Power
transformers are mostly used in utility grids to transmit electricity over long
distances at high voltage for better efficiency and less losses. They are key
infrastructure required for reliable and stable power transmission and
distribution. Rising investments towards expansion and upgradation of aging
power grids across the world are driving higher demand for power transformers.
Additionally, rapid urbanization and growing population have necessitated new
residential and commercial construction projects which require installation of
these transformers at local distribution levels. The global Power Transformer
Market is estimated to be valued at US$ 44.47 Bn in 2024 and is expected to
exhibit a CAGR of 15% over the
forecast period 2024 to 2031, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
The increasing infrastructural developments across both developed and
developing regions have accelerated growth in the power transformer market over
the past decade. Majority of ongoing projects related to construction of new
power plants, grids, substations etc. require installation of these vital
components. Furthermore, ageing of existing grid assets in countries such as
US, China, UK and Japan is also spurring replacement demand. It is estimated
that over 25% of the current installed base worldwide is over 40 years old and
needs to be phased out. This replacement need is opening lucrative
opportunities for transformer OEMs and will continue supporting market
expansion through the forecast period.
Segment Analysis
The
global
power transformer market size is dominated by the power transformers
segment which accounted for more than 60% share of the overall market in 2024.
Power transformers are used for voltage transformation and transmission of
power in utility grids and industries. They find widespread adoption in utility
grids for stepping up transmission voltage and stepping down distribution
voltage. Factors such as rapid industrialization and infrastructure growth are
fueling demand for power transformers for efficient power transmission and
distribution across regions.
Key Takeaways
The
global power transformer market is expected to witness high growth.
The Asia Pacific power transformer market is expected to witness high growth
over the forecast period. Rapid industrialization and infrastructure
development projects in countries such as China and India are driving demand
for power transformers for transmission and distribution of electricity. China
dominates the Asia Pacific power transformer market with over 30% market share
owing to large-scale investments in transmission and distribution networks to
meet rising power demand.
Key players operating in the power transformer market are Phantom Buster,
Mozenda, Inc., Hangzhou Duosuan Technology, SysNucleus, Octopus Data Inc., and
Newprosoft. Phantom Buster and Mozenda collectively account for over 20% market
share due to their wide product portfolio and global sales network. These
players are focusing on capacity expansion and new product launches to
consolidate their market position.
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