High power transformers market comprises of sales of high power transformers & related services for electrical insulation, control, power distribution, and instrumentation. High power transformers manufacture power transformers with the ratings of 801 MVA-1200 MVA and convert the voltages, generally from higher to lower, from one stage or phase configuration to the another stage.
Referring to study, “High Power Transformers Global Market Report 2020-30: Covid 19 Impact and Recovery” some of the key companies that are currently working in the global high power transformers market are Siemens AG, Eaton, General Electric, Alstom, Crompton Greaves Limited, Schneider Electric, Hyundai Heavy Industries, TBEA, Hyosung Power & Industrial Systems, Performance Group, Mitsubishi Electric Corporation, Jinpan International, Hitachi, Hammond Power Solutions, SPX Transformer Solutions, SGB-SMIT, Jefferson Electric, KOTSONS, Layer Electronics, CG Power Systems, Toshiba, LS Industrial Systems, ALTRAFO, DuPont, Kirloskar Electric, Mace, ELANTAS, Fuji Electric and Eremu.
Based on core, high power transformers market is segmented as shell, closed and berry. Based on cooling, market is segmented as oil immersed (water cooled, self-cooled and forces oil) and dry type (air blast and self-air). Based on winding, market is segmented as auto-transformer and two winding. Based on installation type, market is segmented as indoor type and outdoor type. Based on phase type, market is segmented as single phase and three phase. Based on insulation type, market is segregated as oil, gas, air and solid and others. Based on power, market is segregated as 800 to 1000 MVA and 1000-1200 MVA. In addition, based on application, market is segregated as utility, residential & commercial (hospitals, hotels and societies), industrial (power, railways, cement and oil & gas) and others.
The high power transformers market is driven by increase in demand & initiatives for smart grid development, followed by modernization of existing power grids, rise in demand in high-growth markets and growth in renewable energy sector. However, standardization of products and reluctance to replace aging infrastructure may impact the market. Moreover, increase in investments in Transmission & Distribution (T&D) infrastructure, deployment of green transformers and expanding cross-border electricity trade are key opportunities for market.
Based on geography, the Asian-Pacific is a leading region in global high power transformers market owing to increase in investments by foreign firms in infrastructural expansion coupled with extensive power plant capacity in Japan, China, and India. The European and North-American regions are anticipated to witness higher growth rate due to presence of leading market players, steady penetration of energy sources, growth in infrastructure development and improved focus for upgrading the aging power infrastructure over the forecast period. It is likely that future of the global market will be bright as a result of growth in innovations in asset health monitoring investments for ensuring the system reliability & security and strict framework on grid modernization during the forecast period. The global high power transformers market was valued at US $31.75 billion in 2019 and it is predictable to grow at a compound annual growth rate (CAGR) of 7.39% and reach US $42.22 billion by 2023.
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Ankur Gupta, Head Marketing & Communications