Medium Voltage Transformer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Medium Voltage Transformer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global medium voltage transformer market is expected to grow at a CAGR of more than 2.5% over the period of 2020-2025. The increasing demand for electricity, owing to the rapid urbanization in developing countries, and the rising expansion of transmission and distribution (T&D) network to integrate renewable energy resources are some of the key factors driving the growth of the global medium voltage transformer market. Moreover, the T&D network is undergoing transformation to reduce losses, which requires replacement of electric components, including medium voltage transformers, is expected to drive the market during the forecast period. However, huge investment that is required for setting up and modernizing the power transmission and distribution network, and weak investment is restraining the market growth.

Key Highlights

• Dry-type medium voltage transformer is expected to be the largest segment during the forecast period, owing to its several advantages over liquid-type transformer, as they are generally smaller, lighter, and easier to maintain, requiring only occasional cleaning and inspection.
• With the falling cost of renewable-based power generation, the requirement for T&D infrastructure is expected to increase, thereby, providing an opportunity to the players involved in manufacturing and supplying the medium voltage transformers.
• Asia-Pacific is expected to lead the market and also be the fastest growing market during the forecast period, driven by China, India, Indonesia, and South Korea which are the major drivers of the power generation growth.

Key Market TrendsDry-type Transformer to Dominate the Market

• Medium voltage dry-type transformers are usually used for power distribution for residential areas and industrial and commercial purposes. These transformers step down incoming high voltage power to utilization voltages for residential, commercial, institutional, and industrial applications.
• The use of dry-type transformers eliminates leaks and spills, making them eco-friendly in nature. The use of eco-friendly products in upgradation and development of power infrastructure is being focused upon, which creates business opportunities for medium voltage dry-type transformers, globally.
• According to the International Energy Agency (IEA), global electricity demand grew by 4% in 2018, with major contribution from China and India, accounting for almost 70% of the increment.
• The advantages of dry-type transformers over liquid-filled transformers and increasing investments in the T&D networks in countries, such as India and China, provide tremendous opportunity for the medium voltage dry-type transformer manufacturers to increase their share in the market, during the forecast period.

Asia-Pacific to Dominate the Market

• The power generation growth in Asia-Pacific is a result of increasing power demand supported by the growing industrial sector, growing population, urbanization, and increasing middle class in the region, particularly in the emerging countries.
• In order to connect new power plants and the rural population to the power grid, large transmission and distribution infrastructure projects are expected in the region. Additionally, the region is witnessing a significant growth in the construction and industrial sectors.
• The robust economic growth in China reached nearly 7%, and the gross electricity consumption grew by 6.6%, exceeding 6,000 TWh, for the first time in 2017. China has witnessed high rates of demand for electricity, owing to the unprecedented growth of the economy, along with the rapid industrialization and urbanization of the region.
• Furthermore, the Indian government plans to invest in strengthening the electrical network, to build a strong and smart grid, hence driving the medium voltage transformer market during the forecast period.

Competitive Landscape

The medium voltage transformer market is moderately fragmented. Some of the key players are ABB Ltd., Schneider Electric SE, General Electric Company, Eaton Corporation PLC and Siemens AG.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

ABB Ltd.
Schneider Electric SE
General Electric Company
CG Power and Industrial Solutions Ltd
Emerson Electric Co.
Hammond Power Solutions Inc.
Siemens AG
Eaton Corporation PLC
SMA Solar Technology AG
Kirloskar Electric Company
Ningbo Tianan Group Co. Ltd

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