
  • Hyundai Heavy Industries Co., Ltd
  • Mitsubishi Electric Corporation
  • Bharat Heavy Electricals Limited
  • Hyosung Group
  • SPX Transformer Solutions, Inc