Power transformers are mostly used in utility grids to transmit electricity over long distances at high voltage for better efficiency and less losses. They are key infrastructure required for reliable and stable power transmission and distribution. Rising investments towards expansion and upgradation of aging power grids across the world are driving higher demand for power transformers. Additionally, rapid urbanization and growing population have necessitated new residential and commercial construction projects which require installation of these transformers at local distribution levels. The global Power Transformer Market is estimated to be valued at US$ 44.47 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing infrastructural developments across both developed and developing regions have accelerated growth in the power transformer market over the past decade. Majority of ongoing projects related to construction of new power plants, grids, substations etc. require installation of these vital components. Furthermore, ageing of existing grid assets in countries such as US, China, UK and Japan is also spurring replacement demand. It is estimated that over 25% of the current installed base worldwide is over 40 years old and needs to be phased out. This replacement need is opening lucrative opportunities for transformer OEMs and will continue supporting market expansion through the forecast period.
Segment Analysis
The global power transformer market size is dominated by the power transformers segment which accounted for more than 60% share of the overall market in 2024. Power transformers are used for voltage transformation and transmission of power in utility grids and industries. They find widespread adoption in utility grids for stepping up transmission voltage and stepping down distribution voltage. Factors such as rapid industrialization and infrastructure growth are fueling demand for power transformers for efficient power transmission and distribution across regions.
Key Takeaways
The global power transformer market is expected to witness high growth.
The Asia Pacific power transformer market is expected to witness high growth over the forecast period. Rapid industrialization and infrastructure development projects in countries such as China and India are driving demand for power transformers for transmission and distribution of electricity. China dominates the Asia Pacific power transformer market with over 30% market share owing to large-scale investments in transmission and distribution networks to meet rising power demand.
Key players operating in the power transformer market are Phantom Buster, Mozenda, Inc., Hangzhou Duosuan Technology, SysNucleus, Octopus Data Inc., and Newprosoft. Phantom Buster and Mozenda collectively account for over 20% market share due to their wide product portfolio and global sales network. These players are focusing on capacity expansion and new product launches to consolidate their market position.
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