Global Power Transformer Market Set To Reach USD 49.3 Billion By 2034: Renewable Energy Integration Drives Growth | Future Market Insights, Inc.

(MENAFN- GlobeNewsWire - Nasdaq) Power transformers are integral components within power grids as they assist in power transmission between networks without change in frequency and minimum loss. Increasing investments towards the expansion of power grid networks and distribution channels to enable electricity access in remote areas will fuel the demand for power transformers in the forthcoming years.

NEWARK, Del, Nov. 25, 2024 (GLOBE NEWSWIRE) -- The global power transformer market is poised for robust growth, driven by the increasing adoption of renewable energy sources and the need to modernize aging power transmission infrastructure. With the global shift towards cleaner energy generation, power transformers have become critical in enabling the seamless integration of renewable energy into the grid.

Designed to handle the variability of solar and wind energy, power transformers are evolving to meet the demands of intermittent power generation. These advanced transformers ensure grid stability and reliability, even in scenarios of fluctuating energy output. As countries around the world ramp up investments in renewable energy projects, the demand for transformers that cater to these dynamic energy sources continues to surge.

The market, valued at USD 25.6 billion in 2024, is expected to reach USD 49.3 billion by 2034, growing at a compound annual growth rate (CAGR) of 6.8% . The adoption of smart technologies and government initiatives promoting clean energy are further bolstering the growth of this sector.

Key players in the industry are focusing on innovation to develop smart transformers that enhance renewable energy integration. These transformers are pivotal in supporting the transition to a low-carbon energy system and ensuring energy reliability for urban and rural consumers alike.

Rising Utilization of Power Transformers For Business Applications to Drive The Market Growth

Increasing utilization of transformers for residential and commercial applications along with their low cost are fuelling the demand for wet insulated power transformers. Research and development initiatives undertaken to incorporate wet-insulated power transformers with smart energy grids and installation of renewable energy grids with eco-friendly coolants will create lucrative opportunities for market growth.

These transformers offer high efficiency and are used in places where high voltage and minimal losses are critical parameters. They also offer improved insulation and cooling capabilities in comparison to dry power transformers, thus boosting the market growth.

Electricity consumption has skyrocketed in the past few years due to increasing digitization and the rise in population. The rise in average electricity consumption is anticipated to account for steady growth in the power transformer market. The COVID-19 pandemic-induced strict lockdown led to people staying and working at home, leading to even higher consumption of electricity, hence driving sales of power transformers in the residential segment.

What Are the Factors Restraining Power Transformer Market Growth?

Lack of High Quality Electrical Steel to Restrict the Market Growth

Copper, aluminum, and steel are the key materials used in the manufacturing of power transformers. A rise in the prices of these raw materials will increase the overall price of power transformers, thus limiting sales in low and middle-income countries.

Fluctuations in the supply of raw materials and disruption of distribution and supply channels due to the pandemic are making power transformers more expensive than conventional power distribution systems. Variations in raw material pricing and high installation and maintenance cost of power transformers than existing power distribution systems will further hinder the market growth.

Lack of availability of high-quality electrical steel, long manufacturing and installation time of power transformers along with huge capital investments required for the construction of supporting infrastructure for smooth and stable transformer operation will negatively influence the market growth over the forecast period. Leading market players are working towards reducing the manufacturing cost of the transformers. Their key developmental strategies include reducing costs by using better supervision techniques and alternative materials.

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Report Coverage & Deliverables

The latest industry report on the power transformer market provides in-depth coverage of key drivers, challenges, and opportunities influencing the industry. It includes insights into market size, competitive landscape, and regional trends, along with forecasts up to 2034.

Key deliverables include:

• Comprehensive analysis of market dynamics.
• Profiles of leading market players.
• Regional and segment-wise growth trends.
• Technological advancements and their impact on market growth.
• Investment opportunities and government initiatives shaping the industry.
  

Adapting Power Transformers for Renewable Energy Integration

The global push for renewable energy has brought about a paradigm shift in power transformer design and functionality. Modern transformers are now equipped to accommodate the unique requirements of distributed and variable energy generation.

Specifically designed for renewable applications, these transformers:

Facilitate grid stability by managing energy fluctuations.

Support energy storage solutions for surplus energy.

Integrate seamlessly with smart grid technologies for optimized performance.

The rise in renewable projects, such as large-scale wind farms and solar power plants, has underscored the importance of flexible transformer solutions that enable efficient energy transmission from generation sites to consumption hubs.

Government Initiatives and Investments

Governments worldwide are playing a pivotal role in driving the growth of the power transformer market. Substantial investments in renewable energy projects, grid modernization, and smart grid technology implementation are fueling demand for advanced transformers.

For instance:

• The U.S. Department of Energy (DOE) continues to invest in grid resilience and clean energy transitions.
• European nations are working towards achieving net-zero emissions by 2050, spurring demand for eco-friendly power transformers.
• Asia-Pacific countries, including India and China, are heavily investing in renewable energy infrastructure to meet growing electricity needs.
  

Rising Electricity Consumption and Rapid Urbanization

As urban centers expand, the need for reliable and efficient electricity transmission intensifies. Rapid industrialization, particularly in developing nations, has further driven the demand for high-capacity power transformers capable of handling increased loads and long-distance energy transmission.

Transformer Market Trends

The market is witnessing several noteworthy trends:

Smart Transformers : Equipped with IoT-enabled sensors for real-time monitoring and predictive maintenance.

Eco-friendly Designs : Growing adoption of transformers using biodegradable insulation fluids and energy-efficient designs.

Focus on Resilience : Enhanced designs to withstand extreme weather conditions and cybersecurity threats.

Countries	Value CAGR (2024 to 2034)
China	4.5%
United States	4.8%
India	5.3%
Japan	7.1%
South Korea	4.9%
Brazil	8.0%

"The power transformer market is undergoing a significant transformation, with advancements in technology and increased emphasis on renewable energy integration. Manufacturers are prioritizing smart, eco-friendly designs to align with global sustainability goals and meet growing energy demands." opines Nikhil Kaitwade , Associate Vice President at Future Market Insights (FMI)

Key Takeaways by Region

• North America : Driven by renewable energy targets and grid modernization initiatives.
• Latin America : Growth fueled by rising electricity access and renewable projects.
• Western & Eastern Europe : Strong focus on green energy adoption and energy efficiency.
• Asia-Pacific : Rapid urbanization and industrialization boost demand.
• Middle East & Africa : Expanding infrastructure and renewable energy investments.
  

Upgrading Power Transmission Infrastructure

Countries are increasingly upgrading their transmission networks to accommodate the growing demand for energy and the shift towards renewable sources. Modern power transformers are integral to these upgrades, ensuring efficient energy flow and reduced transmission losses.

Why Single Phase Power Transformer Account for Higher Sales?

The surge in demand for electricity across the globe and the increasing use of a single-phase transformer in the distribution of electricity is the key growth drivers for the power transformer market. The government's focus on expanding the electricity transmission network and rapid modernization in rural areas will fuel the growth of the single-phase power transformer market.

Single-phase transformer are extensively used in specific voltage requirements applications like mining, marine, and oil and gas industries due to their safety advantages over liquid-filled transformers. This is expected to bode well with the power transformer market growth.

Key Players in the Market

Prominent companies driving the power transformer market include:

• Schneider Electric
• Emerson Electric Co.
• Toshiba Corporation
• General Electric
• Siemens AG
• Mitsubishi Electric Corporation
• ABB
• EFACEC
• Fuji Electric Co. Ltd.
• Hitachi Energy
• Hyundai Electric
• JSHP Transformer
• Wilson Transformer
  

These companies are focusing on research and development to introduce advanced transformer technologies that align with the evolving energy landscape.

Key Segments of the Power Transformer Industry

By Phase:

In terms of phase, the industry is divided into single phase and three phase.

By Type:

In terms of type, the industry is divided into core and shell.

By Insulation:

In terms of insulation, the industry is divided into dry and wet.

By Application:

In terms of application, the industry is divided into generation step-up and transmission.

By Voltage:

In terms of voltage, the industry is divided into 100-200 kV, 200-400 kV, and Above 400 kV.

By End User:

In terms of end user, the industry is segregated into residential & commercial, utilities, and industrial.

By Region:

Key countries in North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia Pacific, and the Middle East and Africa (MEA) are covered in the report.

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French Language

Le marché mondial des transformateurs de puissance est sur le point de connaître une croissance robuste, stimulé par l'adoption croissante de sources d'énergie renouvelables et la nécessité de moderniser les infrastructures de transport d'électricité vieillissantes. Avec l'évolution mondiale vers une production d'énergie plus propre, les transformateurs de puissance sont devenus essentiels pour permettre l'intégration transparente des énergies renouvelables dans le réseau.

Conçus pour gérer la variabilité de l'énergie solaire et éolienne, les transformateurs de puissance évoluent pour répondre aux exigences de la production d'électricité intermittente. Ces transformateurs avancés garantissent la stabilité et la fiabilité du réseau, même dans des scénarios de production d'énergie fluctuante. Alors que les pays du monde entier augmentent leurs investissements dans les projets d'énergie renouvelable, la demande de transformateurs adaptés à ces sources d'énergie dynamiques continue d'augmenter.

Le marché, évalué à 25,6 milliards USD en 2024, devrait atteindre 49,3 milliards USD d'ici 2034, avec un taux de croissance annuel composé (TCAC) de 6,8 % . L'adoption de technologies intelligentes et les initiatives gouvernementales en faveur des énergies propres renforcent encore davantage la croissance de ce secteur.

Les principaux acteurs du secteur se concentrent sur l'innovation pour développer des transformateurs intelligents qui améliorent l'intégration des énergies renouvelables. Ces transformateurs sont essentiels pour soutenir la transition vers un système énergétique à faible émission de carbone et garantir la fiabilité de l'énergie pour les consommateurs urbains et ruraux.

Couverture du rapport et livrables

Le dernier rapport sectoriel sur le marché des transformateurs de puissance fournit une couverture approfondie des principaux facteurs, défis et opportunités qui influencent l'industrie. Il comprend des informations sur la taille du marché, le paysage concurrentiel et les tendances régionales, ainsi que des prévisions jusqu'en 2034.

Les principaux livrables comprennent :

• Analyse complète de la dynamique du marché.
• Profils des principaux acteurs du marché.
• Tendances de croissance régionales et sectorielles.
• Les progrès technologiques et leur impact sur la croissance du marché.
• Opportunités d'investissement et initiatives gouvernementales qui façonnent l'industrie.
  

Adaptation des transformateurs de puissance à l'intégration des énergies renouvelables

La poussée mondiale en faveur des énergies renouvelables a entraîné un changement de paradigme dans la conception et la fonctionnalité des transformateurs de puissance. Les transformateurs modernes sont désormais équipés pour répondre aux exigences uniques de la production d'énergie distribuée et variable.

Spécialement conçus pour les applications renouvelables, ces transformateurs :

Faciliter la stabilité du réseau en gérant les fluctuations énergétiques.

Soutenir les solutions de stockage d'énergie pour les surplus d'énergie.

Intégrez-vous de manière transparente aux technologies de réseau intelligent pour des performances optimisées.

L'essor des projets renouvelables, tels que les parcs éoliens à grande échelle et les centrales solaires, a souligné l'importance de solutions de transformateurs flexibles qui permettent une transmission efficace de l'énergie des sites de production aux centres de consommation.

Initiatives et investissements du gouvernement

Les gouvernements du monde entier jouent un rôle essentiel dans la croissance du marché des transformateurs de puissance. Des investissements substantiels dans les projets d'énergie renouvelable, la modernisation du réseau et la mise en œuvre de technologies de réseau intelligent alimentent la demande de transformateurs avancés.

Par exemple:

• Le ministère américain de l'Énergie (DOE) continue d'investir dans la résilience du réseau et les transitions vers les énergies propres.
• Les nations européennes s'efforcent d'atteindre des émissions nettes nulles d'ici 2050, ce qui stimule la demande de transformateurs électriques respectueux de l'environnement.
• Les pays d'Asie-Pacifique, dont l'Inde et la Chine, investissent massivement dans les infrastructures d'énergie renouvelable pour répondre aux besoins croissants en électricité.
  

Augmentation de la consommation d'électricité et urbanisation rapide

À mesure que les centres urbains s'étendent, le besoin d'un transport d'électricité fiable et efficace s'intensifie. L'industrialisation rapide, en particulier dans les pays en développement, a encore accru la demande de transformateurs de puissance de grande capacité capables de gérer des charges accrues et un transport d'énergie sur de longues distances.

Tendances du marché des transformateurs

Le marché connaît plusieurs tendances notables :

Transformateurs intelligents : équipés de capteurs compatibles IoT pour une surveillance en temps réel et une maintenance prédictive.

Conceptions respectueuses de l'environnement : Adoption croissante de transformateurs utilisant des fluides isolants biodégradables et des conceptions écoénergétiques.

Focus sur la résilience : des conceptions améliorées pour résister aux conditions météorologiques extrêmes et aux menaces de cybersécurité.

(( Le marché des transformateurs de puissance connaît une transformation importante, avec des avancées technologiques et une importance accrue accordée à l'intégration des énergies renouvelables. Les fabricants privilégient les conceptions intelligentes et respectueuses de l'environnement pour s'aligner sur les objectifs mondiaux de durabilité et répondre à la demande croissante en énergie )), estime Nikhil Kaitwade , vice-président associé chez Future Market Insights (FMI).

Principaux points à retenir par région

• Amérique du Nord : Poussée par les objectifs en matière d'énergies renouvelables et les initiatives de modernisation du réseau.
• Amérique latine : croissance alimentée par un accès croissant à l'électricité et des projets renouvelables.
• Europe de l'Ouest et de l'Est : accent mis sur l'adoption des énergies vertes et l'efficacité énergétique.
• Asie-Pacifique : L'urbanisation et l'industrialisation rapides stimulent la demande.
• Moyen-Orient et Afrique : développement des investissements dans les infrastructures et les énergies renouvelables.
  

Modernisation des infrastructures de transport d'électricité

Les pays modernisent de plus en plus leurs réseaux de transport pour répondre à la demande croissante en énergie et à l'évolution vers des sources renouvelables. Les transformateurs de puissance modernes sont essentiels à ces améliorations, car ils garantissent un flux d'énergie efficace et des pertes de transmission réduites.

Acteurs clés du marché

Parmi les entreprises de premier plan qui animent le marché des transformateurs de puissance, on peut citer :

• Schneider Electric
• Société d'Électricité Emerson
• Société Toshiba
• Général Électrique
• Siemens AG
• Société Mitsubishi Electric
• ABB
• EFACEC
• Fuji Electric Co. Ltd.
• Hitachi Énergie
• Hyundai électrique
• Transformateur JSHP
• Transformateur Wilson
  

Ces entreprises se concentrent sur la recherche et le développement pour introduire des technologies de transformateurs avancées qui s'adaptent à l'évolution du paysage énergétique.

Principaux segments de l'industrie des transformateurs de puissance

Par phase :

En termes de phase, l'industrie est divisée en monophasé et triphasé.

Par type :

En termes de type, l'industrie est divisée en noyau et coque.

Par isolation :

En termes d'isolation, l'industrie est divisée en sèche et humide.

Par application :

En termes d'application, l'industrie est divisée en production, augmentation et transmission.

Par tension :

En termes de tension, l'industrie est divisée en 100-200 kV, 200-400 kV et plus de 400 kV.

Par l'utilisateur final :

En termes d'utilisateur final, l'industrie est divisée en secteurs résidentiel et commercial, services publics et industriel.

Par région :

Le rapport couvre les principaux pays d'Amérique du Nord, d'Amérique latine, d'Europe occidentale, d'Europe de l'Est, d'Asie de l'Est, d'Asie du Sud-Pacifique et du Moyen-Orient et d'Afrique (MEA).

Authored By:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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