High Power Transformers Global Market Report 2023:
Government Electricity Initiatives Bolster Growth – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “High Power Transformers Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global high power transformers (801 mva to 1200 mva) market will grow from $14.11 billion in 2022 to $14.79 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%. The high power transformers (801 mva to 1200 mva) market is expected to grow to $17.25 billion in 2027 at a CAGR of 3.9%.
Asia Pacific is the largest region in the high power transformers market in 2022 Western Europe is the second-largest region in the high power transformers market. The regions covered in the high-power transformers market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The demand for high-power transformers is driven by the initiatives taken by the government to provide electricity to everyone. Governments across the world are taking initiatives to supply electricity to rural and inaccessible areas, thus increasing the demand for rural electrification. For instance, the Government of India has taken several steps to promote the country’s electricity production. For instance, in July 2022, Government of India, launched power sector’s revamped distribution sector scheme. This project will strengthen India’s renewable energy goals, commitment, and green transportation aspirations.
Instability in the pricing of raw materials is a major restraint in the high-power transformers market. The instability is due to the volatility in the raw material prices of steel, copper, and crude oil. Additionally, the power transformer prices vary by manufacturer, market conditions, and location of the production facility which also results in conflicts between the manufacturers and the clients. This also has resulted in a geographical shift of some of the key players in the transformers industry by shifting their manufacturing facilities to regions where manufacturing cost is less and has higher demands such as India and China. Therefore, they are restraining the growth of the high-power transformers market globally.
The transformer manufacturing market is moving towards the evolution of independent and self-regulating smart transformers. Smart transformers are programmed to constantly regulate voltage and maintain contact with the stakeholders and provide information and feedback on the power supply. They provide the exact amount of power that is needed and respond to fluctuations through a process known as voltage optimization. They significantly reduce greenhouse gas emissions and power consumption as they supply electrical equipment with the ideal amount of power. For instance, The US Department of Energy (DOE) planned to invest $7.5 million to support the research and development of smart transformers for grid resiliency. Companies should consider investing in technologies to produce smart transformers for commercial establishments.
In June 2021, GE-Prolec Transformers, Inc., a subsidiary of a 50/50 joint venture between General Electric (GE) and Xignux, a Mexico-based private company, acquired SPX Transformer Solutions business for $645 million. This acquisition is expected to expand Prolec GE’s position as a significant distribution and power transformer player, offering clients a broader range of products and a more robust next-generation portfolio. SPX Transformer Solutions business is US-based manufacturer of high-power transformers.
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Scope
Markets Covered:
1) By Phase: Single Phase; Three Phase
2) By Mounting: Pad; Pole; PC/PCB; Other Mountings
3) By Application: Industrial; Commercial; Residential
A selection of companies mentioned in this report includes
- Alstom
- Crompton Greaves Limited
- Siemens AG
- Eaton
- General Electric
- Schneider Electric
- Hyosung Power & Industrial Systems
- Performance Group
- Hyundai Heavy Industries
- TBEA
- Mitsubishi Electric Corporation
- Hammond Power Solutions
- SPX Transformer Solutions
- Jinpan International
- Hitachi
- SGB-SMIT
- Jefferson Electric
- CG Power Systems
- Toshiba
- KOTSONS
- Layer Electronics
- LS Industrial Systems
- Kirloskar Electric
- Mace
- ALTRAFO
- DuPont
- ELANTAS
- Eremu
- Fuji Electric
For more information about this report visit https://www.researchandmarkets.com/r/12ffp
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