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Global Power & Distribution Transformer Market was valued at USD 50,923.69 million in 2022 and is expected to register a CAGR of 7.98% during the forecast period. Increased investment in the electrical grid, notably expansion projects driving demand for transformers, has resulted from the rising prevalence of electric cars and associated charging infrastructure. This trend is projected to continue and become increasingly prominent as the market for electric vehicles expands. The impact of an increasing percentage of renewable energy in the energy mix is likely to expand as countries implement tough measures to accomplish their climate targets. Increasing renewable energy generation is expected to drive the global power & distribution transformer market.
Smart grids could be accessed and monitored remotely and they can adapt to changes in power demand rapidly. They also provide efficient cooling and electricity distribution, lowering carbon emissions. During the forecast period, the development of green transformers, high voltage transmission technologies, and rigorous government regulations aimed at reducing greenhouse gas emissions would all help to drive the global power & distribution transformer market.
The Global Power & Distribution Transformer market is divided into Type, Rating, End User, Phase, and Insulation. Based on type, the market is further segmented into power transformer & distribution transformer. Based on end user, the market is segmented into industrial, commercial, residential & utility. Industrial Sector dominates the Global Power & Distribution Transformer Market by End Use, accounting for a market share of 32.23% in 2022.
Furnace transformers, as well as heavy-duty rectifier and converter transformers, connect industry to the electrical grid. Their objective is to provide a key resource to energy-intensive industrial applications: large currents at highly specified voltages. As North America and Europe are quickly adopting industrial usage application, hence market is expected to grow further during the forecast period.
Major market players in the Global Power & Distribution Transformer market are 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, and Bharat Heavy Electricals Limited.