Press Release

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.

Browse over XX market data Figures spread through 180 Pages and an in-depth TOC on "Global Large Power Transformer Market

 

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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