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Power Transformers - Global Market Trajectory & Analytics

  • ID: 2498175
  • Report
  • May 2021
  • Region: Global
  • 761 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • ABB Limited
  • Bowers Electricals Ltd.
  • EFACEC Group
  • Howard Industries, Inc.
  • Imefy Group
  • KONCAR Group
  • MORE

Global Power Transformers Market to Reach $32.6 Billion by 2026


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 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 exponential increase in power consumption in both developed and developing countries requiring 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 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 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.

Amid the COVID-19 crisis, 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 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.

The U.S. Market is Estimated at $6.9 Billion in 2021, While China is Forecast to Reach $6.6 Billion by 2026


The Power Transformers market in the U.S. is estimated at US$6.9 Billion in the year 2021. The country currently accounts for a 27.1% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$6.6 Billion in the year 2026 trailing a CAGR of 7.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 4.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR while Rest of European market (as defined in the study) will reach US$7 Billion by the end of the analysis period. Demand for transformers in developed economies is driven by the increasing electrification ratio and upgrade of existing electricity T&D networks. Rapid industrialization; massive utility/power infrastructure investments, expanding population and energy needs, government focus on rural and urban power grid construction, and implementation of energy-efficiency standards represent important growth drivers in the Asia-Pacific region. The replacement of a substantial aging fleet of transformers installed in Europe, North America and other developed economies is one of the major growth drivers for power transformers in mature economies.

Select Competitors (Total 93 Featured) -

  • ABB Limited
  • ASTOR TRANSFORMER A.S
  • Bharat Heavy Electricals Limited
  • Bowers Electricals Ltd.
  • CG Power and Industrial Solutions Limited
  • DAIHEN Corporation
  • EFACEC Group
  • GE Grid Solutions
  • Hammond Power Solutions, Inc.
  • Howard Industries, Inc.
  • Hyosung Heavy Industries
  • Hyundai Electric & Energy Systems Co., Ltd.
  • Imefy Group
  • JSHP Transformer
  • Kirloskar Electric Company Limited
  • KONCAR Group
  • Mitsubishi Electric Corporation
  • Olsun Electrics Corporation
  • Schneider Electric SA
  • SGB-SMIT Group
  • Shihlin Electric & Engineering Corporation
  • Siemens AG
  • SPX Transformer Solutions, Inc.
  • TBEA Co., Ltd.
  • Toshiba Energy Systems & Solutions Corporation
  • Wilson Power Solutions
  • Wilson Transformer Company
  • Winder Power Ltd.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • ABB Limited
  • Bowers Electricals Ltd.
  • EFACEC Group
  • Howard Industries, Inc.
  • Imefy Group
  • KONCAR Group
  • MORE
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Impact of Covid-19 and a Looming Global Recession
  • Power Transformers: The Power to Manage Power with Greater Reliability, Efficiency, Resilience, and Durability
  • Market Fortunes Intrinsically Linked to Power T&D Equipment Industry
  • Exhibit 1: Worldwide Sales of Power T&D Equipment (in US$ Billion) for Years 2014, 2019, and 2024P
  • Exhibit 2: Percentage Breakdown of Power T&D Equipment Sales (Value) for US, Canada, Japan, Europe, Asia-Pacific, Latin America and Rest of World (2019)
  • Exhibit 3: World Power T&D Equipment Market by Product Segment (2019): Percentage Breakdown of Value Sales for Transformers, Switchgear and Others
  • Surge in Energy Consumption and Resulting Expansion in Power Production and T&D Investments
  • Exhibit 4: Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
  • Exhibit 5: Global Primary Energy Consumption (Billion toe): Growth Trajectory for the Period 1990-2040
  • Exhibit 6: Global Energy Consumption (Billion toe) by Country/Region (1995, 2017 and 2040): Breakdown for USA, China, India, Russia, Brazil, EU, Middle East and Rest of World
  • Transformations in Power Transmission Technology over the Years
  • Steady Growth Projected for Power Transformers
  • Developing Regions Emerge as Core Markets Amid Rising Power Infrastructure Spending
  • Exhibit 7: Estimated Global Power Generation Infrastructure Requirement (US$ Billion) for China, India and Latin America Over the Period 2010-2030
  • Aging Power Transformer Fleet Underscores Need for Replacement and Upgrades in Developed Regions
  • COMPETITIVE LANDSCAPE
  • Power Transformers: A Consolidated Marketplace
  • ABB Dominates the High Voltage Power Transmission Market
  • Exhibit 8: Leading Players in the World High Power Transmission Equipment, Systems and Services Market (2019): Percentage Market Share Breakdown for ABB Ltd., Siemens, TBEA, and Others
  • Competitive Pressures Continue to Build Up in Power Transformers Business
  • Intense Competition Necessitates M&A
2. FOCUS ON SELECT PLAYERS
  • ABB Limited (Switzerland)
  • ASTOR TRANSFORMER A.S (Turkey)
  • Bharat Heavy Electricals Limited (India)
  • Bowers Electricals Ltd. (UK)
  • CG Power and Industrial Solutions Limited (India)
  • DAIHEN Corporation (Japan)
  • EFACEC Group (Portugal)
  • GE Grid Solutions (USA)
  • Hammond Power Solutions, Inc. (Canada)
  • Hyosung Heavy Industries (South Korea)
  • Hyundai Electric & Energy Systems Co., Ltd. (South Korea)
  • Imefy Group (Spain)
  • JSHP Transformer (China)
  • Kirloskar Electric Company Limited (India)
  • KONČAR Group (Croatia)
  • Mitsubishi Electric Corporation (Japan)
  • Olsun Electrics Corporation (USA)
  • Schneider Electric SA (France)
  • SGB-SMIT Group (Germany)
  • SGB-SMIT Power Matla (South Africa)
  • Shihlin Electric & Engineering Corporation (Taiwan)
  • Siemens AG (Germany)
  • SPX Transformer Solutions, Inc. (USA)
  • TBEA Co., Ltd. (China)
  • Toshiba Energy Systems & Solutions Corporation (Japan)
  • Wilson Power Solutions (UK)
  • Wilson Transformer Company (Australia)
  • Winder Power Ltd. (UK)
3. MARKET TRENDS & DRIVERS
  • Rising Utility Investments in Power Infrastructure for Transitioning to the Smart Grid Standard Drive Healthy Market Growth
  • Exhibit 9: Global Market for Smart Grids (in US$ Billion) for the Years 2018 and 2020
  • Exhibit 10: Global Investments in Smart Grids by Category (2019): Percentage Breakdown of Dollar Investments for Advanced Metering Infrastructure (AMI) Distribution Automation, Networks Operations Software, Transmission Modernization, and Others
  • Power Infrastructure to Experience Considerable Transformation Driven by Modern Technology and Renewables
  • Wind Power Makes Robust Progress within the Renewables Sector
  • Exhibit 11: Global Wind Power Installed Capacity (In GW) for the Years 2015 -2022
  • Exhibit 12: Global Installed Wind Power Capacity (2018): Percentage Breakdown of Cumulative Installed Capacity by Geographic Region
  • Solar Power Emerges as Reliable Renewable Energy Source
  • Microgrids Ease Network Burden
  • Utilities Bet on Big Data
  • Renewable Energy: A Statistical Perspective
  • Exhibit 13: Global Investments in Renewable Energy (2007-2017): Breakdown of New Investments (US$ Billion) for China, India & Brazil; Other Developing; and Developed Countries
  • Exhibit 14: Global Investments in Renewable Energy by Sector (2017): Breakdown of New Investments (US$ Billion) for Biofuels, Biomass & Waste-to-Energy, Geothermal, Marine, Small Hydro, Solar, and Wind
  • Exhibit 15: Targets for Electricity Production from Renewable Energy Sources in Select Countries
  • Myriad Benefits and Superior Attributes over Traditional Transformers Drive Strong Demand for Smart Transformers
  • Exhibit 16: Global Smart Transformers Market - Annual Revenue Figures in US$ Million for Years 2014, 2016, 2018 & 2020P
  • Smart Transformers for Smarter Power Transmission and Distribution
  • Traditional Vs. Smart Transformers: A Comparison
  • Growing Prominence of Smart Cities and Smart Homes of the Future Necessitates Highly Capable Power T&D Networks
  • Exhibit 17: Connected Things in Smart Cities: Installed Base (in Million) by Segment for 2015 and 2019
  • Exhibit 18: Growing Number of Smart Homes Catalyzes the Creation of Smart Cities: Global Smart Homes Market (In US$ Billion) for the Years 2019, 2021, 2023 & 2025
  • Exhibit 19: Growing Adoption of Connected Home Equipment Supported by Expanding Digital Lifescape to Benefit Growth of Smart Homes: Percentage Breakdown of Global Smart Home Market by Technology for the 2018 and 2022
  • Exhibit 20: Global Home Automation Revenues in US$ Million by Geographic Region for 2018 and 2024
  • Technology Improvements and Product Innovations Spearhead Market Expansion
  • SGB-SMIT's Smart Transformers
  • ABB Ability™ Power Transformer
  • Self-Cooling Transformers from ABB
  • Siemens' Ester Fluid-based Phase Shifting Power Transformer
  • Hybrid Power Transformers Technology
  • Energy Efficient and Eco-Friendly Power Transformers
  • Wireless Power Transmission
  • Innovative Alternative Fluids
  • Design Innovation in Large Power Transformers (LPTs)
  • Dryformers by ABB
  • Superconductor Based Power Transformers
  • HTS Transformers: Energy Efficient, Lightweight, and Small Sized
  • Gas-Insulated Power Transformers
  • Future for Gas-Insulated Transformers Appears Bright
  • IEC Standards for Gas-Insulated Transformers
  • Powerformer: A Superior Replacement for Step-Up Transformer
  • Innovative On-load Tap Changers (OLTCs) Improves Reliability and Safety
  • Stabilizing Regulatory Environment Augurs Well
  • Proposed/Approved Standards for Transformers in Select Countries
  • Demographic and Socio-Economic Trends Strengthen Market Prospects
  • Ballooning Global Population
  • Exhibit 21: World Population (in Thousands) by Geographic Region for the Years 2018, 2025, 2040, 2050
  • Exponential Increase in Urban Dwellers
  • Exhibit 22: World Urban Population in Thousands: 1950-2050P
  • Exhibit 23: Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
  • Exhibit 24: Percentage of Urban Population in Select Countries for 2018, 2020, 2030, 2040 and 2050
  • Massive Increase in Building and Infrastructure Investments
  • Exhibit 25: Global Construction Output by Region (2022): Breakdown of Construction Output (US$ Billion) and Percentage Change over 2018-2022
  • Exhibit 26: Global Infrastructure Spending Estimates (Percentage of GDP) by Region
  • Stable Economic Scenario Augurs Well for Power Transformers Market
  • Exhibit 27: Global Economic Outlook: Real GDP Growth Rates in % by Country/Region for the Years 2018 through 2021
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

UNITED STATES
  • Need to Replace and Upgrade Aging T&D Infrastructure Drive Market Growth
  • Exhibit 28: Transmission & Distribution Spending ($ Billion) in the United States: 1990-2009 & 2010-2030P
  • Major Growth Drivers Summarized
  • Inadequate and Aging T&D Infrastructure
  • Failure of Vital Systems during Storms Resulting in Power Outages
  • Need for Reliable Power Supply
  • Regulatory Landscape
  • Demand for Outsourced Providers
  • Focus on Renewable Energy Generation
  • Proliferation of Oil & Gas Production
  • Transition from Coal to Natural Gas Generation
  • Expanding Smart Grid Infrastructure Boosts Demand for Smart Transformers
  • Smart Transformers to Enhance Flexibility and Cleanliness of Electrical Grids
  • Replacement Demand to Drive Spending on Larger Power Transformers (LPTs)
  • Exhibit 29: US Transmission & Distribution Spending for the Period 2011-2035: Percentage (%) Breakdown of Spending for New Equipment and Replacements
  • Burgeoning Electricity Demand Provides the Perfect Platform for Market Adoption
  • Exhibit 30: Electricity Demand (Billion KWh) in the United States: 1980-2040
  • Rapidly Evolving Role of Renewable Energy in Power Sector Supports Growth
  • Exhibit 31: US Net Electricity Generation by Energy Source (2000, 2010, 2020, 2030 & 2040): Breakdown of Electricity Generation (Billion Kilowatt-hours) from Coal, Natural Gas, Nuclear, Petroleum, and Renewable Energy
  • Industrial & Electric Utilities: Dominant End-use Sectors for T&D Equipment
  • Exhibit 32: Electric Power T&D Equipment Market in the US by End-use Sector (2019): Percentage Breakdown of Value Demand for Residential, Commercial, Electric Utilities Industrial and Others
  • Exhibit 33: Energy Consumption in the United States (2008, 2016 & 2020P): Breakdown of Electricity Consumption (in Billion Kilowatt Hours) by Key End-Use Industries - Residential, Commercial, and Industrial
  • Presence of Leading Suppliers in Medium and Large Power Transformers Company Medium Transformers Large Transformers
  • Electric Utilities to Benefit from Energy-Related Technology Disruptions in Silicon Valley
  • US T&D Infrastructure: A Macro Perspective
  • Exhibit 34: Power T&D Equipment Sales in the US (in US$ Million) for Years 2014, 2019, and 2024P
  • Exhibit 35: US Power T&D Equipment Market (2019): Percentage Breakdown of Dollar Sales for Transformers, Switchgears, and Others
CANADA

JAPAN
  • Recent Energy Sector Transformation and Focus on Renewable Energy Sustain Market Growth
  • Exhibit 36: Japan’s Power Generation by Energy Source (2005, 2015, and 2030): Percentage Breakdown for Coal-fired Thermal Power, Gas-fired Thermal Power, Nuclear Power, Oil-fired Thermal Power, and Renewable Energy
CHINA
  • Government Efforts to Address the Country’s Power Requirements Drive Strong Market Growth
  • Exhibit 37: Electricity Consumption in China: 2006-2016 (in TWh)
  • The Northwest and Southeast China to Bolster the Demand for Electric T&D Equipment
  • Industry Moves towards High-Voltage Transformers
  • Issues Persist in the Chinese Transformer Industry
  • Chinese Transformers Industry: Highly Competitive at the Lower End
  • Exhibit 38: Leading Transformer Companies in China (2019): Percentage Market Share Breakdown for ABB, Baoding, TBEA, XD Electric and Others
  • Chinese Vendors Eye Overseas Markets
  • Transformers - Regulatory Scenario
EUROPE
  • Europe: A Mature yet Growing Market
  • Smart Grids to Drive Next Wave of Growth
  • EU Proposes New Ecodesign Energy Efficiency Standard for Transformers
  • PowerGrid Program to Redefine Future of Power Transmission
FRANCE

GERMANY

ITALY

UNITED KINGDOM

SPAIN

RUSSIA

REST OF EUROPE

ASIA-PACIFIC
  • Asia-Pacific: The Largest and the Fastest Growing Regional Market
  • Exhibit 39: Percentage (%) Share of Asia-Pacific in the World Power Transformers Sales (2019 & 2025P)
  • China and India Instigate Large-Scale Opportunities
  • Rural Electrification in Asian Countries Promotes Market Expansion
  • Railway Electrification & High-Speed Railway Projects Augment Addressable Market
AUSTRALIA

INDIA
  • India - A Market Laden with Opportunities
  • Government’s Power-for-All Initiatives to Drive Demand
  • CEA’s National Electricity Plan (NEP) Indicates Robust Requirement
  • The Indian Electrical Equipment Industry: A Macro Perspective
  • Competitive Landscape
  • Indian Transformers Market: A Peek into Market Tiers
  • Exhibit 40: Leading Players in the Indian Transformers Market (2019): Percentage Breakdown of Production Capacities for ABB, Baoding Tianwei, BHEL, Crompton Greaves (CG), GE Power India, Siemens,TBEA, Transformers & Rectifiers India, and Others
  • India Growing Into a Major Global Export Hub for Transformers
  • Opportunities Galore for Indian Transformer Manufacturers
  • Overseas Players Keenly Eye Indian Shores, Market Headed for Consolidation
  • Vendors Seek Higher Government Involvement in R&D and Testing & Evaluation
SOUTH KOREA

REST OF ASIA-PACIFIC

LATIN AMERICA

ARGENTINA

BRAZIL
  • Increased Investments in Power T&D Infrastructure Augurs Well
  • Growing Concerns over Grid Network Congestion
MEXICO
  • Mexico: A Niche Regional Market
REST OF LATIN AMERICA

MIDDLE EAST
  • Energy Infrastructure Needs in the Middle East Drive Market Growth
  • Upgrade of Electric Power and Distribution Infrastructure Drive Demand in Saudi Arabia
  • Saudi Arabia’s Ambitious Solar Energy Plans to Boost Smart Grids
  • Energy Challenges Open Avenues for Huge Investment Opportunities in Africa
  • Urgent Need to Provide Proper Access to Electricity: Primary Demand Driver
  • Growing Investments in Large-Scale Power Infrastructure Projects Bodes Well
IRAN

ISRAEL

SAUDI ARABIA

UNITED ARAB EMIRATES

REST OF MIDDLE EAST

AFRICA

IV. COMPETITION
  • Total Companies Profiled: 93
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • ABB Limited
  • ASTOR TRANSFORMER A.S
  • Bharat Heavy Electricals Limited
  • Bowers Electricals Ltd.
  • CG Power and Industrial Solutions Limited
  • DAIHEN Corporation
  • EFACEC Group
  • GE Grid Solutions
  • Hammond Power Solutions, Inc.
  • Howard Industries, Inc.
  • Hyosung Heavy Industries
  • Hyundai Electric & Energy Systems Co., Ltd.
  • Imefy Group
  • JSHP Transformer
  • Kirloskar Electric Company Limited
  • KONCAR Group
  • Mitsubishi Electric Corporation
  • Olsun Electrics Corporation
  • Schneider Electric SA
  • SGB-SMIT Group
  • Shihlin Electric & Engineering Corporation
  • Siemens AG
  • SPX Transformer Solutions, Inc.
  • TBEA Co., Ltd.
  • Toshiba Energy Systems & Solutions Corporation
  • Wilson Power Solutions
  • Wilson Transformer Company
  • Winder Power Ltd.
Note: Product cover images may vary from those shown
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