Large Power Transformer Market to be dominated by Medium Segment through 2028.
Adoption of renewable energy
solutions to drive Global Large Power Transformer Market in the forecast
period, 2023-2028.
According to TechSci Research report, “Global Large Power Transformer Market - By Region, Competition, Forecast &
Opportunities, 2028”, Global
Large Power Transformer Market is anticipated to grow at a 5.86% CAGR in the
forecast period, 2024-2028. Stringent government regulations pertaining
to carbon emissions are expected to persist in the coming years, presenting
growth prospects for the power transformer market. The increasing adoption of
renewable energy sources and the rising demand for electricity drive the
acceptance of high voltage transmission technologies, including HVDC, HVAC, and
UHV power transformers. Notably, countries like China are already leveraging
ultra-high-voltage transmission technology.
Energy storage systems, including
batteries, are increasingly being deployed in conjunction with renewable energy
sources to store surplus energy for utilization during periods of low
generation. Power transformers play a crucial role in connecting these storage
systems to the grid and effectively managing the bidirectional flow of
electricity.
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Based
on cooling type, the Air-Cooled segment is expected to dominate the market during
the forecast period.
Analyzing the air-cooled segment of the Global power transformer market
provides valuable insights into the specific dynamics and trends associated
with this cooling method. Air-cooled transformers are a preferred choice in
regions where water availability may be limited or where environmental concerns
necessitate a dry cooling method. The market for air-cooled transformers in the
Global region has been steadily growing, driven by several factors. One of the
key drivers is the demand for transformers in remote and off-grid areas with
limited or unreliable water resources. Moreover, the increasing electricity
demand in urban and industrial centers has led to the deployment of air-cooled
transformers to meet this growing demand. As industries expand and
electrification efforts continue, the market for air-cooled transformers is
expected to witness further growth. Air-cooled transformers find applications
in various sectors within the Global region, including industries, commercial
buildings, data centers, and areas where safety regulations require the use of
dry-type transformers. Furthermore, air-cooled transformers are often selected
for critical infrastructure projects, such as airports and railways, where a
reliable power supply is crucial. The flexibility and suitability of air-cooled
transformers for diverse applications contribute to their market growth. Energy
efficiency is a significant consideration in the selection of air-cooled
transformers. Many countries in the Global region have implemented energy
efficiency standards and regulations to minimize energy wastage. Manufacturers
in the air-cooled segment continuously innovate to develop transformers with
lower losses, aiding end-users in achieving energy efficiency goals and
reducing operational costs. Additionally, the environmentally friendly nature
of air-cooled transformers, which do not require oil-based cooling, aligns with
sustainability and environmental objectives.
Based
on Region, Global region is expected to dominate the market for Large Power
Transformer during the forecast period. Asia-Pacific dominated the large power
transformer market in 2021. It is expected to continue its dominance in the
coming years. The region saw an unprecedented increase in the demand for large
power transformers during the past few years, which is expected to increase
further during the forecast period. Industries such as automotive, chemical,
fertilizers, and petrochemical are witnessing steady growth in the region,
leading to an increase in electricity demand. This factor is expected to offer
tremendous growth opportunities for the market players in the region. In 2020,
the electricity generation for India was about 1560.9 Terawatt-Hour (TWh),
which was higher than 1317.3 TWh in 2015. The increase in electricity generation
exhibits an increase in the number of power generation stations, which are
likely to use large power transformers to supply electricity to the consumers. Hence,
such factors are likely to help boost the large power transformers market in
Asia-Pacific during the forecast period.
Major
companies operating in the Global Large Power Transformer market are:
- Hitachi Energy Ltd
- CG Power and Industrial
Solutions Limited
- General Electric Company
- Hyosung Power &
Industrial Systems Performance Group
- Hyundai Heavy Industries
Co. Ltd
- Mitsubishi Electric
Corporation
- SGB-SMIT International
GmbH
- Siemens Energy AG
- SPX Corporation
- Toshiba Energy Systems
& Solutions Corporation
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“The
global Large Power Transformer market is driven by several key factors that
shape its growth and development The
large power transformer market is being driven by several key factors. Firstly,
the increasing demand for electricity, driven by population growth,
urbanization, and industrialization, is a significant driver. As countries
strive to modernize their infrastructure and expand their energy grids, the
need for large power transformers to efficiently transmit electricity over long
distances becomes paramount. Additionally, the growing adoption of renewable
energy sources like wind and solar power is boosting the market. These sources
often require the integration of large power transformers to connect them to
the grid and manage fluctuations in power generation. Moreover, the aging
infrastructure of existing transformers is creating a replacement market, as
utilities seek to upgrade and replace old units with newer, more efficient, and
environmentally friendly transformers. Furthermore, increasing investments in
smart grid technologies, which rely on large power transformers for grid
stability and reliability, are contributing to market growth. Lastly, concerns
about energy efficiency and environmental impact are pushing the development of
advanced transformer technologies, such as eco-friendly insulation materials
and digital monitoring systems, further fueling market expansion. In
conclusion, the large power transformer market is poised for sustained growth due
to these compelling drivers...” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
Large
Power Transformer Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast Segmented By Power Rating (Small, Medium and Large), By Cooling
Type (Ai Power Generation Transmission and
Distribution r-Cooled and Oil-Cooled), By
Insulation (Dry and Liquid Immersed), By Cooling Type (Commercial &
Residential, Utility, Industrial), By Region, Competition, 2018-2028”, has evaluated the future growth potential
of global Large Power Transformer market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision-makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the global Large Power Transformer market.
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