Power transformers industry to experience strong growth by 2032
The power transformers market size is set to surpass $35 B by 2032, according to a new research report by Global Market Insights Inc.
Global transformer market
The power transformers market size is set to surpass $35 B by 2032, according to a new research report by Global Market Insights Inc.
The industry growth is attributed to the rising electricity demand across the globe. The fast-paced development of residential and commercial infrastructure, aided by consistent population growth and rising disposable incomes, has significantly elevated electricity consumption across developing economies.
According to the Central Electricity Authority (CEA), power demand in India witnessed an over 4 % uptick in the last five years ending 2021/22. The country plans to add an estimated 165.3 GW of power generation capacity over five years ending March 2027. Furthermore, the accelerating rollouts of several rural electrification projects and the burgeoning demand for uninterrupted electricity supply will push the requirement to refurbish the existing power grid infrastructure, augmenting the power transformer sales through 2032.
The shell-core transformer segment is slated to observe significant gains during the forecast period. This growth is credited to the improved efficiencies, economical cost structure, and several other benefits offered by shell-core power transformers.
In terms of windings, the power transformers industry from the autotransformer segment is poised to register a substantial growth rate between 2023 and 2032. Autotransformers offer a range of benefits over two-winding transformers, such as higher operational flexibility and increased efficiency owing to their compact structure.
In terms of cooling, the power transformers market from the dry-type segment is anticipated to witness more than $14 B by 2032 on account of the enhanced operational safety and competitive cost structure of dry-type transformers.
The > 100 MVA to ≤ 500 MVA rating power transformers market is predicted to attain commendable gains between 2023 and 2032, backed by their low installation cost, compact size, and high applicability across various industries.
In terms of application, the utility segment is projected to witness substantial expansion during the forecast timeline. Rising efforts toward integrating wide-range frequency transmission links, coupled with escalating concerns about building an energy-efficient infrastructure, will complement the market revenue trajectory.
The European power transformers market will observe a significant rise through 2032 on account of the introduction of stringent emission norms coupled with rising efforts to integrate renewable energy across the power grid.
Major players operating in the power transformers industry are General Electric, Toshiba Energy Systems & Solutions Corporation, Hyosung Heavy Industries, Hyundai Electric & Energy Systems Co., and others.
Source: Global Market Insights Inc
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