Global Vacuum Pressure Impregnated (VPI) Transformer Market Expected to Garner $2,472.0 Million by 2030, Growing at 6.2% CAGR from 2021-2030 [218-Pages] | Confirmed by Research Dive
Vacuum pressure impregnated (VPI) transformer market is expected to grow by 2030 due to the rising demand for electricity distribution. Single-phase sub-segment is predicted to be the most dominant. North America market shall grow at fastest rate.
NEW YORK, June 14, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Vacuum Pressure Impregnated (VPI) Transformer Market by Phase (Single-phase and Three-phase), Voltage Range (Low and Medium), End-use (Industrial, Commercial, and Others), and Regional Analysis (North America, Europe, Asia Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2030".
As per the report, the global vacuum pressure impregnated (VPI) transformer market is predicted to grow at a stable CAGR of 6.2% in the 2021-2030 timeframe, thereby garnering $2,472.0 million by 2030.
Dynamics of the Vacuum Pressure Impregnated (VPI) Transformer Market
Drivers: The growing demand for electricity distribution in developing economies of the world is expected to become the chief growth driver for the vacuum pressure impregnated (VPI) transformer market. Moreover, many key market players are expanding their businesses by acquiring companies or entering into strategic alliances with other market players. These business strategies are further expected to help this market grow.
Opportunities: The increasing expansion of electricity distribution, especially in the developing countries, will offer huge growth opportunities to the market. Plus, the technological advancements in this sector will help the vacuum pressure impregnated (VPI) transformer market to grow handsomely in the forecast period.
Restraints: High costs associated with vacuum pressure impregnated transformers, however, may hinder the growth rate of the market.
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Impact of Covid-19 on the Vacuum Pressure Impregnated (VPI) Transformer Market
The Covid-19 pandemic, since its outbreak, has been disastrous for industries and businesses across the globe. The lockdowns have worsened the situation as they have completely disrupted the global supply chains, both- supply-side and demand-side, thereby altering and adversely affecting the business and production cycles of several industries. The vacuum pressure impregnated (VPI) transformer market is no exception to this phenomenon. The breakdown of supply chains has affected the supply-side scenario as the raw materials required for manufacturing aren't available. At the same time, since the end-user industries are shut down due to the restrictions, there is a fall in demand for vacuum pressure impregnated transformers.
However, market analysts predict that once these restrictions are lifted, the global supply chains will once again align and help the market to surge.
Segments of the Vacuum Pressure Impregnated (VPI) Transformer Market
The report has divided the vacuum pressure impregnated (VPI) transformer market into different segments based on phase, voltage range, end-use, and region.
- By phase, the single-phase sub-segment is predicted to have a dominant market share and garner a substantial revenue of $2,179.5 million by 2030. The single-phase vacuum pressure impregnated transformers are regularly used in homes as the main power supply for running motors. This application of single-phase VPI transformers has made its market the most dominating one.
- By voltage range, the low-voltage sub-segment is anticipated to generate a revenue of $1,772.3 million by 2030, thereby becoming the most lucrative sub-segment. The low-voltage vacuum pressure impregnated transformers act as the perfect alternatives for ecofriendly dry transformers, thereby helping this sub-segment become the most dominant one.
- By end-use, the industrial sub-segment of the vacuum pressure impregnated (VPI) transformer market is expected to have the highest market share with a revenue of $1,318.6 million by 2030. The primary reason behind the dominant market share of this sub-segment is the huge demand for vacuum pressure impregnated transformers from several industries including oil, gas, electrochemical, automobile manufacturing, etc.
- By regional analysis, the market in North America region is expected to grow at the fastest rate and garner a revenue of $654.3 million. Heavy investments in this sector and huge demand for VPI transformers from various industries are the main growth drivers of the market in this region.
Significant Vacuum Pressure Impregnated (VPI) Transformer Market Players
The significant market players of the vacuum pressure impregnated (VPI) transformer market are
- ABB Limited
- Bharat Heavy Electricals Limited
- Siemens AG
- General Electric
- CG Power and Industrial Solutions Ltd
- Eaton Corporation
- Raychem RPG
- Toshiba Corporation
- Schneider Electric
- Instrument Transformer Equipment Corporation
These key market players are developing different strategies like product development, merger and acquisitions, partnerships and collaborations to gain a leading position in the market.
For instance, in July 2021, a Japanese technology giant, Hitachi, acquired ABB Power Grids, a Swedish-Swiss MNC. The acquisition will help both the companies to integrate their erstwhile services which they provided with all types of transformers in order to expand the foothold in this sector and attract more demand.
The Research Dive report also summarizes many crucial aspects of the market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Vacuum Pressure Impregnated (VPI) Transformer Market:
- What is Vacuum Pressure Impregnated (VPI) Transformer and How is It Better Than the Conventional Dry-type Transformer?
- Increasing Expansion of Electricity Distribution in Developing Countries to Augment the Growth of the Global Vacuum Pressure Impregnated (VPI) Transformer Market by 2030
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