Pad-mounted transformer market growth
The global pad mounted transformer market is expected to register a CAGR of more than 3 % during the forecast period of 2022–2027.
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The global pad mounted transformer market is expected to register a CAGR of more than 3 % during the forecast period of 2022–2027.
The COVID-19 pandemic moderately impacted the pad-mounted transformer market due to the lockdown protocols in various industries, which led to delays in multiple projects. Factors such as plans for increasing power generation capacity across the world, growing demand for replacing / refurbishing aging distribution transformers, and increasing electricity demand, particularly in China and India, owing to rapidly increasing industrial and infrastructural development activities, are expected to drive the market during the forecast period. Moreover, growth in renewable-based power generation and aging transmission and distribution (T&D) infrastructure are promulgating the growth of the pad mounted transformer market. However, delay in the implementation of electrification projects globally is likely to hamper the market’s growth.
The oil-filled segment is expected to be the largest market for pad mounted transformer, as it is highly efficient, has a longer service life, and features more reliable overload capabilities.
Increasing electrification projects in Middle-East and Africa and Asia-Pacific and several government initiatives suggest that significant efforts are underway for improving the electrification rate. This is expected to create ample opportunities for pad-mounted transformer market players over the coming years.
Asia-Pacific accounts for the majority share in the global pad mounted transformer market owing to one-third of the world’s population currently residing in India and China, with the two countries accounting for a major share of global electricity demand.
The pad-mounted transformer market is moderately fragmented. Some of the key players are ABB Ltd, Siemens Energy AG, Eaton Corporation PLC, Toshiba Corporation, and General Electric Company.
Source: Research and Markets