Power Transformer Market Analysis, Challenges, Growth and Forecast By 2030
The global power transformer market is expected to grow at a CAGR of 7.1% from 2022 to 2028.
Global power transformer market is segmented by cooling type, power rating and geography. By cooling type, the power transformer market is classified into oil-cooled and power-cooled. By power ratings, the power transformer market caters to small power, medium power, and large power. Based on region, the power transformer market is spread by Europe, North America, Asia Pacific, Latin America, and Middle East and Africa
Increasing demand for energy around the global attached with rapid growth in electrical infrastructure projects can propel the Global power transformer market. Stringent energy efficiency acquiescence, growing rate of installation of green transformers, and developments in smart transformer technologies can additional boost the market growth. Increasing use of smart grid system has also enlarged the requirement for power transformers to achieve operative transmission of electric power. However, initial high installation cost can hamper the Global power transformer market growth to an extent.
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Global Power Transformer Market
Oil-cooled transformer segment is leading owing to the winding and core are absorbed in mineral oil. It is a good electrical insulator to block the current flow through the oil for efficient warmth removal from the windings and core. Oil-cooled transformers deliver better conductivity than the air-cooled transformers and also hold high constant of conductivity, which resulting in natural circulation of oil.
The large power transformer segment is increasing at a high rate owing to rise in high-voltage direct current transmission projects in many expanses across the world. Extra high voltage and similar projects are being commenced to reduce transmission losses between large distances. Furthermore, Small power leading the market transformers as it embraces more than three windings, single phase, auto-transformer and low noise generating.
Asia Pacific is projected to emerge as the fast grow in the Global power transformer market. Speedy industrialization, urbanization, and growing rural electrification are some of the major regional drivers in the power transformer market. Great investments from governments in electrical infrastructure projects will project the demand for power transformers in the region.
Some of the key players in the Global power transformer market includes Kirloskar Electric Company, EMCO, Bharat Bijlee, Alstrom SA, China XD Electric, TBA Corp Ltd Voltamp Transformers, Global Transformer & Switchgears Fzco, JSHP Transformers (China), Emirates Transformer, and Transformers & Rectifiers(India) Ltd. ABB Ltd., Siemens AG, General Electric Company, Crompton Greaves Limited, Toshiba Corporation, Hyundai Heavy Industries Co., Ltd., Mitsubishi Electric Corporation, Hyosung Group, Bharat Heavy Electricals Limited, SPX Transformer Solutions, Inc.
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Scope of the Global Power Transformer Market
Global Power Transformer Market, By Cooling Type
• Oil-cooled Transformer
• Power-cooled Transformer
Global Power Transformer Market, By Power Rating
• Small Power
• Medium Power
• Large Power
Global Power Transformer Market, By Geography
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America
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Key Players in Global Power Transformer Market
• ABB
• GE
• Toshiba
• Schneider
• TBEA
• Siemens AG
• General Electric Company
• Crompton Greaves Limited
• Toshiba Corporation
• Hyundai Heavy Industries Co., Ltd.
• Mitsubishi Electric Corporation
• Hyosung Group
• Bharat Heavy Electricals Limited
• SPX Transformer Solutions, Inc.
• Kirloskar Electric Company
• EMCO
• Bharat Bijlee
• Alstrom SA
• China XD Electric
• TBA Corp Ltd
• Voltamp Transformers
• Global Transformer & Switchgears Fzco
• JSHP Transformers
• Emirates Transformer
• Transformers & Rectifiers(India) Ltd
