Medium Power Transformers Global Market Report 2024

The medium power transformers market size has grown strongly in recent years. It will grow from $33 billion in 2023 to $34.88 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth observed in the historical period can be attributed to several key factors, including the expansion of electrical distribution networks, the process of industrialization, advancements in technology, and compliance with regulatory standards.

The medium power transformers market size is expected to see steady growth in the next few years. It will grow to $42.11 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The anticipated growth in the forecast period can be attributed to several key factors, including the integration of renewable energy sources, the utilization of digital technologies, the expansion of electric vehicle charging infrastructure, and the shift toward eco-friendly insulation materials. Significant trends expected in the forecast period encompass grid modernization, the use of digital twins and simulation for enhanced efficiency, the adoption of eco-friendly materials, and the implementation of advanced monitoring systems within the industry.

Favorable governmental policies aimed at enhancing electrification have significantly contributed to the historical growth of the medium power transformer market. Various nations have initiated extensive programs to boost electrification. For instance, India's 'Pradhan Mantri Sahaj Bijli Har Ghar Yojana' was launched to achieve complete electrification in the country. Additionally, the July 2022 introduction of the revamped distribution sector scheme by the Indian government aligns with the nation's renewable energy objectives and green transportation goals, further stimulating the medium power transformer market.

The medium power transformers market can be categorized into two main types such as oil-cooled and air-cooled transformers. The term oil-cooled in the context of medium power transformers refers to the cooling method employed to enhance the cooling of these transformers. Various mounting techniques are utilized, including pad, pole, PC/PCB, and others. Medium power transformers are deployed across residential, commercial, and industrial segments.

The medium power transformers market research report is one of a series of new reports that provides medium power transformers market statistics, including medium power transformers industry global market size, regional shares, competitors with a medium power transformers market share, detailed medium power transformers market segments, market trends and opportunities, and any further data you may need to thrive in the medium power transformers industry. This medium power transformers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Price volatility in crucial raw materials like steel and copper acted as a hindrance to the historical expansion of the medium power transformer market. Steel and copper are primary components in transformer manufacturing. Tariff hikes on these materials, such as the USA's imposition of 25% and 10% tariffs on imported steel and aluminum, exacerbated price fluctuations, constraining market growth.

The transformer manufacturing industry is progressively transitioning towards advanced, autonomous smart transformers. These intelligent transformers are designed to regulate voltage continuously, maintain communication with stakeholders, and offer real-time feedback on power supply. They adapt power delivery precisely to demand, employing voltage optimization to mitigate fluctuations. Smart transformers notably reduce greenhouse gas emissions and power consumption. Notably, the US Department of Energy (DOE) allocated $7.5 million for the research and development of smart transformers to enhance grid resilience. Companies should consider investing in technology for producing smart transformers, particularly for commercial applications.

Leading companies within the medium power transformer market are strategically forming alliances to enhance their service offerings. For example, Hitachi Energy Ltd. has partnered with Schneider Electric SE, focusing on accelerating the energy transition and bolstering customer value. This non-exclusive collaboration aims to support environmental initiatives, particularly in carbon reduction for the energy and manufacturing sectors. Hitachi Energy Ltd., a Swiss technology firm specializing in eco-friendly energy solutions, revealed this partnership with Schneider Electric SE in June 2022. Their joint efforts will concentrate on implementing intelligent and sustainable energy management solutions, leveraging their extensive experience and global presence in projects spanning green energy, data centers, mining, and various industrial sectors. Schneider Electric SE, a French company, excels in electronic automation and energy management.

In a significant move in June 2021, GE-Prolec Transformers, Inc., a subsidiary of a joint venture between General Electric (GE) and Xignux, a Mexico-based private company, successfully acquired the SPX Transformer Solutions business for $645 million. This strategic acquisition is poised to fortify Prolec GE's market position as a leading distributor and producer of power transformers. By integrating SPX Transformer Solutions, a US-based medium-power transformer manufacturer, into their portfolio, Prolec GE aims to expand its product range, providing clients with a more comprehensive and robust suite of next-generation offerings.

Major companies operating in the medium power transformers market include Siemens Aktiengesellschaft, General Electric Company, Fuji Electric Co. Ltd., Hitachi Ltd., Schneider Electric SE, Eaton Corporation PLC, Mitsubishi Electric Corporation, Jinpan International USA Ltd., CG Power and Industrial Solutions Ltd., Fortune Electric Co. Ltd., Kirloskar Electric Company Limited, Amran Inc., Koncar Distribution and Special Transformers Inc., Hammond Power Solutions Inc., MGM Transformer Company, Schaffner Holding AG, RITZ Instrument Transformers GmbH, Emerson Electric Co., SMA Solar Technology AG, Tianan Electric Group Co. Ltd., RECO Transformers Pvt. Ltd., SPX Transformer Solutions Inc., TBEA Co. Ltd., Toshiba Energy Systems & Solutions Corporation, Transformers and Rectifiers (India) Limited, Triad Magnetics, Voltamp Transformers Limited, Wilson Transformer Company Pty Ltd., ABB Asea Brown Boveri Ltd., Bharat Bijlee Limited, Bowers Electricals Ltd., C&S Electric Limited, Cargill Transformer Materials, Delta Star Inc., ETEL Transformers Pvt. Ltd., Federal Pacific, Pioneer Transformers Ltd., Howard Industries Inc.

Asia-Pacific was the largest region in the medium power transformers market in 2023. Western Europe is the second-largest region in the medium power transformers market. The regions covered in the medium power transformers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the medium power transformers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The medium power transformers market consists of sales of single-phase medium power transformers, three-phase medium power transformers, and other medium power transformers. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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