Power Transformer Market Analysis:
Power Transformer Market size is expected to outstretch USD 34,510 Million with 8.5% CAGR between 2022 to 2030.
Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.
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Global Power Transformer Market – Geographical Analysis
The Asia Pacific region leads the global power transformer market. Factors such as continuous efforts to update and upgrade existing distribution channels and the transmission infrastructures in the region drive the power transformer market size. Besides, rising government initiatives to serve the growing electricity demand and improvise access to electricity, alongside the stable economic growth in the region, add to the power transformer market value.
Rising foreign direct investments (FDI) to expand infrastructures and large-scale power plants fuel the power transformer market shares. India, Japan, and China have emerged as key markets due to continuous upgrades in existing distribution infrastructures. Moreover, extensive power plant capacity additions and the need to improve access to electricity foster the power transformer market industry in the region.
Power Transformer Market – Competitive Analysis
Highly competitive, the power transformer market appears fragmented due to the presence of several well-established industry players. Industry players incorporate strategies, such as mergers & acquisitions, collaboration, product launches, and expansions to gain a larger competitive share.
The global power transformer market is growing rapidly, mainly due to the increasing demand for power, which is led by boosting industrialization, urbanization, and population worldwide. Besides, rising upgrades in power utility infrastructures to meet the growing demand for power from the commercial and residential sectors foster the growth of the market.
With the increasing adoption of power transformers as electrical parameter measures, the market is projected to witness significant revenue growth. In this regard, Market Research Future (MRFR) confirms that the global instrumental transformer market is forecasted to grow at a colossal CAGR during the assessment period (2022-2030). Rising demand for long-distance power transmission drives the growth of the market.
Additionally, increasing power utilities across the globe significantly influence the market demand. Rapid industrialization accelerates market growth, consuming enormous amounts of electricity. Also, the befits that power transformer offers, such as reduced capital, operational expenditures, and increased output, boost the market growth. Spurring rise in the industrial sectors accelerates the growth of the market.
Power Transformer Market – Segmentation
The report is segmented into power ratings, cooling types, and regions. The power rating segment is sub-segmented into small power, medium power, and large power. The cooling type segment is sub-segmented into air-cooled and oil-cooled. The region segment is sub-segmented into Europe, Americas, Asia Pacific, and the Rest-of-the-World.
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Major Players:
Players leading the global power transformer market include SGB-SMIT Group (Germany), Crompton Greaves Ltd. (India), Siemens AG (Germany), SPX Transformer Solutions Inc. (US), Schneider Electric (France), Hyundai Electric & Energy Systems Co. Ltd. (South Korea), Bharat Heavy Electricals Limited (India), Hyosung Power & Industrial Solutions (South Korea), ABB Ltd. (Switzerland), Toshiba Corporation (Japan), and Mitsubishi Electric Corporation (Japan), among others.
