Power transformers market size to grow by USD 11,575.07 million from 2022 to 2027; Driven by modernization of existing transformers - Technavio

NEW YORK , June 22, 2023 /PRNewswire/ -- The power transformers market size is expected to grow by USD 11,575.07 million during 2022-2027, progressing at a CAGR of 6.15%  as per the latest Technavio market research report. APAC is estimated to account for 37% of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In APAC, the market demand for electricity remains high due to the increasing electricity consumption in the region. In major countries such as China and India, rapid urbanization and better living standards are increasing electricity consumption.  Due to the improvement in economic conditions in the region, a continuous supply of electricity has become crucial. This is positively impacting the market growth in the region.

China expects to expand its T&D network by almost half a million circuit kilometers (Ckm). This will drive the government and utility companies to connect the demand and supply centers located across that nation. Furthermore, power generation capacity is expected to grow substantially, which will drive the demand for power transformers and related accessories in the country.

However, the country is also planning to add a significant amount of hydropower and wind power capacity, which is likely to fuel the market for power transformers in the future. Additionally, in India, rapid developments in both commercial and industrial infrastructure are supporting the growth of the market in APAC. Therefore, such factors will drive the market's growth in APAC during the forecast period. For more insights on the market share of various regions- Download a sample report in MINUTES

Power Transformers Market: Market Dynamics

Power Transformers Market: Challenge

The modernization of existing transformers is notably driving the power transformer market growth. Factors such as the rise in the installation of new transformers and the replacement of old transformers with new ones are generating growth. Globally, the majority of the T&D infrastructure needs renovation, mainly due to the existing networks being unable to meet the growth in the demand for power. For instance, in Russia, Chelyabenergo, a subsidiary of the utility interregional distribution grid companies (IDGC), completed its reconstruction work on the 110/10 kV Miass substation in the Urals in 2015. Such factors are expected to drive the demand for power transformers. In many countries, smart grid networks are also being increasingly used. However, a smart grid refers to an electricity network that provides an economical, sustainable, and secure electricity supply by intelligently integrating the actions of all users, whether they are consumers, generators, or those capable of both in an efficient manner. The use of smart grid systems has allowed utilities to focus on the installation of more power transformers for the effective transmission of electric power. Therefore, the need for transformer oil is also rising, with more transformers being installed into the grid. Hence, such factors will lead to significant growth in the global market during the forecast period.

Power Transformers Market: Trend

The digitalization of transformers is a major trend shaping the power transformer market. A changing power network landscape with new energy sources for power generation and new loads in terms of distribution demands a high level of flexibility and efficiency. Ultimately, this has given rise to the digitization of power network assets. As distribution transformers are essential parts of a power network, they are witnessing digitization with the help of advanced sensors, monitoring platforms, and software tools. However, the digitization of transformers allows optimized grid operation, quicker action, and predictive maintenance. All relevant stakeholders in the power network value chain can remain updated on the health of a transformer, thus supporting standardization and lowering unplanned outages. Furthermore, the use of data visualization tools for analytical purposes expedites the need for digitization in transformers. Such advancements are witnessing rapid penetration in the distribution transformers market. With growing competitive intensity in the global market, the digitalization of power transformers is expected to play a major role in the growth of the market during the forecast period.

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Some of the key Power Transformers Market Players:

The power transformers market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. Some of the key market players are mentioned below:

ABB Ltd., ALTRAFO Srl, Altro Transformers Pty. Ltd., CG Power and Industrial Solutions Ltd., DuPont de Nemours Inc., Eaton Corp. Plc, Etel Transformers Pty ltd, Fuji Electric Co. Ltd., General Electric Co., Hammond Power Solutions Inc., Hitachi Ltd., Hyundai Electric and Energy Systems Co. Ltd., Kirloskar Electric Co. Ltd., Layer Electronics Srl, MGM Transformer Co., Schneider Electric SE, Siemens Energy AG, Southern Electronic Services, Tyree Industries, and Wilson Power And Distribution Technologies Pvt. Ltd.

Power Transformers Market: Market Segmentation

The power transformers market is segmented into type (liquid immersed and dry type), end-user (commercial power, residential power, and industrial power), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

• The market share growth by the liquid-immersed segment will be significant during the forecast period. The use of oil as an insulating medium is more widely prevalent. Power transformers are mostly located inside the safe perimeters of a substation or a distribution station, and hence, the probabilities of injuries or fatalities due to any accidents are less when compared with distribution transformers. Moreover, due to better-insulating properties and other factors, SF6 gas, which is non-flammable and non-polluting, is also used for insulation, but it is more costly. Much of the demand for liquid-immersed power transformers originates from the Middle East and APAC. Increasing population and emerging economies have led to expanded electricity coverage in these regions, especially in the Middle East, driving the installation of new grid networks. Furthermore, In APAC, rapid industrial development in India and China has increased the demand for electricity, leading to increased investment in power infrastructure. In addition to the new installation, the replacement demand for liquid-immersed power transformers is witnessing growth across the regions, mainly in North America and Europe. Post-financial crisis in 2008, industrial activities gained momentum, which led to increasing investments in power generation in the US and European countries. This directed the expansion of power generation capacities, which resulted in the replacement of the existing power transformers with high-efficient power transformers. Thus, such factors are anticipated to drive the liquid-immersed power transformers segment of the global market during the forecast period.

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The distribution transformers market is estimated to grow at a CAGR of 4.98% between 2022 and 2027 and the size of the market is forecast to increase by USD 5,087.9 million. This report extensively covers market segmentation by end-user (power utilities and industrial and commercial), type (oil-filled and dry type), and geography (APAC, North America, Europe, Middle East and Africa, and South America). Rising requirements for power from residential, industrial, and commercial sectors is the key factor driving the growth of the global distribution transformers market.

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1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global power transformers market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global power transformers market 2017 - 2021 ($ million)

• 4.2 Types Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Types Segment 2017 - 2021 ($ million)

• 4.3 End-user Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – End-user Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments 
• Exhibit 30: Chart on Type - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type - Market share 2022-2027 (%)

• 6.2 Comparison by Type 
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 Liquid immersed - Market size and forecast 2022-2027
• Exhibit 34: Chart on Liquid immersed - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Liquid immersed - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Liquid immersed - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Liquid immersed - Year-over-year growth 2022-2027 (%)

• 6.4 Dry type - Market size and forecast 2022-2027
• Exhibit 38: Chart on Dry type - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Dry type - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Dry type - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Dry type - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Type 
• Exhibit 42: Market opportunity by Type ($ million)

7 Market Segmentation by End-user

• 7.1 Market segments 
• Exhibit 43: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 44: Data Table on End-user - Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 45: Chart on Comparison by End-user
• Exhibit 46: Data Table on Comparison by End-user

• 7.3 Commercial power - Market size and forecast 2022-2027
• Exhibit 47: Chart on Commercial power - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Data Table on Commercial power - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Chart on Commercial power - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Commercial power - Year-over-year growth 2022-2027 (%)

• 7.4 Residential power - Market size and forecast 2022-2027 
• Exhibit 51: Chart on Residential power - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Residential power - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Residential power - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Residential power - Year-over-year growth 2022-2027 (%)

• 7.5 Industrial power - Market size and forecast 2022-2027
• Exhibit 55: Chart on Industrial power - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Industrial power - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Industrial power - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Industrial power - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by End-user 
• Exhibit 59: Market opportunity by End-user ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 60: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 61: Chart on Market share by geography 2022-2027 (%)
• Exhibit 62: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 63: Chart on Geographic comparison
• Exhibit 64: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 65: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 66: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 67: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 69: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027
• Exhibit 73: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 77: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027
• Exhibit 81: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 85: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027
• Exhibit 89: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027
• Exhibit 93: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 Germany - Market size and forecast 2022-2027
• Exhibit 97: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.12 India - Market size and forecast 2022-2027
• Exhibit 101: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 105: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 106: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 107: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 108: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 109: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 110: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 111: Matrix on vendor position and classification

• 12.3 ABB Ltd. 
• Exhibit 112: ABB Ltd. - Overview
• Exhibit 113: ABB Ltd. - Business segments
• Exhibit 114: ABB Ltd. - Key news
• Exhibit 115: ABB Ltd. - Key offerings
• Exhibit 116: ABB Ltd. - Segment focus

• 12.4 ALTRAFO Srl 
• Exhibit 117: ALTRAFO Srl - Overview
• Exhibit 118: ALTRAFO Srl - Product / Service
• Exhibit 119: ALTRAFO Srl - Key offerings

• 12.5 Altro Transformers Pty. Ltd. 
• Exhibit 120: Altro Transformers Pty. Ltd. - Overview
• Exhibit 121: Altro Transformers Pty. Ltd. - Product / Service
• Exhibit 122: Altro Transformers Pty. Ltd. - Key offerings

• 12.6 CG Power and Industrial Solutions Ltd.
• Exhibit 123: CG Power and Industrial Solutions Ltd. - Overview
• Exhibit 124: CG Power and Industrial Solutions Ltd. - Business segments
• Exhibit 125: CG Power and Industrial Solutions Ltd. - Key offerings
• Exhibit 126: CG Power and Industrial Solutions Ltd. - Segment focus

• 12.7 DuPont de Nemours Inc. 
• Exhibit 127: DuPont de Nemours Inc. - Overview
• Exhibit 128: DuPont de Nemours Inc. - Business segments
• Exhibit 129: DuPont de Nemours Inc. - Key news
• Exhibit 130: DuPont de Nemours Inc. - Key offerings
• Exhibit 131: DuPont de Nemours Inc. - Segment focus

• 12.8 Eaton Corp. Plc 
• Exhibit 132: Eaton Corp. Plc - Overview
• Exhibit 133: Eaton Corp. Plc - Business segments
• Exhibit 134: Eaton Corp. Plc - Key news
• Exhibit 135: Eaton Corp. Plc - Key offerings
• Exhibit 136: Eaton Corp. Plc - Segment focus

• 12.9 Etel Transformers Pty ltd 
• Exhibit 137: Etel Transformers Pty ltd - Overview
• Exhibit 138: Etel Transformers Pty ltd - Product / Service
• Exhibit 139: Etel Transformers Pty ltd - Key offerings

• 12.10 Fuji Electric Co. Ltd. 
• Exhibit 140: Fuji Electric Co. Ltd. - Overview
• Exhibit 141: Fuji Electric Co. Ltd. - Business segments
• Exhibit 142: Fuji Electric Co. Ltd. - Key offerings
• Exhibit 143: Fuji Electric Co. Ltd. - Segment focus

• 12.11 General Electric Co. 
• Exhibit 144: General Electric Co. - Overview
• Exhibit 145: General Electric Co. - Business segments
• Exhibit 146: General Electric Co. - Key news
• Exhibit 147: General Electric Co. - Key offerings
• Exhibit 148: General Electric Co. - Segment focus

• 12.12 Hammond Power Solutions Inc. 
• Exhibit 149: Hammond Power Solutions Inc. - Overview
• Exhibit 150: Hammond Power Solutions Inc. - Product / Service
• Exhibit 151: Hammond Power Solutions Inc. - Key offerings

• 12.13 Hitachi Ltd. 
• Exhibit 152: Hitachi Ltd. - Overview
• Exhibit 153: Hitachi Ltd. - Business segments
• Exhibit 154: Hitachi Ltd. - Key news
• Exhibit 155: Hitachi Ltd. - Key offerings
• Exhibit 156: Hitachi Ltd. - Segment focus

• 12.14 Schneider Electric SE 
• Exhibit 157: Schneider Electric SE - Overview
• Exhibit 158: Schneider Electric SE - Business segments
• Exhibit 159: Schneider Electric SE - Key news
• Exhibit 160: Schneider Electric SE - Key offerings
• Exhibit 161: Schneider Electric SE - Segment focus

• 12.15 Southern Electronic Services 
• Exhibit 162: Southern Electronic Services - Overview
• Exhibit 163: Southern Electronic Services - Product / Service
• Exhibit 164: Southern Electronic Services - Key offerings

• 12.16 Tyree Industries 
• Exhibit 165: Tyree Industries - Overview
• Exhibit 166: Tyree Industries - Product / Service
• Exhibit 167: Tyree Industries - Key offerings

• 12.17 Wilson Power And Distribution Technologies Pvt. Ltd. 
• Exhibit 168: Wilson Power And Distribution Technologies Pvt. Ltd. - Overview
• Exhibit 169: Wilson Power And Distribution Technologies Pvt. Ltd. - Product / Service
• Exhibit 170: Wilson Power And Distribution Technologies Pvt. Ltd. - Key offerings

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 171: Inclusions checklist
• Exhibit 172: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 173: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 174: Research methodology
• Exhibit 175: Validation techniques employed for market sizing
• Exhibit 176: Information sources

• 13.5 List of abbreviations 
• Exhibit 177: List of abbreviations

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