The Global Transformer Market is estimated to reach $80.1billion by 2025, growing at a CAGR of 6.7% from 2020 to 2025.The transformers are electrical machines designed to transfer electricity from one circuit to another with varying voltage level. Increase in current brings increase in voltage levels therefore transformers are designed to bring the required voltage level by setting or stepping the voltages as per the requirement. The transformers are designed so that they can be used in the wider range and wider applications for various industrial purposes with a broader market prospects. In power systems the transformer brings safety and efficiency by raising and lowering voltage levels as per the requirements.
The use of transformers in various industrial applications, surge in adoption of different ratings of transformer in different regions globally, rise in R&D activities and rise in industrialization are driving the growth of the market.
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By Phase- Segment Analysis
By Phase, Transformer Market is segmented into single phase transformer and 3-phase transformer. Three phase transformers are witnessing significant growth in the market owing to wide applications such as supplying large loads, power transmission of the electrical grids in the power generation and rising implementation in the transmission and distribution sector. As compared to the single phase transformers the three phase transformers are more economical for supplying large loads and large power distribution. The three phase transformers are increasingly used owing to their various advantages like they smaller and lighter to construct, they have better operating characteristics. The power generated at various generating stations is in three phase nature with voltages ranging from 13.2KV or 22KV which are then used in various end use industries for several applications. Features like high efficiency, space reduction, light weighted and smaller, low cost compared to three units of single phase transformers among others are fueling the growth of the three phase transformer market.
By Applications – Segment Analysis
By Application the market is segmented into Energy and Power Utilities, Power Generation, Power distribution, Power Transmission. Energy and Power Utilities are dominating the market. Expansion of transmission and distribution networks and advancements in smart grid are some of the factors driving this sector growth. Transformers are used for power distribution ranging from low to high and vice versa. In energy and power utilities, transformers are used for power generation after that the power is carried further through the step –up transformer to the various transmission lines. Through the transmission lines the power is brought to the brought to the substations through the step-down transformer. The power generated is then transmitted from here to the primary customers, secondary customers and the sub transmission customers.
Geography – Segment Analysis
Global Transformer Market is dominated by North America with a share of 38% in 2019. North America is dominating the market owing to modernization of power generation and transmission industries, increased transmission and distribution networks, ongoing surge in adoption of high-power infrastructure. The investments made in transmission and distribution systems for maintaining current capabilities and reliability along with use of new technologies are driving the growth of market in this region.Digitization of power utilities, huge investments in smart grids and energy systems along with surge in adoption of alternate energy production across the globe are driving the growth of the transformer market.
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Drivers – Transformer Market
Surge in adoption and rise in demand of the more flexible electrical transformers owing to the rise in microgrid and energy utilities are driving the growth of the market. In the electronics industries many applications run on 5V, 6V, 9V, 12V, 24V along with 48V in step-down transformers. Step down transformers have a huge applications in the electrical industries as well. As there is a significant rise in the microgrid and power systems in the electrical industries, there is rise in use of step down transformers in these industries. This is due to the use of step down transformers in the electrical distribution systems on very high voltage applications to ensure low loss and cost effective solution for long distance power delivery requirements.
Deployment of electrical transformers in the industries owing to the rise in the industrialization and centralization are fueling the growth of the market. Along with this the rise in adoption in industries like Energy and Power, Oil and Gas and Petrochemicals is riving growth in use of transformers for power transmissions owing to its flexibility, efficiency, cost effectiveness and others. The rapid growth of industrialization has led to the more demanding well equipped, fast and cost effective power transmission and voltage regulation sources in which the transformers fits the best thereby aiding the growth of the market.
Challenges – Transformer Market
As the transformers are exposed to outside environment, regular maintenance is required as compared to the indoor substations. The parts of transformers include switchgears and others which require high cost for replacement. Outdoor switch yards are more vulnerable when it comes in the influence of pollution, saline environment and other factors. In many of the underdeveloped countries there is lack of skilled labour and well established equipments which are hindering the growth and development of new electrical transformer technologies thereby hindering the growth of the market.
Service Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Transformer Market are given in this report. Transformer Market is dominated by major companies such asABB Group, Siemens AG, GE Corporation, Glen Magnetics Inc., Bruce Electric Equipment Corp., Lenco Electronics, MPS Industries Inc., Pico Electronics Inc, Pacific Transformer Co, NeeltranInc. among others.
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