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Power Transformers - Global Market Trajectory & Analytics

  • ID: 2498175
  • Report
  • September 2020
  • Region: Global
  • 761 Pages
  • Global Industry Analysts, Inc
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The global market for Power Transformers is projected to reach US$31. 5 billion by 2025, driven by robust demand for energy; spiraling investments in new power plants; rising utility spending on upgrading transmission and distribution infrastructure to the smart grid standard; and strong sales of energy efficient and eco-friendly transformers. Often taken for granted, power transformers play a key role in ensuring dependable electricity reaches industrial and urban habitations which are epicenters of economic growth and subsequent energy requirement. Power Transformers aid in stepping up and stepping down voltage which is vital in safely transmitting & delivering electricity. These transformers can handle high voltage inputs between 33 to 400 kV. They have an efficiency rating of over 99% & help in cost effectively transmitting electricity across long distances. Newer energy efficient variants have longer life and feature significantly lesser energy wastage all through their operating life. Increasing the voltage eliminates resistance in transmission wires and reduces energy losses. Also, higher voltages enable long distance transmission of electricity. Without power transformers there can be no transmission of electricity needed to run and operate digital technologies like laptops, smart phones, internet devices, connected systems and machines. In light of the critical role played by power transformers in electricity transmission and distribution, these transformers have and will continue to play a critical role in meeting electrification goals.

A key trend in the market is digitalization as an omnipresent design theme. Manufacturers are developing smart Internet of Things (IoT) enabled transformers with remote maintenance capabilities and remote monitoring of transformer parameters such as tank temperature, voltage applied etc. , via the internet. Continuous technology innovation such as development of alternative fuels and breakthrough in innovative designs of large power transformers (LPTs) will help drive future growth in the market. Interest in gas insulated transformers (GITs) is growing as a potential replacement for oil immersed transformers (OITs) to meet sharp increases in electricity demand as a result of unchecked urban sprawl. Other noteworthy trends also shaping growth in the market include growing focus on reducing large power losses over longer distances and the ensuing interest in high voltage power transmission; rising commercial value of eco-friendly, green transformers supported by innovations such as hermetically sealed tank design and power transformers with biodegradable insulating fluids. Asia-Pacific including China is a major market worldwide led by factors such as GDP gains, expanding population and energy needs, rapid industrialization, strong investments in the development of the power generation and transmission infrastructure, establishment of new urban settlements and townships and a parallel increase in rural electrification projects and implementation of energy-efficiency standards that call for immediate upgrades to new transformers capable of fulfilling minimum energy efficiency requirements.

Competitors identified in this market include, among others:
  • ABB Limited
  • Astor Transformer AS
  • Bemag Transformer, Inc.
  • Bharat Heavy Electricals Limited
  • Bowers Electricals Ltd.
  • CG Power and Industrial Solutions Limited
  • Changzhou XD Transformer Co., Ltd.
  • DAIHEN Corporation
  • Diamond Power Infrastructure Limited
  • EFACEC Group
  • GE Grid Solutions
  • Hammond Power Solutions, Inc.
  • Howard Industries, Inc.
  • Hyundai Electric & Energy Systems Co., Ltd.
  • Imefy Group
  • JSHP Transformer
  • Kirloskar Electric Company Limited
  • Mitsubishi Electric Corp.
  • Olsun Electrics Corporation
  • Schneider Electric SA
  • SGB-SMIT Group
  • Shihlin Electric & Engineering Corporation
  • Siemens AG
  • SPX Transformer Solutions, Inc.
  • 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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I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • 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
  • Worldwide Sales of Power T&D Equipment (in US$ Billion) for Years 2014, 2019, and 2024P
  • Percentage Breakdown of Power T&D Equipment Sales (Value) for US, Canada, Japan, Europe, Asia-Pacific, Latin America and Rest of World (2019)
  • 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
  • Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
  • Global Primary Energy Consumption (Billion toe): Growth Trajectory for the Period 1990-2040
  • 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
  • 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
  • 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
  • Global Competitor Market Shares
  • Power Transformers Competitor Market Share Scenario Worldwide (in %): 2020 & 2029
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
  • Global Market for Smart Grids (in US$ Billion) for the Years 2018 and 2020
  • 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
  • Global Wind Power Installed Capacity (In GW) for the Years 2015 -2022
  • 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
  • Global Investments in Renewable Energy (2007-2017): Breakdown of New Investments (US$ Billion) for China, India & Brazil; Other Developing; and Developed Countries
  • 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
  • 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
  • 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
  • Connected Things in Smart Cities: Installed Base (in Million) by Segment for 2015 and 2019
  • 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
  • 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
  • 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
  • World Population (in Thousands) by Geographic Region for the Years 2018, 2025, 2040, 2050
  • Exponential Increase in Urban Dwellers
  • World Urban Population in Thousands: 1950-2050P
  • Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
  • Percentage of Urban Population in Select Countries for 2018, 2020, 2030, 2040 and 2050
  • Massive Increase in Building and Infrastructure Investments
  • Global Construction Output by Region (2022): Breakdown of Construction Output (US$ Billion) and Percentage Change over 2018-2022
  • Global Infrastructure Spending Estimates (Percentage of GDP) by Region
  • Stable Economic Scenario Augurs Well for Power Transformers Market
  • Global Economic Outlook: Real GDP Growth Rates in % by Country/Region for the Years 2018 through 2021
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

GEOGRAPHIC MARKET ANALYSIS

UNITED STATES
  • Need to Replace and Upgrade Aging T&D Infrastructure Drive Market Growth
  • 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)
  • 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
  • Electricity Demand (Billion KWh) in the United States: 1980-2040
  • Rapidly Evolving Role of Renewable Energy in Power Sector Supports Growth
  • 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
  • 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
  • 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
  • Power T&D Equipment Sales in the US (in US$ Million) for Years 2014, 2019, and 2024P
  • US Power T&D Equipment Market (2019): Percentage Breakdown of Dollar Sales for Transformers, Switchgears, and Others
  • Market Analytics
CANADA

JAPAN
  • Recent Energy Sector Transformation and Focus on Renewable Energy Sustain Market Growth
  • 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
  • Market Analytics
CHINA
  • Government Efforts to Address the Country’s Power Requirements Drive Strong Market Growth
  • 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
  • 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
  • Market Analytics
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
  • Market Analytics
FRANCE

GERMANY

ITALY

UNITED KINGDOM

SPAIN

RUSSIA

REST OF EUROPE

ASIA-PACIFIC
  • Asia-Pacific: The Largest and the Fastest Growing Regional Market
  • 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
  • Market Analytics
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
  • 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
  • Market Analytics
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
  • Market Analytics
MEXICO
  • Mexico: A Niche Regional Market
  • Market Analytics
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
  • Market Analytics
IRAN

ISRAEL

SAUDI ARABIA

UNITED ARAB EMIRATES

REST OF MIDDLE EAST

AFRICA

IV. COMPETITION
  • Total Companies Profiled: 71
Note: Product cover images may vary from those shown
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