Power Transformer Market: Top 3 trends driving the global industry expansion through 2027
Power Transformer Market size is expected to witness high growth during the forecast timeline driven by rise in electricity demand in the commercial, residential, utility, and industrial sectors.
Delaware, United States – July 26, 2021 /MarketersMedia/ —
The power transformer market is estimated to record steady growth by 2027 owing to increasing deployment of sustainable energy networks and strict government policies and reforms formulated to decrease carbon emissions. Large scale urban migration, preference towards renewable energy generation sources and current technological advancements towards the integration of cloud-based systems across grid networks are anticipated to fuel industry outlook.
There is robust demand for dry-type power transformers. In 2020, the market for dry-type power transformers was valued above USD 5 billion. These units have high dielectric strength, low maintenance cost, and zero carbon emission.
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Given to the escalating demand, companies operating in the power transformer market are investing in R&D activities and launching new products. For instance, in 2018, major industry player, Siemen introduced Sensformer, claimed to be the world’s first digital transformer portfolio which merges information and physics, to make relevant data available in real-time and to offer digitalization to all customers.
Based on such developments, Global Market Insights, Inc., reports that the power transformer market is estimated to grow over 5% rate by 2027. This growth can be attributed to steady rise in electricity demand in the commercial, residential, utility, and industrial sectors coupled with fast-tracking of the construction of T&D networks by developed nations.
Elaborated below are some of the key trends driving power transformer market expansion:
1) MEA emerging as a promising business ground
The Middle East & Africa power transformer market is anticipated to register prompt growth in view of sizable investments targeted towards the development of electric infrastructure network and strict government policies to reduce the use of carbon emission electrical equipment. Furthermore, revamping and restructuring of existing power grid infrastructure as well as the development of micro-grid networks in isolated zones could positively influence the regional industry size.
2) Rising adoption of oil insulated units
Oil insulated units account for a majority market share of 58.9% in 2020. This growth is mainly credited to its increasing adoption throughout industrial, commercial small and large-scale utilities. High number of projects including inter-state and cross-border transmission and distribution of infrastructure is likely to fuel product deployment. Oil insulated units have the ability to give recoverable insulation performance, uniform conduction and fast heat dissipation across transformer structure.
3) Increasing demand for >800 MVA capacity units
There is a surge in the demand for >800 MVA capacity power transformers in the industrial sector. Rising usage of sustainable power generation sources and the ongoing industrial expansion in developing countries have fueled its demand.
There is also a considerable growth in the consumption of electricity in large-scale and medium industrial establishments that includes food and processing manufacturing plants, and oil & gas refineries. Additionally, the integration of advanced power transmission units throughout renewable grid structures is likely to propel >800 MVA transformer business expansion.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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