Power Transformer Market Size Projected to Grow $37.7 Billion by 2029 | MarketsandMarkets™

Chicago, June 06, 2024 (GLOBE NEWSWIRE) — The global Power Transformer Market size is expected to grow from USD 27.9 billion in 2024 to USD 37.7 billion by 2029, at a CAGR of 6.2% according to a new report by MarketsandMarkets™. Power transformers are essential for efficiently adjusting power rating and providing effective cooling and cooling type, making them critical to maintaining the reliability and stability of electrical grids. These components ensure a steady flow of electricity across various economic sectors. As the global energy scenario continues to evolve, factors like the integration of renewable energy sources, advancements in smart grid technologies, and a focus on energy efficiency will further drive the demand for power transformers. Moreover, the growing need to modernize and upgrade aging power infrastructure in various regions is contributing to the ongoing expansion of the power transformer market.

The power transformer market growth is primarily driven by the need to strengthen power distribution networks to keep up with the rising global demand for electricity. Furthermore, the market stands to gain from the increasing capacity of renewable energy sources and substantial investments in industrial production, both of which are expected to boost the demand for Power Transformers. Another key factor contributing to this expansion is the growing adoption of high-voltage direct current systems, which is expected to further accelerate market growth during the forecast period.

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Power Transformer Market Scope:

Report Coverage Details
Market Size USD 37.7 billion by 2029
Growth Rate 6.2% of CAGR
Largest Market Asia Pacific
Market Dynamics Drivers, Restraints, Opportunities & Challenges
Forecast Period 2024-2029
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Power Transformer Market by source, type, application, end user, and region.
Geographies Covered Asia Pacific, North America, Europe, Middle East and Africa, and South America.
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunities Shift from traditional to smart grid infrastructure
Key Market Drivers Rising focus on grid modernization to meet peak power demand

Utilities segment to have highest market share in the power transformer market

The utilities segment is projected to retain the highest market share in the power transformer market from 2024 to 2029 due to its critical role in the generation, transmission, and distribution of electricity. Utilities are the backbone of electrical infrastructure, required to meet the increasing energy demands of both growing urban populations and expanding industrial activities. Furthermore, this segment is heavily involved in upgrading aging infrastructure to ensure grid reliability and to comply with modern efficiency and environmental standards. With the ongoing global shift towards renewable energy sources, utilities need to integrate these variable energy sources into the grid, necessitating extensive use of power transformers for voltage regulation and stabilization. Government policies and investments in infrastructure projects to enhance national grids and to increase renewable energy penetration also significantly contribute to the sustained demand in the utilities sector for power transformers.

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Power Transformer Market Dynamics:

Drivers:

  1. Rising focus on grid modernization to meet peak power demand
  2. Increasing emphasis on renewable energy capacity expansion

Restraints:

  1. Limited budget for grid expansion projects in developing economies
  2. Shortage of skilled professionals for installing advanced transformers

Opportunities:

  1. Rise of decentralized power generation
  2. Shift from traditional to smart grid infrastructure

Challenges:

  1. Cybersecurity threats posed by grid digitalization

Asia Pacific is expected to be the largest region in the Power Transformer Industry

Asia Pacific is expected to emerge as the largest market for power transformers, driven by several convergent factors that are shaping its energy landscape. Rapid industrialization and urbanization in major economies like China, India, and Southeast Asia have led to a substantial increase in energy consumption. To meet this rising demand, these countries are significantly investing in expanding and upgrading their power grid infrastructures. Additionally, there is a strong governmental push across the region to increase the adoption of renewable energy sources to meet international climate commitments and reduce dependence on fossil fuels. This shift necessitates integrating large-scale renewable energy projects, such as wind and solar farms, into the national grids, which requires robust power transformers capable of handling high voltage and ensuring efficient energy transmission over long distances. Moreover, many countries in the region are focusing on improving rural electrification and replacing aging infrastructure with more efficient technology, further stimulating the demand for power transformers. These comprehensive development initiatives underscore Asia Pacific’s position as the fastest-growing and largest market for power transformers.

Key Market Players:

Some of the major players in the Power Transformer Companies are General Electric (US), Siemens Energy (Germany), Schneider Electric (France), Toshiba Energy System & Solution Corporation (Japan), and Hitachi Energy (Japan).

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