The global power transformer market overview
The market size for power transformers was valued at over $25B in 2019 and is anticipated to witness an annual installation splurge of over 42,000 units by 2026.
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The market size for power transformers was valued at over $25 B in 2019 and is anticipated to witness an annual installation splurge of over 42,000 units by 2026.
There are several factors motivating this growth including the expansion of transmission networks and transformation of the energy mix. The rise of expansive fund flows by governments and private organisations for electrification programmes is creating growth avenues for the transformer component business.
Shifting focus towards safe and reliable operations has led to growing adoption of air insulated transformers. The research conducted by Global Market Insights indicates that these transformers offer flexible configurations and excellent reliability and safety during operations.
Transformer units with 100 MVA to 500 MVA capacity will observe growth due to their low installation cost and compact size. These units are extensively deployed across electric power, healthcare industries, and oil and gas plants.
Increasing demand for pole mounted transformers will be mainly driven by the product’s capability to service urban as well as rural residential and commercial loads. These units are also limiting the risk of harm to animals and minimising vandalism.
Boost to Africa’s grid installations increasing investments by private and governmental organisations for electrification programmes will further complement industry trends. As an example, the Beyond the Grid Fund for Africa initiative, managed by Nordic Environment Finance Corporation, supports off-grid electricity access to achieve its goal of adding 60 million new residential and business connections by 2030.
The Asia Pacific power transmission market is likely to show tremendous growth on account of increased government efforts to expand existing power infrastructure to meet the growing demand for electricity.
Across the world, the power transformer market is positively affected by escalating electrification rates and robust funding towards the development of new transmission networks, which favour product deployment.
Source: ESI Africa