Pune, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Market Analysis
“The High Power Transformers Market was valued at USD 23.50 billion in 2023 and is expected to reach USD 44.97 billion by 2032, growing at a CAGR of 7.49% over the forecast period 2024-2032.” - As Per the SNS Insider Research.
The high-power transformers market is growing significantly due to the increasing demand for electrical power in all sectors. Urbanization and industrialization are accelerating, and the delivery of reliable and efficient power supply systems has become vitally important, thus contributing to the growth of the high-power transformers market. High-power transformers are essential for the electricity grid as they help to send energy from power sources where it is produced to the end users and control voltage transformers to avoid energy loss on the electricity grid. They are particularly crucial for large applications including power plants, renewable energy sources, and the industrial sector. Furthermore, the increasing acceptance of wind and solar energy has also resulted in the expanded need for high-power transformers. In 2023, for instance, the use of renewable power in the United States has significantly grown due to policy developments, technological advancements, and a growing concern of the public for climate change. Around 22% of the total US energy use includes renewable resources, with the main one being wind and solar power. Furthermore, the power capacity of solar generation during that year was over 140 gigawatts, which stood for a 23% increase from the previous year, and wind power held almost 10% of the overall energy generation. All of these settings require specially manufactured prioritization transformers that can handle wide-ranging power inputs and be conveniently integrated into the existing electrical grid.
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Leading Market Players Listed in this Research Report are:
- Hitachi Energy Ltd (Transformers for Offshore Wind, HVDC Transformers)
- Siemens Energy AG (SITRANS FUS080 Flow Meter, Step-up Transformers)
- Toshiba Energy Systems & Solutions Corporation (Power Transformers, Distribution Transformers)
- CG Power and Industrial Solutions Limited (Power Transformers, Distribution Transformers)
- General Electric Company (High-Voltage Transformers, Substation Transformers)
- ABB Ltd. (Power Transformers, Traction Transformers)
- Alstom (High-Voltage Transformers, Power and Distribution Transformers)
- Crompton Greaves Limited (Power Transformers, Oil-Immersed Transformers)
- Siemens AG (Traction Transformers, Power Distribution Transformers)
- Eaton (Medium Voltage Transformers, Oil-Immersed Transformers)
- Schneider Electric (Medium Voltage Transformer, Dry Type Transformers)
- Hyosung Power & Industrial Systems (Large Power Transformers, Dry-Type Transformers)
- Performance Group (High-Power Distribution Transformers, Substation Transformers)
- Mitsubishi Electric Corporation (Power Transformers, Auto Transformers)
- Prysmian Group (Power and Distribution Transformers, Special Transformers)
- Rittal GmbH & Co. KG (Transformer Enclosures, Power Distribution Systems)
- National Grid plc (Power Transformers, High-Voltage Direct Current (HVDC) Transformers)
- WEG S.A. (Power Transformers, Distribution Transformers)
- SGB-SMIT Group (Oil-Immersed Transformers, Dry-Type Transformers)
- TBEA Co., Ltd. (Power Transformers, Shunt Reactors)
"Market Segment Insights: Detailed Analysis Reveals Strategic Growth Pathways"
By Cooling: Dry Type Transformers
The dry type transformers section held a market share of 56% in 2023 due to their increased safety and environmental advantages. Unlike the targeted oil transformers, dry type transformers are taken care of by air, which substantially reduces the chances of fire. Moreover, dry type transformers are perfect for use indoors, especially in urban areas where the safety and environmental requirements are extremely high.
By Voltage: LPT (> 60 MVA)
The LPT (> 60 MVA) held a market share of 59% in 2023 and led the market because LPT utilization had increased due to the growing numbers of large industrial facilities, renewable energy power plants, and substantial development of the grid infrastructure. LPT is essential for high-voltage transmission and distribution systems because it can efficiently handle high electricity amounts and contribute to the resilience of the grid.
By Application: Utility Segment:
The utility segment led the market, holding approximately 50% market share in 2023. The increasing focus on upgrading transmission networks and incorporating renewable energy sources such as wind and solar power is driving this growth. Utility companies are investing in high-power transformers to enhance grid stability and accommodate the fluctuating nature of renewable energy generation.
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Key Market Segments:
By Cooling
- Dry Type
- Oil Immersed
By Voltage
- SPT (≤ 60 MVA)
- LPT (> 60 MVA)
By Application
- Commercial
- Industrial
- Utility
"Regional Dynamics and Growth Trends in the Global Market: A Comprehensive Analysis"
North America dominated with a market share of 46% in 2023, due to massive investment in infrastructure and energy generation. However, the primary factor driving the North American market is the emphasis on the replacement of outdated electrical infrastructure to meet the increasing demand for energy. In addition, many large companies and manufacturers such as General Electric, Siemens, and ABB have a strong presence in the region, and they develop various high-power transformers to cater to the needs of modern electrical grid operations such as the inclusion of renewable energy and smart grid implementation. However, the market across
Europe is expected to witness the fastest growth, thus accounting for the share of 8.02% CAGR between 2024-2032 due to rising demand for renewable energy and the necessity to upgrade the electrical infrastructure. The commitment of the European Union to sustainability and the reduction of greenhouse gases has led to massive investment in renewable energy sources that depend on high-capacity transformers for proper and efficient networking. Schneider Electric and Siemens are constantly developing new transformer technologies to facilitate the integration of wind and solar energies in the market.
Recent Developments
- In September 2023, Siemens launched eco-friendly high-power transformers to reduce energy loss and improve energy efficiency.
- In June 2023, General Electric launched the LPT model with the new digitalization technology to optimize performance and reliability.
- In February 2024, Schneider Electric launched a new line of oil-immersed transformers for urban demand applications to maximize energy efficiency.
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Future Trends for the High-Power Transformers Market
| Trend | Description |
| Increased Focus on Renewable Energy | Growing investment in renewable energy projects will drive demand for high-power transformers. |
| Smart Grid Technology | Integration of smart grid technology will necessitate advanced transformers for better control and efficiency. |
| Energy Efficiency Regulations | Stricter regulations on energy efficiency will prompt the adoption of more efficient transformer designs. |
| Digitalization | Adoption of digital technologies in transformers for predictive maintenance and enhanced operational insights. |
| Hybrid Transformers | Development of hybrid transformers that combine oil-immersed and dry-type technologies for enhanced performance. |
In conclusion, the High-Power Transformers Market is poised for significant growth, driven by technological advancements, increasing energy demands, and the global transition to sustainable energy sources.
Table of Contents - Key Points Analysis
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 High-Power Transformers Production Volumes, by Region (2023)
5.2 High-Power Transformers Design Trends (Historic and Future)
5.3 High-Power Transformers Capacity Utilization (2023)
5.4 Usage Statistics, 2023
6. Competitive Landscape
7. High Power Transformers Market Segmentation, by Cooling
8. High Power Transformers Market Segmentation, by Voltage
9. High Power Transformers Market Segmentation, by Application
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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