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Phase Shifting Transformer Market Analysis

  • Report ID: GMI6866
  • Published Date: Oct 2023
  • Report Format: PDF

Phase Shifting Transformer Market Analysis

Phase Shifting Transformer Market Size, By Rating, 2021 - 2032 (USD Million)

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Based on rating, the > 800 MVA segment is set to grow at a CAGR of more than 7% through 2032. Grid modernization efforts were driving the demand for > 800 MVA PSTs. Utilities and grid operators were upgrading their systems to accommodate renewable energy integration, improve grid reliability, and enhance overall efficiency. The increasing deployment of renewable energy sources, such as wind and solar, required grid operators to manage variable power generation effectively. High-voltage PSTs were being used to control power flow and voltage levels, ensuring grid stability and reliability.

 

Phase Shifting Transformer Market Revenue Share, By Application, 2022

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The utility segment will hold around 74.1% share of the of the phase shifting transformer market by 2032. The growing adoption of utility-scale renewable energy projects, such as solar and wind farms, was driving the demand for PSTs. The expansion of HVDC transmission systems created opportunities for utility-scale PSTs. These transformers were used at HVDC converter stations to control phase angles and voltage levels, enabling efficient long-distance power transmission. Utility-scale PSTs were integrated into smart grid solutions, allowing for real-time monitoring and control. Furthermore, as energy storage systems became more common, utility-scale PSTs were used to optimize the integration of energy storage with the grid.

 

Asia Pacific Phase Shifting Transformer Market Size, 2021 - 2032 (USD Million)

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Asia Pacific phase shifting transformer market is poised to observe gains at nearly 7.1% up to 2032. PSTs were being used to manage the variability and intermittency of renewable energy generation by controlling power flow and voltage levels. Many countries across the region are investing in grid modernization projects to upgrade aging infrastructure and enhance grid reliability. PSTs played a role in optimizing power flow and improving grid management. Cross-border power exchanges and interconnections between countries were becoming more common in the region. PSTs were used to synchronize and control power flows between different grid systems, enabling efficient electricity trading.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of phase shifting transformer was worth USD 157.4 million in 2023 and is projected to record over 7.3% CAGR through 2032, due to the increasing integration of renewable energy sources and the higher need for grid stability and reliability.

Phase shifting transformer industry from the > 800 MVA rating segment will witness more than 7% CAGR from 2023 to 2032, owing to the surging grid modernization efforts.

The utility application segment may hold over 74.1% share of the phase shifting transformer market by 2032, driven by the growing adoption of utility-scale renewable energy projects, such as solar and wind farms.

APAC phase shifting transformer market size is set to grow at over 7.1% CAGR through 2032, due to significant growth in renewable energy installations, including solar and wind power.

Phase Shifting Transformer Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 11
  • Tables & Figures: 531
  • Countries covered: 24
  • Pages: 200
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