Power Transformers Market size to grow by USD 11.5751 billion from 2022 to 2027; The modernization of existing transformers drives the market - Technavio

NEW YORK, Aug. 17, 2023 /PRNewswire/ -- The power transformers market size is estimated to grow by USD 11,575.07 million from 2022 to 2027 at a CAGR of 6.15%, according to Technavio.

Power Transformers Market Insights -

• Vendors: 15+, Including ABB Ltd., ALTRAFO Srl, Altro Transformers Pty. Ltd., CG Power and Industrial Solutions Ltd., DuPont de Nemours Inc., Eaton Corp. Plc, Etel Transformers Pty ltd, Fuji Electric Co. Ltd., General Electric Co., Hammond Power Solutions Inc., Hitachi Ltd., Hyundai Electric and Energy Systems Co. Ltd., Kirloskar Electric Co. Ltd., Layer Electronics Srl, MGM Transformer Co., Schneider Electric SE, Siemens Energy AG, Southern Electronic Services, Tyree Industries, and Wilson Power And Distribution Technologies Pvt. Ltd.
• Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
• Segments: Type (Liquid immersed and Dry type), End-user (Commercial power, Residential power, and Industrial power), and Geography (APAC, Europe, North America, Middle East and Africa, and South America)

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Power transformers market - Customer Landscape
To help companies evaluate and develop growth strategies, the report outlines –

• Key purchase criteria
• Adoption rates
• Adoption lifecycle
• Drivers of price sensitivity
• For highlights on customer landscape analysis, download a sample!

Power transformers market - Company Insights

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors including ABB Ltd., ALTRAFO Srl, Altro Transformers Pty. Ltd., CG Power and Industrial Solutions Ltd., DuPont de Nemours Inc., Eaton Corp. Plc, Etel Transformers Pty ltd, Fuji Electric Co. Ltd., General Electric Co., Hammond Power Solutions Inc., Hitachi Ltd., Hyundai Electric and Energy Systems Co. Ltd., Kirloskar Electric Co. Ltd., Layer Electronics Srl, MGM Transformer Co., Schneider Electric SE, Siemens Energy AG, Southern Electronic Services, Tyree Industries, and Wilson Power And Distribution Technologies Pvt. Ltd.

Power Transformers Market – Market Dynamics

Major Drivers

The modernization of existing transformers is notably driving market growth. The growth of the market is being propelled by factors like the increasing adoption of new transformers and the replacement of older ones. The demand for power has outpaced existing networks, driving the necessity for substantial updates to transmission and distribution infrastructure worldwide. The concept of a smart grid involves an intelligent integration of actions among users, including consumers and generators, to ensure an economical, sustainable, and secure electricity supply. The incorporation of smart grid systems has empowered utilities to focus on deploying additional power transformers for efficient electricity transmission. Consequently, the requirement for transformer oil is concurrently on the rise, given the increasing installation of transformers into the grid. These dynamics collectively contribute to substantial growth in the global market during the forecast period.

Significant Trends

The digitalization of transformers is an emerging trend shaping market growth. The evolving landscape of power networks, incorporating new energy sources for generation and updated distribution demands, necessitates a high degree of adaptability and effectiveness. As a response, the digitization of power network assets is emerging. Within this context, distribution transformers, crucial components of power networks, are undergoing digitization through the integration of advanced sensors, monitoring platforms, and software solutions. The digital transformation of distribution transformers provides end-users with data insights that optimize their operational capacity and facilitate predictive maintenance. This digital evolution enables streamlined grid operations, swift responses, and proactive maintenance practices. The utilization of data visualization tools for analytical purposes further accelerates the integration of digitization into transformers. These advancements are swiftly permeating the distribution transformers market. Amidst heightened competitive dynamics on a global scale, the digitalization of power transformers is poised to significantly influence market growth during the forecast period.

Key challenges

The volatility in raw material prices is a major challenge hindering market growth. Steel stands as the primary material for power transformers, while copper and aluminum constitute other transformer components and serve as coatings for primary coils. Considering the diverse range of end-users addressed by market vendors, raw materials are procured in varying forms to suit distinct requirements, including extrusions, castings, powder metal, metal sheets and strips, forging billets, bar stock, and plastic pellets. The costs of these raw materials exhibit significant fluctuations, influenced by distinct macroeconomic factors and geopolitical considerations. Given their pervasive use across industries, alterations in demand within other sectors can also trigger price variations. The inherent volatility in raw material prices has led to uncertainty among manufacturers, including power transformer manufacturers, regarding raw material procurement strategies, subsequently engendering a supply-demand discrepancy. This factor is projected to restrict the expansion of the market during the forecast period.

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The power transformers market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.

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What are the key data covered in this Power Transformers Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the power transformers market between 2023 and 2027
• Precise estimation of the power transformers market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behaviour
• Growth of the power transformers market across APAC, Europe, North America, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of power transformers market vendors

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Related Reports: 

The distribution transformers market is estimated to grow at a CAGR of 4.98% between 2022 and 2027 and the size of the market is forecast to increase by USD 5,087.9 million. This report extensively covers market segmentation by end-user (power utilities and industrial and commercial), type (oil-filled and dry type), and geography (APAC, North America, Europe, Middle East and Africa, and South America). Rising requirements for power from residential, industrial, and commercial sectors is the key factor driving the growth of the global distribution transformers market.

The liquid-immersed transformers (LIT) market is estimated to grow at a CAGR of 5.86% between 2022 and 2027. The size of the market is forecast to increase by USD 10.74 billion. This report extensively covers market segmentation by type (power transformers and distribution transformers), application (commercial power, residential power, and industrial power), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The expansion of T&D driving the demand for LIT is the key factor driving the market growth.

Table of contents 

 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 (USD million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 (USD million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global power transformers market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global power transformers market 2017 - 2021 (USD million)

• 4.2 Types Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Types Segment 2017 - 2021 (USD million)

• 4.3 End-user Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – End-user Segment 2017 - 2021 (USD million)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 (USD million)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 (USD million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments 
• Exhibit 30: Chart on Type - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type - Market share 2022-2027 (%)

• 6.2 Comparison by Type 
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 Liquid immersed - Market size and forecast 2022-2027
• Exhibit 34: Chart on Liquid immersed - Market size and forecast 2022-2027 (USD million)
• Exhibit 35: Data Table on Liquid immersed - Market size and forecast 2022-2027 (USD million)
• Exhibit 36: Chart on Liquid immersed - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Liquid immersed - Year-over-year growth 2022-2027 (%)

• 6.4 Dry type - Market size and forecast 2022-2027
• Exhibit 38: Chart on Dry type - Market size and forecast 2022-2027 (USD million)
• Exhibit 39: Data Table on Dry type - Market size and forecast 2022-2027 (USD million)
• Exhibit 40: Chart on Dry type - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Dry type - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Type 
• Exhibit 42: Market opportunity by Type (USD million)

7 Market Segmentation by End-user

• 7.1 Market segments 
• Exhibit 43: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 44: Data Table on End-user - Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 45: Chart on Comparison by End-user
• Exhibit 46: Data Table on Comparison by End-user

• 7.3 Commercial power - Market size and forecast 2022-2027
• Exhibit 47: Chart on Commercial power - Market size and forecast 2022-2027 (USD million)
• Exhibit 48: Data Table on Commercial power - Market size and forecast 2022-2027 (USD million)
• Exhibit 49: Chart on Commercial power - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Commercial power - Year-over-year growth 2022-2027 (%)

• 7.4 Residential power - Market size and forecast 2022-2027 
• Exhibit 51: Chart on Residential power - Market size and forecast 2022-2027 (USD million)
• Exhibit 52: Data Table on Residential power - Market size and forecast 2022-2027 (USD million)
• Exhibit 53: Chart on Residential power - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Residential power - Year-over-year growth 2022-2027 (%)

• 7.5 Industrial power - Market size and forecast 2022-2027
• Exhibit 55: Chart on Industrial power - Market size and forecast 2022-2027 (USD million)
• Exhibit 56: Data Table on Industrial power - Market size and forecast 2022-2027 (USD million)
• Exhibit 57: Chart on Industrial power - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Industrial power - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by End-user 
• Exhibit 59: Market opportunity by End-user (USD million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 60: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 61: Chart on Market share by geography 2022-2027 (%)
• Exhibit 62: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 63: Chart on Geographic comparison
• Exhibit 64: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 65: Chart on APAC - Market size and forecast 2022-2027 (USD million)
• Exhibit 66: Data Table on APAC - Market size and forecast 2022-2027 (USD million)
• Exhibit 67: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 69: Chart on Europe - Market size and forecast 2022-2027 (USD million)
• Exhibit 70: Data Table on Europe - Market size and forecast 2022-2027 (USD million)
• Exhibit 71: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027
• Exhibit 73: Chart on North America - Market size and forecast 2022-2027 (USD million)
• Exhibit 74: Data Table on North America - Market size and forecast 2022-2027 (USD million)
• Exhibit 75: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 77: Chart on Middle East and Africa - Market size and forecast 2022-2027 (USD million)
• Exhibit 78: Data Table on Middle East and Africa - Market size and forecast 2022-2027 (USD million)
• Exhibit 79: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027
• Exhibit 81: Chart on South America - Market size and forecast 2022-2027 (USD million)
• Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 (USD million)
• Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 85: Chart on China - Market size and forecast 2022-2027 (USD million)
• Exhibit 86: Data Table on China - Market size and forecast 2022-2027 (USD million)
• Exhibit 87: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027
• Exhibit 89: Chart on US - Market size and forecast 2022-2027 (USD million)
• Exhibit 90: Data Table on US - Market size and forecast 2022-2027 (USD million)
• Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027
• Exhibit 93: Chart on Japan - Market size and forecast 2022-2027 (USD million)
• Exhibit 94: Data Table on Japan - Market size and forecast 2022-2027 (USD million)
• Exhibit 95: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 Germany - Market size and forecast 2022-2027
• Exhibit 97: Chart on Germany - Market size and forecast 2022-2027 (USD million)
• Exhibit 98: Data Table on Germany - Market size and forecast 2022-2027 (USD million)
• Exhibit 99: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.12 India - Market size and forecast 2022-2027
• Exhibit 101: Chart on India - Market size and forecast 2022-2027 (USD million)
• Exhibit 102: Data Table on India - Market size and forecast 2022-2027 (USD million)
• Exhibit 103: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 105: Market opportunity by geography (USD million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 106: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 107: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 108: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 109: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 110: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 111: Matrix on vendor position and classification

• 12.3 ABB Ltd. 
• Exhibit 112: ABB Ltd. - Overview
• Exhibit 113: ABB Ltd. - Business segments
• Exhibit 114: ABB Ltd. - Key news
• Exhibit 115: ABB Ltd. - Key offerings
• Exhibit 116: ABB Ltd. - Segment focus

• 12.4 ALTRAFO Srl 
• Exhibit 117: ALTRAFO Srl - Overview
• Exhibit 118: ALTRAFO Srl - Product / Service
• Exhibit 119: ALTRAFO Srl - Key offerings

• 12.5 Altro Transformers Pty. Ltd. 
• Exhibit 120: Altro Transformers Pty. Ltd. - Overview
• Exhibit 121: Altro Transformers Pty. Ltd. - Product / Service
• Exhibit 122: Altro Transformers Pty. Ltd. - Key offerings

• 12.6 CG Power and Industrial Solutions Ltd.
• Exhibit 123: CG Power and Industrial Solutions Ltd. - Overview
• Exhibit 124: CG Power and Industrial Solutions Ltd. - Business segments
• Exhibit 125: CG Power and Industrial Solutions Ltd. - Key offerings
• Exhibit 126: CG Power and Industrial Solutions Ltd. - Segment focus

• 12.7 DuPont de Nemours Inc. 
• Exhibit 127: DuPont de Nemours Inc. - Overview
• Exhibit 128: DuPont de Nemours Inc. - Business segments
• Exhibit 129: DuPont de Nemours Inc. - Key news
• Exhibit 130: DuPont de Nemours Inc. - Key offerings
• Exhibit 131: DuPont de Nemours Inc. - Segment focus

• 12.8 Eaton Corp. Plc 
• Exhibit 132: Eaton Corp. Plc - Overview
• Exhibit 133: Eaton Corp. Plc - Business segments
• Exhibit 134: Eaton Corp. Plc - Key news
• Exhibit 135: Eaton Corp. Plc - Key offerings
• Exhibit 136: Eaton Corp. Plc - Segment focus

• 12.9 Etel Transformers Pty ltd 
• Exhibit 137: Etel Transformers Pty ltd - Overview
• Exhibit 138: Etel Transformers Pty ltd - Product / Service
• Exhibit 139: Etel Transformers Pty ltd - Key offerings

• 12.10 Fuji Electric Co. Ltd. 
• Exhibit 140: Fuji Electric Co. Ltd. - Overview
• Exhibit 141: Fuji Electric Co. Ltd. - Business segments
• Exhibit 142: Fuji Electric Co. Ltd. - Key offerings
• Exhibit 143: Fuji Electric Co. Ltd. - Segment focus

• 12.11 General Electric Co. 
• Exhibit 144: General Electric Co. - Overview
• Exhibit 145: General Electric Co. - Business segments
• Exhibit 146: General Electric Co. - Key news
• Exhibit 147: General Electric Co. - Key offerings
• Exhibit 148: General Electric Co. - Segment focus

• 12.12 Hammond Power Solutions Inc. 
• Exhibit 149: Hammond Power Solutions Inc. - Overview
• Exhibit 150: Hammond Power Solutions Inc. - Product / Service
• Exhibit 151: Hammond Power Solutions Inc. - Key offerings

• 12.13 Hitachi Ltd. 
• Exhibit 152: Hitachi Ltd. - Overview
• Exhibit 153: Hitachi Ltd. - Business segments
• Exhibit 154: Hitachi Ltd. - Key news
• Exhibit 155: Hitachi Ltd. - Key offerings
• Exhibit 156: Hitachi Ltd. - Segment focus

• 12.14 Schneider Electric SE 
• Exhibit 157: Schneider Electric SE - Overview
• Exhibit 158: Schneider Electric SE - Business segments
• Exhibit 159: Schneider Electric SE - Key news
• Exhibit 160: Schneider Electric SE - Key offerings
• Exhibit 161: Schneider Electric SE - Segment focus

• 12.15 Southern Electronic Services 
• Exhibit 162: Southern Electronic Services - Overview
• Exhibit 163: Southern Electronic Services - Product / Service
• Exhibit 164: Southern Electronic Services - Key offerings

• 12.16 Tyree Industries 
• Exhibit 165: Tyree Industries - Overview
• Exhibit 166: Tyree Industries - Product / Service
• Exhibit 167: Tyree Industries - Key offerings

• 12.17 Wilson Power And Distribution Technologies Pvt. Ltd. 
• Exhibit 168: Wilson Power And Distribution Technologies Pvt. Ltd. - Overview
• Exhibit 169: Wilson Power And Distribution Technologies Pvt. Ltd. - Product / Service
• Exhibit 170: Wilson Power And Distribution Technologies Pvt. Ltd. - Key offerings

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 171: Inclusions checklist
• Exhibit 172: Exclusions checklist

• 13.3 Currency conversion rates for USUSD
• Exhibit 173: Currency conversion rates for USUSD

• 13.4 Research methodology 
• Exhibit 174: Research methodology
• Exhibit 175: Validation techniques employed for market sizing
• Exhibit 176: Information sources

• 13.5 List of abbreviations 
• Exhibit 177: List of abbreviations

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
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Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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