Market Synopsis, Global Power transformer market is touted to experience a stellar 8.64% CAGR during the assessment period (2018-2023), as per an in-depth market report by Market Research Future (MRFR). Power transformers are a reliable source of energy backup for power and utility sectors. It can contribute to the reduction of energy emissions in several sectors. Furthermore, they can support the use of generators and grids., Investments in the energy sector owing to infrastructural developments is expected to be the primary driver of the market. The staggering growth of the renewable energy sector thanks to policies outlined by developed nations to minimize emissions can be instrumental to the market demand in the coming years. High costs of power transformers can lead to hesitation among major leaders in industrial sectors but the demand for electricity can culminate to immense market demand over the forecast period. , Report Overview , The report covers the latest trends affecting the market to provide the most accurate forecasts and predictions. By correlating the historical data with key market dynamics, our analysts can make highly astute projections. MRFR’s report includes a thorough analysis of the global power transformer market segmented by cooling type, power rating, and region. Trends and opportunities are highlighted coupled with the market share of companies as well as their valuation in the market. It analyzes new revenue sources for players and outlines the various strategies implemented by players., Segment Overview , By cooling type, the power transformer market is segmented into oil-cooled and power-cooled. Both of these mentioned transformers can transmit power over large distances. By power ratings, the market caters to small power, medium power, and large power. Among these, small range have the capacity in the range of 100-500 mega volt amps (MVA). Similarly, the medium range power transformers have a capacity between the ranges of 500-800 MVA and large range possesses above 800 MVA potential., The segments and sub-segments covered in the report are analyzed with respect to four major regions – North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW), with respective country-level market sizing. The definition and advantages of Market Synopsis

Global Power transformer market is touted to experience a stellar 8.64% CAGR during the assessment period (2018-2023), as per an in-depth market report by Market Research Future (MRFR). Power transformers are a reliable source of energy backup for power and utility sectors. It can contribute to the reduction of energy emissions in several sectors. Furthermore, they can support the use of generators and grids.

Investments in the energy sector owing to infrastructural developments is expected to be the primary driver of the market. The staggering growth of the renewable energy sector thanks to policies outlined by developed nations to minimize emissions can be instrumental to the market demand in the coming years. High costs of power transformers can lead to hesitation among major leaders in industrial sectors but the demand for electricity can culminate to immense market demand over the forecast period.

Report Overview

The report covers the latest trends affecting the market to provide the most accurate forecasts and predictions. By correlating the historical data with key market dynamics, our analysts can make highly astute projections. MRFR’s report includes a thorough analysis of the global power transformer market segmented by cooling type, power rating, and region. Trends and opportunities are highlighted coupled with the market share of companies as well as their valuation in the market. It analyzes new revenue sources for players and outlines the various strategies implemented by players.

Segment Overview

By cooling type, the power transformer market is segmented into oil-cooled and power-cooled. Both of these mentioned transformers can transmit power over large distances. By power ratings, the market caters to small power, medium power, and large power. Among these, small range have the capacity in the range of 100-500 mega volt amps (MVA). Similarly, the medium range power transformers have a capacity between the ranges of 500-800 MVA and large range possesses above 800 MVA potential.

The segments and sub-segments covered in the report are analyzed with respect to four major regions – North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW), with respective country-level market sizing. The definition and advantages of the product “power transformer” is outlined in the report for a comprehensive understanding of the market. The report discusses the various players involved in the value chain and their contributions to evaluate future opportunities within the market.

Competitive Landscape

Key players in the power transformer market include Mitsubishi Electric Corporation (Japan), Toshiba Corporation (Japan), ABB Ltd., (Switzerland), Hyosung Power & Industrial Solutions (South Korea), Bharat Heavy Electricals Limited (India), Hyundai Electric & Energy Systems Co., Ltd. (South Korea), Schneider Electric (France), SPX Transformer Solutions, Inc. (U.S.), Siemens AG (Germany), Crompton Greaves Ltd. (India), and SGB-SMIT Group (Germany). These companies are maintaining their position through collaborations and partnerships.

The report offers comprehensive profiles on these market players and assesses their current standing in the market. Company history coupled with annual turnover, profit margins, segmental share, SWOT analysis, growth strategies, new product launches, mergers and acquisitions (M&A) activities, and latest R&D initiatives are discussed in granular detail.

Research Methodology

At MRFR, our research analysts conduct a thorough objective analysis of the market when creating market reports by adhering to a rigorous set of standards which allow a truly comprehensive view of the market. Use of primary research strategies such as interviews with top-level decision makers of various leading companies in the relevant market combined with secondary research provides a thorough analysis of past and present trends in a forward-looking manner. Additionally, market size estimation and validation use both top-down & bottom-up approaches to obtain data from the demand and supply-side. Credible resources are employed to assist analysts to understand the nuances of market factors with consistency. Competent data analysts use strong analytical tools to ascertain accurate analysis of very relevant parameters in an effort to provide clients with a conclusive and dependable view of the future.

Analysis Period



Base Year - 2017



Projection Period - From 2018 to 2023



Market Denomination - USD Million



Conversion Rate - Considered as per the respective financial years



For the scope of research, the report offers a comprehensive analysis of the global power transformer market.

Cooling Type



Oil-cooled Transformer



Power-cooled Transformer



Power Rating



Small Power



Medium Power



Large Power



Region



North America



The U.S.

Canada







Europe



France

Germany

The U.K.

Russia

Rest of Europe











Asia Pacific



China

Japan

India

Rest of Asia Pacific











Rest-of-the-World



The Middle East

Africa

Latin America









Intended Audience



Power Transformer OEM



Related Components Providers



Government Organizations



Global Power Transformer Market – Summary

With the advent of electricity, the meteoric rise of industrialization in the 20th century started. And every passing year, the bond between the two only grew stronger. The 21st century is no exception. Leaving a definitive mark on their charted course that holds promises of further prosperity, the two are moving ahead with a steadfast conviction. When it comes to electricity, power transformers act like a pillar and supports the demand for the former substantially across all industrial verticals. The market is such that scaling a valuation of USD 34,510.2 million during the forecast period (2018-2023) looks like a rather trouble-free possibility.

Infrastructural development can impact the global market significantly. The urgency to replace the older machines with the latest ones to reduce cost, minimalize carbon footprint, increase reliability, and enhance efficiency can be validated by the exigent demands generated by various industries. According to World Energy Investment Outlook Special Report, for the first time since the competition began, electricity has taken the driver’s seat forcing oil and gas in the back one. The Organisation for Economic Co-operation and Development (OECD) countries have spent almost USD 3 trillion on revamping the infrastructure and empowering it with sustainable power sources. From here on, the market is only going to witness a stellar growth with electric utilities spending USD 3.2 trillion in the coming decade to refurbish the traditional methods of transmission.

On the other hand, renewable energies are gaining an unprecedented momentum as the global trend is now focusing much on reducing hazardous emissions. Solar and wind energies are the market favorites. As per the report from the UNEP-FS collaborating center, a total of 157 GW of renewable power was commissioned in 2017 of which solar energy is the most significant contributor and is accounted for 98 GW, or 38% of the net added power capacity. Power transformers play an integral part by connecting high-quality renewables and other lower-carbon resources far from load centers. This can widen up the market possibilities for the power transformers.

However, high initial cost of power transformers can be considered a market deterrent. The initial cost and its lifetime running cost do not corroborate with the operational life of the transformers.

Industry Trend

Research and development are inspiring installation of the latest techniques that are taking the market forward and is assisting in the maintenance of social compliances. For instance, in April 2018, ABB Ltd. launched ABB Ability Power Transformer, which is first of its kind integrated solution for digitally enabled power transformers.

In March 2017, Siemens AG supplied power transformers of 405/20-kV 570- MVA capacity to EDF for promoting power generated from the high capacity nuclear power plants.

Segmentation

By type, the market can be segmented into oil-cooled transformer and air-cooled transformer. Being a good electrical insulator, oil is getting the privilege of ruling the market for now and the coming years with the fastest CAGR.

Based on power rating, the market includes small power, medium power, and large power. Small power transformers have 100 MVA-500 MVA capacity and are an ideal solution for standard applications including substations. Substations, to support domestic and commercial needs, install small power transformers, subsequently spurring the growth of the segment. However, large transformers of 800 MVA and above are expected to grow with the fastest CAGR during the forecast period. Major manufacturers are opting for the large ones to meet the infrastructural demand requirements.

Regional Analysis

Region-specific segmentation of the market covers North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).

The APAC is spearheading the segment driven by the continuous need to update and upgrade existing transmission and distribution infrastructure to substantiate the growing demand for electricity. At present, the market has command over 42.76% of the global share. This act as a strong influencer and can help the market maintain its current position in the foreseeable future with a robust CAGR. According to the Asian Development Bank, the region needs USD 1.7 trillion a year to develop the infrastructure that includes transmission and distribution. China has crossed other countries in terms of investment as it is now actively increasing the high voltage electricity transmission to expand the electricity output to its coastal load centers.

Europe assumes the second spot with Germany in charge of the region. Various initiatives of the country have affirmed a refurbishment of the grids to achieve stability. The country has also implemented favorable regulations that are leading to robust infrastructural development.

Market Competitors

Burgeoning urbanization and industrialization have given rise to the demand for transformers in various sectors. In 2017, the global consumption of electricity went high up to 22,015 TWh and according to International Energy Agency, World Energy Outlook 2017, it has the potential to expand at a phenomenal rate of 30% by 2040. Furthermore, the aging infrastructure of transmission and distribution network needs overhauling for smooth operations of the transmission network. Various government initiatives to put up new power generation plants, mostly non-conventional plants, can speed up the growth of the transformer market during the forecast period.

The global market is getting operated by ABB Ltd, Siemens AG, Schneider Electric, Mitsubishi Electric Corporation, Toshiba Corporation, Crompton Greaves Ltd., Bharat Heavy Electricals Limited, SPX Transformer Solutions, Inc., Hyosung Power & Industrial Solutions, SGB-SMIT Group, Hyundai Electric & Energy Systems Co., Ltd, and others.