Electrical Transformer Market: Current Analysis and Forecast (2021-2027)

Electrical Transformer Market: Current Analysis and Forecast (2021-2027)

Global electrical transformer market was stood around USD 22 bn market in 2020 and expected to grow with a CAGR of around 6% during the forecast period (2021-2027). Surging consumption of electricity in developing countries are escalating the adoption smart grid coupled with increasing need to upgrade existing transformer has positively influenced the market demand for electrical transformer. As electrical transformer plays vital role in power transmission. This transformer operates at peak load and are designed to have maximum efficiency at full load. Moreover, increase in the renewable power generation such as hydro, wind and solar are also driving the demand for electrical transformer market.

The coronavirus pandemic declared as public health emergency worldwide by World Health Organization (WHO). Government across nations implemented lockdown and ban on travelling, shutdown of manufacturing industries, and commercial activities. This had severely disrupted the supply chain. The energy consumption was severely disrupted across the countries due to the closure of industrial and commercial sector.

In addition, the slowed down in the deployment of smart grid, smart meters and smart transformer, change in electricity demand coupled with dropped in the investment on these devices has further decreased the market growth for electrical transformer.

CG Power and Industrial Solutions Ltd, Siemens AG, Schneider Electric SE, TBEA Co. Ltd., EMCO Ltd., Kirloskar Electric Co. Ltd, Toshiba Corporation, Hitachi Ltd., Bharat Heavy Electricals Ltd., General Electric Company. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Rating, Small power transformer (Up to 600MVA) segment holds the major share”

Based on rating, the electrical transformer market is segmented into small power transformer (up to 60MVA), medium power transformer (61 – 600MVA), large power transformer (above 600MVA). The small power transformer (up to 600MVA) segment caters significant demand in electrical transformer market owing to its surging use in various end-user applications. Booming real estate industry and increasing demand of transformer in processing industries and infrastructure development will support the increased demand.

“Amongst Cooling Type, oil-cooled transformer segment holds the considerable share”

Based on cooling type, the electrical transformer market is classified into oil-cooled transformer and air-cooled transformer. The oil-cooled transformer segment holds the considerable market share. It is mainly owing to the increasing number of high voltage transmission projects being undertaken, the demand for oil-cooled power transformers is expected to be higher than air-cooled power transformers.

“Asia Pacific represents one of the largest markets of Global Electrical transformer Market”

For a better understanding of the market dynamics of the global Electrical transformer market, a detailed analysis was conducted for different regions including Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific holds the extensive market share because region is witnessing some of the largest T&D expansions due to rapidly increasing demand in countries such as India and China.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry