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Pad Mounted Transformer Market Size By Cooling (Dry Type, Oil Immersed), By Rating (≤ 1 MVA, > 1 MVA - ≤ 10 MVA, > 10 MVA), By Phase (Single, Three), By Application (Residential, Commercial, Industrial), & Forecast 2023 - 2032

  • Report ID: GMI5492
  • Published Date: Mar 2023
  • Report Format: PDF

Pad Mounted Transformer Market Size

Pad Mounted Transformer Market size valued at USD 18.5 billion in 2022 and is projected to expand at more than 7% CAGR from 2023 to 2032 driven by favorable regulatory policies and schemes toward the refurbishment of conventional technologies.

Increasing demand for electricity is expected to accelerate business growth. The upsurge in Purchasing Power Parity (PPP) in recent years has positively influenced the electricity demand. In addition, the peak load demand has significantly escalated across the globe as a result of the expanding population and continuous suburban movement. As per U.S. Energy Information Administration, the average electricity consumption for a U.S. home was 10,632 kWh annually in 2021 and was set to increase by 2.4% by 2022.

Pad Mounted Transformer Market

Soaring capital prices may restrain industry progression

The high initial cost coupled with an escalation in replacement prices of transformers may hinder industry growth. Pad mounted transformers have a higher initial price than other transformers, which is likely to augment the growth of alternate options. Moreover, the limited availability of raw materials due to their expensiveness and dearth, and the slow economic growth of various nations are decreasing the demand for pad mounted transformers. Nonetheless, supportive investment toward the expansion of electricity networks is slated to help the market overcome this issue in the upcoming years.

Pad Mounted Transformer Market Analysis

Based on rating, the > 1 MVA - ≤ 10 MVA pad mounted transformer market surpassed over USD 5 billion in 2022 as privately owned substations are increasingly being used to supply power to factories and commercial buildings. Furthermore, these pad mounted transformers are extensively utilized in enhancing microgrid networks with significant expenditures in the modernization and retrofitting of the existing grid infrastructure owing to their cost-effectiveness and easy availability from supplier utilities compared to counterparts.

Pad Mounted Transformer Market Share By Phase

The three-phase pad mounted transformer market size is anticipated to reach nearly USD 27.5 billion by 2032, propelled by its higher efficiency, long-term affordability, and compact unit designs. Moreover, positive efforts by industry players on product technology are bolstering segment adoption. In August 2022, Sunbelt Solomon and CORE Transformers formed a joint venture on the prepared-to-transport and short lead time requests of liquid-filled three-stage pad mounts, substations, and dry transformers. The partnership consolidated the strengths of each organization to provide pivotal insights to clients in the commercial and modern business sectors.

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of pad mounted transformer surpassed USD 18.5 billion in 2022 and is primed to progress at over 7% gains through 2032 propelled by favorable regulatory policies and schemes toward the refurbishment of conventional technologies

The > 1 MVA -10 MVA rating segment reached over USD 5 billion in 2022 as privately owned substations are increasingly used to supply power to factories and commercial buildings.

The industrial segment is poised to progress at 6.5% CAGR through 2032 owing to the rise of the cross-border electrical distribution network and the rising awareness for energy-efficient electricity corridors.

The North America market is slated to grow at more than 6% CAGR over 2023-2032 as a result of the favorable regulatory framework for the integration of sustainable grids, together with the funding support offered by respective national utility companies in the region.

Pad Mounted Transformer Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 17
  • Tables & Figures: 933
  • Countries covered: 24
  • Pages: 400
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