The “Power Transformers – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Transformers play a pivotal role in the generation, transmission, and distribution (T&D) of electricity. Growth in the global market is steered by rising demand for electricity and the resulting new power projects coupled with the 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 an exponential increase in power consumption in both developed and developing countries require 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. Amid a positive GDP scenario and rising construction/infrastructure investments as well as utility spending, the future prospects remain highly favorable for power transformers. Future growth in the market will be driven by the growing prominence of smart cities that require highly capable power transmission networks and the resulting demand for advanced and innovative power transmission systems and solutions.
The global market for Power Transformers, estimated at US$23.9 Billion in the year 2020, is projected to reach a revised size of US$32.6 Billion by 2026, growing at a CAGR of 5.1% over the analysis period. Oil Immersed, one of the segments analyzed in the report, is projected to grow at a 5.4% CAGR to reach US$20.5 Billion 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. This segment currently accounts for a 40.6% share of the global Power Transformers market. Demand in the oil-immersed distribution transformers segment is driven by advantages such as energy efficiency and longer operating life. Dry-type transformers represent a fast-growing segment because of the increasing focus on environmental safety. Demand is set to be driven by increasing replacement of old transformers and installation of new units. Single-phase dry-type transformers are expected to witness high growth on account of rising applications in marine, mining, and oil and gas sectors, which have stringent requirements for fire safety and specific voltage.
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