High Power Transformers Global Market Report 2024

The high power transformers market size has grown steadily in recent years. It will grow from $12.76 billion in 2023 to $13.26 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth observed in the historical period can be attributed to factors such as increasing electricity demand, substantial infrastructure development, ongoing technological advancements, and growth in the energy sector.

The high power transformers market size is expected to see steady growth in the next few years. It will grow to $15.15 billion in 2028 at a compound annual growth rate (CAGR) of 3.4%. Anticipated growth in the forecast period is driven by several factors, including the integration of renewable energy sources, advancements in grid modernization, the increasing trend of electrification, and a heightened focus on enhancing grid resilience. Moreover, key trends expected in the forecast period encompass further progress in grid modernization efforts, the adoption of smart transformer technologies, the electrification of transportation systems, and the development of digital substations.

The government-led initiatives aimed at universal electricity access are fueling the demand for high-power transformers. Globally, governments are striving to bring electricity to rural and hard-to-reach areas, consequently bolstering the need for rural electrification. A prime example is the Government of India's efforts to enhance the country's electricity production. In July 2022, the Indian government initiated the restructured distribution sector scheme within the power sector. This scheme is designed to reinforce India's commitment to renewable energy objectives and its aspirations for eco-friendly transportation.

In the high-power transformers market, the primary types include single-phase and three-phase transformers. Single-phase transformers operate using single-phase alternating current and depend on a voltage cycle that operates in a unified time phase. These transformers can be mounted using various techniques, including pad, pole, PC/PCB, and others, and find applications in industrial, commercial, and residential settings.

The high-power transformers market research report is one of a series of new reports that provides high-power transformers market statistics, including high-power transformers industry global market size, regional shares, competitors with a high-power transformers market share, detailed high-power transformers market segments, market trends and opportunities, and any further data you may need to thrive in the high-power transformers industry. This high-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.

The high-power transformer market is experiencing growth driven by surging electricity demand and consumption in the historical period. Electricity demand signifies the overall electrical power required by consumers and industries at any given time. High-power transformers play a critical role in meeting this demand by enabling the efficient transmission and distribution of electrical power. As of June 2023, the Energy Institute (EI) reported a 2.3% global increase in total electricity generation in 2022. Furthermore, primary energy consumption in non-OECD countries soared by 20.5 exajoules from pre-COVID 2019 levels, primarily due to China's substantial growth of 14.6 exajoules, constituting 72% of the overall rise. Consequently, the escalating electricity demand is anticipated to drive the expansion of the high-power transformer market.

The high-power transformer market faces a significant restraint due to the instability in raw material prices. The volatility in steel, copper, and crude oil prices contributes to this instability. Furthermore, prices of power transformers vary among manufacturers, influenced by market conditions and production facility locations. This discrepancy often leads to conflicts between manufacturers and clients. As a result, some key players in the transformer industry have shifted their manufacturing operations to regions like India and China, where production costs are lower and demand is higher. This geographical shift serves as a limiting factor in the global growth of the high-power transformer market.

The transformer manufacturing industry is witnessing a shift towards the development of autonomous and adaptive smart transformers. These transformers are equipped to continually regulate voltage, maintain communication with stakeholders, and offer data and insights on power supply. They deliver precise power levels required and adapt to fluctuations through voltage optimization, significantly reducing both greenhouse gas emissions and power usage. As an example, the US Department of Energy (DOE) committed a $7.5 million investment for advancing smart transformer research to bolster grid resilience. Companies are encouraged to explore technology investments aimed at producing smart transformers tailored for commercial use.

Major players in the high-power transformer market are strategically concentrating on innovating dry type transformers, such as CAREPOLE, to establish a competitive edge. CAREPOLE represents an innovative dry-type single-phase transformer intended for pole applications within power grids, offering a sustainable alternative to oil-filled transformers. Siemens Energy AG, a German-based energy corporation, launched CAREPOLE in April 2022, specifically engineered to meet the technological requirements of the American power grid. This state-of-the-art cast-resin distribution transformer presents a reliable and environmentally conscious substitute for conventional oil-filled transformers. Notably, it's designed as a convenient plug-and-play solution, incorporating a fixing mechanism akin to traditional fluid-immersed transformers.

In a significant move in June 2021, GE-Prolec Transformers, Inc., a subsidiary formed through a 50/50 partnership between General Electric (GE) and Xignux, a private company based in Mexico, acquired the SPX Transformer Solutions business for $645 million. This acquisition is anticipated to expand Prolec GE's influence as a key distributor and power transformer player, broadening the array of products and offering a more robust, next-generation portfolio to clients. SPX Transformer Solutions, a US-based high-power transformer manufacturer, was the entity acquired in this substantial deal.

Major companies operating in the high power transformers market include Schneider Electric, Hyosung Corporation Power & Industrial Performance, Performance Group, Hyundai Heavy Industries Co. Ltd., TBEA Co. Ltd., Mitsubishi Electric Corporation, Hammond Power Solutions Inc., SPX Transformer Solutions Inc., Jinpan International Limited, Hitachi Ltd., SGB-SMIT Group, Jefferson Electric Inc., CG Power Systems Canada Inc., Toshiba Corporation, KOTSONS Pvt. Ltd., Layer Electronics Co. Ltd., LS ELECTRIC Co. Ltd., Kirloskar Electric Company Limited, Mace Industries Limited, ALTRAFO Transformers South Africa (Pty) Ltd., DuPont de Nemours Inc., ELANTAS Beck India Limited, Eremu S.A., Fuji Electric Co. Ltd., WEG S.A., Jiangsu Huapeng Transformer Co. Ltd., ABB Asea Brown Boveri Ltd., Bharat Heavy Electricals Limited, Crompton Greaves Limited, Siemens Aktiengesellschaft, Alstom SA

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

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

The high-power transformers market consists of sales of single-phase high-power transformers, three phases high power transformers, and other high-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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