Major transformer market players include General Electric, Siemens Energy, Mitsubishi Electric Corporation, ABB, Schneider Electric, Toshiba International Corporation, Elsewedy Electric, Eaton, and others.
SELBYVILLE, Del., Aug. 23, 2022 /PRNewswire/ -- The transformer market is expected record a valuation of USD 93 billion by 2030, according to the most recent study by Global Market Insights Inc.
The industry growth is attributed to the rising private and public investments toward upgrading and expanding grid infrastructure. The berry core segment is predicted to register a yearly installment of 6 million units by 2030. Berry core transformers have garnered reasonable interest owing to persistent technological advancement in addition to increased feasibility across the conventional electrical infrastructure.
Based on product, the transformer market is segmented into distribution transformer and power transformer. Escalating concerns regarding energy security along with increasing energy consumption in developing countries will promote the use of distribution transformers. Furthermore, the sharp rise in the popularity of renewables, alongside expansion of grid infrastructure will accelerate the segmental growth.
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The two-winding units have garnered substantial demand, particularly across conventional electrical networks. However, surging technological advancement and introduction of functional improvements might hinder product demand.
With respect to cooling, the transformer market is segmented into dry-type and oil-immersed transformers. The oil-immersed transformer has achieved reasonable penetration on account of its ease of installation and optimum cooling strength. However, health, fire hazards, and leakages related to these products might impede market development.
The solid insulation segment is estimated to attain 10% growth rate till 2030. Solid insulation has witnessed steady progress due to low customer apprehension and substantial competitive impact from current insulation units.
In terms of rating, the transformer market is bifurcated into ≤ 10 MVA, > 10 MVA to ≤ 100 MVA, and > 100 MVA to ≤ 600 MVA. The > 10 MVA to ≤ 100 MVA segment is poised to showcase significant growth during the forecast period, credited to soaring demand for manufactured goods and pliable product operations in primary and secondary distribution networks.
Pad-mounted distribution units have witnessed reasonable demand as the deployment of large units requires strong earthing and base foundation arrangements. These transformers have broad applicability across utility establishments and industries owing to the demand for short-haul transformers.
Rapid urbanization to increase the adoption of transformers for residential applications
The residential application segment held a 14.4% of global transformer market share in 2021 due to the rapid urbanization coupled with supportive government reforms for residential integration of renewables. Moreover, improved on-site technologies for generating electricity together with existing smart control networking projects will propel the market growth.
Private funding initiatives will have a significant impact on product adoption in the Middle East & Africa
Regionally, the industry is segmented into North America, Europe, Asia Pacific, and Middle East & Africa. Infrastructural inadequacies across some countries in addition to the growing demand for electricity will expedite the industry dynamics across the region. Rise in financial assistance from institutions such as the Asian Development Bank, and the World Bank for electrification in the region will drive the industry outlook.
The major participants operating in the transformer market include General Electric, Siemens Energy, Mitsubishi Electric Corporation, ABB, Schneider Electric, and Toshiba International Corporation amongst others. Company strategies are characterized mainly by largescale investments in adjacencies as well as the pursuit of core competitive prospects.
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Table of Contents (ToC) of the report
Chapter 3 Transformer Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & sustainability landscape
3.2.1 Siemens
3.2.2 Celme S.r.l
3.2.3 IMEFY Group
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 North America
3.5.1.1.1 Refurbishment demand for existing grid infrastructure
3.5.1.1.2 Rising infrastructural spending
3.5.1.2 Europe
3.5.1.2.1 Growing deployment of renewable energy
3.5.1.2.2 Upgradation of existing grid network
3.5.1.3 Asia Pacific
3.5.1.3.1 Large-scale renewable integration
3.5.1.3.2 Increasing demand for electricity
3.5.1.4 Middle East, Africa & Latin America
3.5.1.4.1 Escalating demand for reliable & continuous electricity
3.5.1.4.2 Growing investment toward expansion of electricity networks
3.5.2 Industry pitfalls & challenges
3.5.2.1 High initial cost
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 Competitive landscape, 2022
3.9 PESTEL Analysis
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