The global Vacuum Pressure Impregnated (VPI) transformer market is envisioned to garner $2,471.8 million by 2030, growing from $1,440.3 million in 2021 at a CAGR of 6.2% from 2022 to 2030.
VPI transformers are vacuum pressure impregnated with a high temperature polyester varnish which has excellent heat resistant and surface wettability capability. It is easy to install and maintain, reduces cost of cabling, and has capacity to support overload of current.
Rising demand for energy distribution all over the globe has expanded in recent years as a result of development of various industries in developing economies. Chemical, pharmaceutical, steel, refineries, mining, captive power projects, hydropower projects, and wind-mill farms all require a specific voltage output to function productively and safely. The pressure impregnated vacuum transformer is an appropriate fit to achieve safety and voltage demands of these industries. Depending on the country's resource base, organizational and technological competence, policy framework, availability of financing for cost variations, and trade-offs, the World Bank Group will encourage and finance all sources of renewable energy. These drivers are expected to boost the market revenue growth. However, technological advancements has increased the cost of transformers. Furthermore, the VPI transformer fails to perform above 2000 KVA which limits the use of it.
Vacuum pressure impregnated transformer market revenue growth is fuelled by the global expansion of energy distribution networks and fast industrialization in economically developing nations.
Increase in the world wide population has increased consumption of electric energy supply which may be a major factor expected to drive revenue growth of the VPI market. Also, governments of various countries are planning to expand their power generation plants, which will lead to high demand of transformers for energy distribution. Furthermore, technological advancements such as enclosure mounted High Voltage (HV) & Low Voltage (LV) cable boxes, 40% increase in forced air cooling, and others are the major factors predicted to drive demand for vacuum pressure impregnated transformers. In addition, there are fresh opportunities for key players in the VPI transformer market to develop 3D core VPI transformers for electric vehicles, which are the future of automotive industry.
Due to the COVID-19 pandemic, most of the industries were closed down across the globe. The disruption in import & export, supply chain, and delay in production of various raw materials and end products led to huge loss to several industries. At the same time, since the end-user industries such as airports, sports stadiums, hotels, and shopping malls were shut down due to restrictions there was a fall in demand for VPI transformers. Oil & gas industry is the largest consumer for VPI transformer in the industrial segment but there was decline in oil consumption worldwide as air traffic was limited due to travel restrictions implemented by various countries.
ABB, General Electric, Eaton, Schneider Electric, Siemens, CG Power and Industrial Solutions Ltd., TOSHIBA CORPORATION, Bharat Heavy Electricals Limited, Raychem RPG Private Limited, and Instrument Transformer Equipment Corporation are some of the leading Vacuum Pressure Impregnated (VPI) transformer market players.
VPI transformers are vacuum pressure impregnated with a high temperature polyester varnish which has excellent heat resistant and surface wettability capability. It is easy to install and maintain, reduces cost of cabling, and has capacity to support overload of current.
Rising demand for energy distribution all over the globe has expanded in recent years as a result of development of various industries in developing economies. Chemical, pharmaceutical, steel, refineries, mining, captive power projects, hydropower projects, and wind-mill farms all require a specific voltage output to function productively and safely. The pressure impregnated vacuum transformer is an appropriate fit to achieve safety and voltage demands of these industries. Depending on the country's resource base, organizational and technological competence, policy framework, availability of financing for cost variations, and trade-offs, the World Bank Group will encourage and finance all sources of renewable energy. These drivers are expected to boost the market revenue growth. However, technological advancements has increased the cost of transformers. Furthermore, the VPI transformer fails to perform above 2000 KVA which limits the use of it.
Vacuum pressure impregnated transformer market revenue growth is fuelled by the global expansion of energy distribution networks and fast industrialization in economically developing nations.
Increase in the world wide population has increased consumption of electric energy supply which may be a major factor expected to drive revenue growth of the VPI market. Also, governments of various countries are planning to expand their power generation plants, which will lead to high demand of transformers for energy distribution. Furthermore, technological advancements such as enclosure mounted High Voltage (HV) & Low Voltage (LV) cable boxes, 40% increase in forced air cooling, and others are the major factors predicted to drive demand for vacuum pressure impregnated transformers. In addition, there are fresh opportunities for key players in the VPI transformer market to develop 3D core VPI transformers for electric vehicles, which are the future of automotive industry.
Due to the COVID-19 pandemic, most of the industries were closed down across the globe. The disruption in import & export, supply chain, and delay in production of various raw materials and end products led to huge loss to several industries. At the same time, since the end-user industries such as airports, sports stadiums, hotels, and shopping malls were shut down due to restrictions there was a fall in demand for VPI transformers. Oil & gas industry is the largest consumer for VPI transformer in the industrial segment but there was decline in oil consumption worldwide as air traffic was limited due to travel restrictions implemented by various countries.
ABB, General Electric, Eaton, Schneider Electric, Siemens, CG Power and Industrial Solutions Ltd., TOSHIBA CORPORATION, Bharat Heavy Electricals Limited, Raychem RPG Private Limited, and Instrument Transformer Equipment Corporation are some of the leading Vacuum Pressure Impregnated (VPI) transformer market players.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the vacuum pressure impregnated (vpi) transformer market analysis from 2021 to 2030 to identify the prevailing vacuum pressure impregnated (vpi) transformer market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the vacuum pressure impregnated (vpi) transformer market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global vacuum pressure impregnated (vpi) transformer market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Phase
- Three-Phase
- Single-Phase
By Voltage Range
- Low
- Medium
By End-use
- Industrial
- Commercial
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- ABB Limited
- General Electric
- Eaton Corporation
- Schneider Electric
- Siemens AG
- CG Power and Industrial Solutions Ltd
- toshiba corporation
- bharat heavy electricals limited
- raychem rpg - energy products divison
- Instrument Transformer Equipment Corporation
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: VACUUM PRESSURE IMPREGNATED (VPI) TRANSFORMER MARKET, BY PHASE
CHAPTER 5: VACUUM PRESSURE IMPREGNATED (VPI) TRANSFORMER MARKET, BY VOLTAGE RANGE
CHAPTER 6: VACUUM PRESSURE IMPREGNATED (VPI) TRANSFORMER MARKET, BY END-USE
CHAPTER 7: VACUUM PRESSURE IMPREGNATED (VPI) TRANSFORMER MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Vacuum Pressure Impregnated (VPI) Transformer Market," the vacuum pressure impregnated (vpi) transformer market size was valued at $1.44 billion in 2021, and is estimated to reach $2.47 billion by 2030, growing at a CAGR of 6.2% from 2022 to 2030.Vacuum Pressure Impregnated (VPI) transformer is a cutting-edge, technologically advanced insulated motor coil that can operate at a low operating temperature and also sustain degradation due to high temperature. The VPI transformer features an iron core with vacuum pressure impregnated high and low voltage windings. It is simple to install and maintain, reduces cost of cabling and has ability to support overloads of current. It is eco sustainable and pollution-free because it produces very less smoke. These transformers have high mechanical and short circuit strength, making them ideal for a wide range of commercial and industrial applications.
VPI is the transformer that is most typically used to meet the need for power distribution. Several countries across the globe are adopting renewable energy sources to reduce carbon emissions and dependency on fossil resources, which can help to drive demand for voltage transformers for transmission and distribution. Moreover, fast industrialization in economically developing nations will lead to increase in demand for electricity. These factors are anticiapted to increase the vacuum pressure impregnated (VPI) transformer market share over the forecast period
The penetration of the VPI transformer in the industry could be hampered by high costs and incompatibility with greater power requirements (over 2000KVA). Furthermore, these transformers are long-lasting and have less chances of failure, but their failure causes entire configuration to change. For example: It may require complete change of high voltage and low voltage winding.
Vacuum Pressure Impregnated (VPI) transformer market revenue growth is fuelled by global expansion of energy distribution networks and rapid industrialization in economically developing nations. Moreover, technological advancements such as enclosure mounted High Voltage (HV) & Low Voltage (LV) cable boxes and 40% increase in forced air cooling are the major factors driving demand for VPI transformers. China, already a leader in renewable energy has announced further extension of capacity to up to 400GW. As China and other Asian countries cater 40% of the energy requirement of the world, it will help the Vacuum Pressure Impregnated (VPI) transformer market in future. Many countries are taking initiatives to reduce their carbon-dioxide emissions by 2030. This includes a shift to renewable sources of energy (solar, wind, and hydropower), rather than depending on fossil fuels. India’s Nationally Determined Contributions (NDC) is said to reduce India's emissions by 33-35% by 2030 and to achieve 40% energy production from renewable sources of energy.
The global Vacuum Pressure Impregnated (VPI) transformer industry is segmented based on phase, voltage range, end-use, and region. By phase, it is sub-segmented in single phase and three phase. By voltage range, it is sub-segmented into low voltage and medium voltage. By end-use, it is sub-segmented into industrial, commercial, and others. By region, the vacuum pressure impregnated (VPI) transformer market analysis is done across Asia-Pacific, North America, Europe, and LAMEA.
The major key players in the Vacuum Pressure Impregnated (VPI) transformer arket include ABB, General Electric, Eaton, Schneider Electric, Siemens, CG Power and Industrial Solutions Ltd., TOSHIBA CORPORATION, Bharat Heavy Electricals Limited, Raychem RPG Private Limited, and Instrument Transformer Equipment Corporation.
The report offers a comprehensive analysis of the global vacuum pressure impregnated (VPI) transformer market trends by thoroughly studying different aspects of the market including major segments, vacuum pressure impregnated (VPI) transformer market opportunities,market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the vacuum pressure impregnated (VPI) transformer market growth. The report also sheds light on the present scenario, Vacuum Pressure Impregnated (VPI) Transformer Market Forecast, and upcoming trends & developments that are contributing to the revenue growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.
Impact of COVID-19 on the Global VPI Transformer Industry
- The COVID-19 pandemic had a negative impact on the global Vacuum Pressure Impregnated (VPI) transformer market, as many countries implemented lockdowns as a result of the outbreak. Travel restrictions and shutdown of manufacturing plants had an impact on the global supply chain, disrupting imports, exports, and production delays of transformers.
- As the energy industry is the largest consumer of Vacuum Pressure Impregnated (VPI) transformer, the market expansion has been hampered. The energy and power sectors are threatened by lower air activity, lower economic activity, and industry shutdowns.
- According to the Asian Institute of Technology, the world's premier higher education organization, fewer air traffic and global isolation due to pandemic will result in a 30% drop in oil use. During the pandemic, there was a 40% fall in coal demand.
- During the initial phase of pandemic, there was a decline in demand for electricity in India and Europe. By the end of 2020, demand for electricity recovered quickly. When the lockdown was lifted, the economy grew rapidly, owing to increased demand for electricity and oil from the industrial and commercial sectors.
Key Findings of the Study
- Based on phase segment, the single phase sub-segment was the most dominant in the year 2020 and triple phase sub-segment is projected to be the fastest growing in the forecasted years
- Based on voltage range, the low voltage is anticipated to have significant growth rate during the forecast period
- Based on end-use, the industrial sub-segment is expected to be dominant in the projected period. The commercial sub-segment is anticipated to be the fastest growing in the forecasted years.
- Based on the region, the Asia-Pacific dominated the market in the base year and North America market is expected to experience fastest growth rate during the forecast period
Companies Mentioned
- Abb Limited
- General Electric
- Eaton Corporation
- Schneider Electric
- Siemens AG
- Cg Power and Industrial Solutions Ltd
- Toshiba Corporation
- Bharat Heavy Electricals Limited
- Raychem Rpg - Energy Products Divison
- Instrument Transformer Equipment Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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