Global power transformers market to reach $32.6 B by 2026
According to the Reportlinker, the growth in the global market is steered by rising demand for electricity and the resulting expansion of the T&D network.
Image for illustration purposes
According to the Reportlinker, the growth in the global market is steered by rising demand for electricity and the resulting expansion of the T&D network.
The urgent need to replace and upgrade aging power infrastructure in the developed countries, growing prominence of renewable energy, expansion and interconnection of grid infrastructures, and exponential increase in power consumption in both developed and developing countries requiring efficient management of electricity transmission and distribution represent important factors driving growth. In addition, efficient transformer designs that use amorphous magnetic materials as cores are likely to experience an increasing adoption in the coming years owing to their ability to reduce noise and iron losses, while exhibiting extended service life.
The global market for power transformers estimated at $23.9 B in the year 2020, is projected to reach a revised size of $32.6 B by 2026, growing at a CAGR of 5.1 % over the analysis period. Oil-immersed, one of the segments analysed in the report, is projected to grow at a 5.4 % CAGR to reach $20.5 B by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the dry-type segment is readjusted to a revised 4.6 % CAGR for the next 7-year period.
The power transformers market in the USA is estimated at $6.9 B in the year 2021. The country currently accounts for a 27.1 % share in the global market. China, the world`s second largest economy, is to reach an estimated market size of $6.6 B in the year 2026 trailing a CAGR of 7.8 % through the analysis period. Other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8 % and 4.6 % respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.2 % CAGR while rest of European market is to reach $7 B by the end of the analysis period. Demand for transformers in developed economies is driven by the increasing electrification ratio and upgrade of existing electricity T&D networks. The replacement of a substantial aging fleet of transformers installed in Europe, North America and other developed economies is one of the major growth drivers for power transformers in mature economies.
Key players: ABB Ltd., GE Grid Solutions, CG Power and Industrial Solutions Ltd., etc.
Source: GlobeNewswire