Views: 0 Author: Site Editor Publish Time: 2025-02-14 Origin: Site
According to a new report released by Allied Market Research, the power transformer market was valued at 27.7billionin 2019 and is projected to reach 27.7 billionin 2019 and is projected to reach 50.8 billion by 2027, with a compound annual growth rate (CAGR) of 7.9% from 2020 to 2027.
Due to ongoing grid expansion projects, particularly in India and China, the Asia-Pacific region is expected to account for the largest market share during the forecast period. The replacement of existing power transformers and the adoption of smart grids will provide new opportunities for the global power transformer market.
The Asia-Pacific power transformer market is projected to achieve a compound annual growth rate (CAGR) of 9.0% from 2019 to 2027. Additionally, the revenue growth rate for medium-power transformers is expected to reach 8.7% during the forecast period.
The increase in electricity consumption, the replacement of existing power transformers to integrate renewable energy, and the deployment of smart grids are the primary driving forces behind the growth of the global power transformer market.
The surge in electricity demand and the emergence of renewable energy sources have spurred the adoption of high-voltage transmission technologies, such as extra-high voltage, HVAC, and HVDC power transformers.
The development of modern electric vehicles and the incentives for their deployment are increasing the power consumption within the automotive industry.
To efficiently distribute electricity to areas with power shortages, it is necessary to strengthen and enhance the transmission system network.
Aging infrastructure is one of the factors driving the growth of the global power transformer market. Aging equipment carries a higher risk of failure and is less reliable. Frequent transmission failures can hinder customer development, such as industrial and other commercial power consumers who require a stable electricity supply.
The growth of renewable energy investments has slowed due to grid limitations. Therefore, upgrading the capacity of power transformers is crucial to meet future electricity demands.
The growth of the global power transformer market varies by region, depending on government investments, economic development, and the willingness of private utility companies to upgrade existing transmission networks.
Power transformers are primarily used for stepping up voltage, as the transmission of high-voltage electricity is more efficient than that of low-voltage electricity. They are utilized in generation step-up units (GSU), transmission substations, industrial plants such as oil and gas refineries, chemical and petrochemical facilities, cement industries, mining operations, desalination plants, shopping malls, subways, and other infrastructure sectors.
High Voltage Direct Current (HVDC) has become the preferred transmission technology for long-distance, high-capacity power supply.
Countries such as the United States and China have constructed long-distance transmission networks to deliver more energy through ultra-high voltage direct current, thereby maximizing the utilization of renewable energy while reducing reliance on coal. Many nations, including China, have begun to employ ultra-high voltage transmission technology.
