Power Transformer Market Analysis

Power Transformer Market Analysis

In terms of winding, the power transformer market from two winding segment is poised to attain nearly 6% growth rate between 2023 and 2032. Two winding transformers provide constant power output, have a high internal impedance, and offer good voltage regulation, thus finding extensive utilization in a variety of applications. Furthermore, they are relatively less economical than auto transformers on account of their larger size and high maintenance costs, which may impede their demand through the ensuing years.

Closed core power transformer market size registered more than USD 6 Billion in 2022. Closed-core power transformers offer versatile applications across varying voltage conditions and hence may gain extensive penetration over the next ten years. Moreover, the key attributes associated with the technology, including sustainable transformation capacities and effective operational life expectancy, may further create favorable growth prospects for the closed-core power transformer segment.
 

The > 500 MVA to ≤ 800 MVA-rated power transformer market is predicted to depict around 7% gains through 2032. This growth is credited to the accelerating product adoption as voltage regulators across long-distance transmission lines. Furthermore, the rapid expansion of T&D infrastructure backed by the increasing engagement of several regions in inter-regional electricity transmission will complement the business growth. 
 

Power transformer market from gas insulation segment recorded a valuation of USD 4 billion in 2022. The broad application spectrum of gas-insulated power transformers across substations in restricted spaces will propel segment revenues. These units can operate at high temperatures and can be easily and quickly integrated with gas-insulated switchgear while involving a lower risk of environmental and fire hazards. The remarkable product attributes may create optimistic growth scenarios for the power generators industry.
 

In terms of cooling, the power transformer market from oil-immersed segment is slated to grow over 6% CAGR through 2032. Oil-immersed transformers exhibit reliable compatibility and better cooling quality across high-tension applications, which offer them a competitive advantage over their counterparts. Besides, they are easy to install and have an ideal cooling strength, further boosting the technology adoption. In contrast, the susceptibility of these units to leakage may induce several health concerns for the operation and may even lead to fire hazards.
 

The pole-mounted segment held over 30% of the power transformer market share in 2022 due to the numerous features associated with pole-mounted transformers, including low space requirements and compact size. Besides, the high product acceptance rates across rural areas and regions with limited grid access and space constraints to ensure adequate voltage supply in homes & commercial facilities will positively influence the industry sales trajectory.
 

Power transformer market from the commercial & industrial applications segment is expected to exhibit nearly 7% growth rate between 2023 and 2032. Transformers are a critical component in electrical systems distribution for commercial buildings as they efficiently modify voltage levels to deliver electrical loads based on their voltage requirements. The expanding commercial infrastructure supported by accelerating urbanization and rapid industrial growth will enhance segment share.
 

North America power transformer market is estimated to observe substantial growth during the forecast period impelled by the rising investments in the deployment of long-distance transmission lines. For instance, in 2022, The Midcontinent Independent System Operator (MISO) approved a USD 10.3 billion investment across grid expansion projects in the U.S. The move will drive grid reliability and renewable energy integration while reducing system costs across long-distance networks. Additionally, an increased emphasis on replacing conventional electrical equipment with high-end systems will further enhance regional revenues.