Future Market Insights (FMI) states that, power transformer market revenue grew by 10% between 2019 and 2021, reaching US$ 21.9 billion in 2021 with a healthy CAGR of 4.6%.The power transformer market grew by 4% year on year in 2021, owing to increased efforts to incorporate modern energy solutions into existing power systems and high demand for efficient and reliable power supply.
Power transformers are essential components of power grids because they help with power transmission between networks with minimal frequency change and loss. Increasing investments in the expansion of power grid networks and distribution channels to enable electricity access in remote areas will drive demand for power transformers in the coming years.
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The emphasis on upgrading the existing power grid network with modern energy technology for flexible, secure, efficient, and reliable power supply will emerge as a key growth driver.
Power transmission systems capable of handling the flow of stored and renewable energy throughout the grid system are being developed by market participants. The development of systems for the efficient management of electricity transmission and distribution as part of disaster recovery efforts, as well as the redefining of electrical grids to reduce operational costs and lead times, will have a positive impact on market growth in the future.
Key Takeaways from FMI’s Power Transformer Market Study
- The North American power transformer market is expected to grow at a 3 percent CAGR due to the increasing need to replace old power grid networks with modern and efficient equipment and the growing supply and demand gap for electricity in the United States and Canada.
- During the forecast period, the Europe power transformer market is expected to grow at a CAGR of 3.2 percent. The increase in growth can be attributed to rapid electrification and increased investment in the region’s transmission and distribution networks.
- Rising public awareness of CO2 emissions, increased electricity consumption, and increased efforts to electrify rural areas will drive demand for power transformers in India.
- China is expected to provide lucrative opportunities as a result of increased investment in power grid infrastructure development and the country’s thriving mining and oil and gas industries.
- In 2021, Japan and South Korea will account for 7% of the global power transformer market. These countries’ key growth drivers are industrialization, increased efforts to close the energy supply and demand gap, and the imposition of energy-efficient laws and standards.
According to the FMI analyst, “increased demand for upgrading traditional transmission systems to sustain high voltage power transfer and incorporation of smart grids will boost demand for power transformers in the coming years.”
Who is the victor?
Future Market Insights discusses the strategies used by market players to strengthen their market position and highlights the key trends emerging in the power transformer market.
Leading market players control 35% of the global market. They are concentrating on new product development, such as green transformers, to reduce their carbon footprint, as well as establishing production and supply operations in key high-demand demographics such as South East Asia. Furthermore, key players have increased production outputs and relocated manufacturing plants to developing countries in order to reduce lead times and operating costs.
Prominent players operating in the power transformer market are:-
- General Electric
- Siemens AG
- Toshiba Corporation
- Schneider Electric
For instance, in July 2021, General Electric won orders for manufacturing 45 units of 765 kV transformers from Power Grid Corporation of India Limited (PGCIL) for the new sub stations to be constructed in Rajasthan, India. The new transformers will dissipate around 8.1gigawatt (GW) of green power from the state’s solar energy zones.
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