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Market Overview:
The Power Transformer Market size is estimated to reach $36.9 Billion by 2030, growing at a CAGR of 5.9% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, Power Transformer Market - By Rating ( Low (100 MVA to 500 MVA) Rating, Medium (501-800 MVA) Rating, High (801-1200 MVA) Rating), By Cooling Type (Oil-Cooled Transformers, Dry-Type Transformer), By Phase Configuration (Single-Phase Transformers, Three-Phase Transformers), By Technology (Conventional Transformers, Smart Transformers, Energy-Efficient Transformers), By Insulation Type (Liquid-Immersed (Oil-Based), Solid Insulation (Dry-Type)), By Application (Transmission and Distribution (T&D), Industrial Applications, Renewable Energy, Infrastructure and Commercial), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
The growing demand for electricity, the necessity of modernizing and expanding the grid, the incorporation of renewable energy sources, the growing emphasis on energy efficiency, and the quickening pace of infrastructure development and urbanization are some of the factors propelling the power transformer market.
APAC Dominated the Market in 2023:
The Asia-Pacific (APAC) region is dominant the market for power transformers with a market share of 40%. APAC nations are investing in renewable energy projects, like wind and solar farms, as part of their strong drive towards sustainability. According to the International Energy Agency’s announced pledges scenario, revised in August 2023, investments in Asia-Pacific renewables from 2022 to 2030 are projected to reach $286 billion. For these energy sources to be integrated into current networks, power transformers are essential, particularly in nations like China, which has made a commitment to becoming carbon neutral by 2060.
Power Transformer Market: Key Takeaways
Rising Investments in Grid Modernization
The increasing focus on grid modernisation is a major factor leading the power transformer market. As power grids age and face growing demands from renewable energy integration and urbanization, utilities are investing heavily in upgrading their infrastructure. Modernization efforts often involve the installation of new, advanced power transformers that can handle higher voltages, improve efficiency, and enhance grid reliability. This trend is particularly evident in regions with rapidly growing electricity demand and a focus on sustainable energy solutions.
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Increasing Demand from the EV Sector
The rapid growth of the electric vehicle (EV) sector is driving significant demand for power transformers. As more EVs are adopted, the need for robust charging infrastructure, including charging stations, increases. Power transformers are essential components of these charging stations, providing the necessary voltage and current levels to power EV charging equipment. Additionally, the development of large-scale battery storage systems, which can help balance grid fluctuations and support renewable energy integration, also requires power transformers. The need for power transformers is expected to increase together with the EV industry's continued growth.
Scope of the Report:
Recent Developments:
- In October 2024, Hitachi Energy has announced $250 million to expand its transformer production capabilities in India, as part of its global $6 billion investment plan aimed at accelerating the clean energy transition.
- In July 2024, Toshiba Transmission and Distribution Systems-India (TTDI), based near Hyderabad, plans to invest around $500 million to expand its manufacturing capacity for power and distribution transformers over the next three years.
- In November 2023, Quanta Services Inc., a utility infrastructure company, has acquired Pennsylvania Transformer Technology LLC for approximately $300 million.
Power Transformer Market: Competitive Landscape
Key companies profiled in the Power Transformer Market are ABB Ltd., Bharat Heavy Electricals Limited, CG Power and Industrial Solutions Limited, GE Vernova, Siemens, Mitsubishi Electric Corporation, Schneider Electric SA, Hitachi Energy, Tebian Electric Apparatus, Toshiba Corporation and others.
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Control Transformer Market - Control Transformer Market is forecast to reach $12 billion by 2030, growing at a CAGR 6% from 2024 to 2030. With the growing emphasis on renewable energy sources and smart grid initiatives, the control transformer market is expected to witness sustained growth over the forecast period.
Transformer Market - The Transformer market size is forecast to reach USD 57.8 billion by 2030, after growing at a CAGR of 4.7% during 2024-2030. The use of transformers in various industrial applications, surge in adoption of different ratings of transformer in different regions of the world, rise in R&D activities, and rise in industrialization are driving the expansion of market.
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