According to a recent survey conducted by Future Market Insights (FMI) Inc., from 2023 to 2033, the power transformer market is projected to grow at a 5% CAGR, with a global market value of US$ 24.1 billion in 2023. According to the FMI survey’s report, the market is anticipated to surpass US$ 39.3 billion by the end of 2033.
In order to transmit electricity between networks with minimal loss and frequency shift, power transformers are essential parts of power grids. In the upcoming years, the demand for power transformers will be fuelled by rising investments in the construction of power grid networks and distribution channels to provide access to electricity in rural places.
The need for wet-insulated power transformers is being driven by an increase in the use of transformers for residential and commercial applications, as well as by their low cost. The market will benefit greatly from studies and developments that integrate wet-insulated power transformers with smart energy grids and install solar power grids with eco-friendly coolants.
Major market drivers
The primary drivers driving market expansion in the country include rising energy demand and an increasing emphasis on renewable electric power generation. Furthermore, the United States continues to be one of the world’s top producers of energy, making it a lucrative market for power transformer manufacturers. Furthermore, the installation of smart grids and transformers, the modification of existing ageing power transformers, and the expansion of renewable energy generation projects will fuel market growth in the future years.
According to an analyst of FMI, “Several government programs aimed at installing technologically superior power transformers and modernizing existing power grids in order to improve energy efficiency and minimize losses are expected to boost consumer interest in the power transformer industry.”
Recent developments on the market
Market companies are focused on creating and manufacturing green transformers in order to generate clean energy and acquire a substantial competitive advantage.
The engineering, procurement, and construction (EPC) agreement for the 300 MVA power transformer endeavour at Sulaibiya station (W) in Al Jahra Governorate is expected to be granted in the third quarter of 2023 by Kuwait’s Ministry of Electricity, Water, and Renewable Energy (MEW).
Ganz Transformers and Electric Rotating Machines Ltd. have begun a large repair program at the Esna Power Plant, one of Egypt’s largest hydroelectric assets, which will be finished by 2023.
A few key players in the market
Some of the present day key players list in the market includes: ABB, Siemens, General Electric, Toshiba Corporation, Schneider Electric, Crompton Greaves, Hyosung Power & Industrial Systems Performance Group, Hyundai Heavy Industries Co. Ltd., Mitsubishi Electric Corporation and Bharat Heavy Electricals Limited.
