Transformer Market Size By Core (Closed, Shell, Berry), By Product (Distribution Transformer, Power Transformer, Instrument Transformer {Current, Potential}), By Winding (Two Winding, Auto-Transformer), By Installation (Outdoor, Indoor), By Cooling (Dry Type {Self-Air, Air Blast}, Oil Immersed {Self Cooled, Water Cooled, Forced Oil}), By Insulation (Gas, Oil, Solid, Air), By Phase (Three, Single), By Rating (≤ 10 MVA, 11 To 60 MVA, 61 To 600 MVA, > 600 MVA), By Mounting (Pad, Pole, PC/PCB), By Application (Residential & Commercial {Hotels, Hospitals, Apartments}, Utility, Industrial {Railways, Cement, Power, Oil & Gas}), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Oct 2019  |  Report ID: GMI2100  |  Authors: Ankit Gupta, Abhigyan Tathagat

Report Format: PDF   |   Pages: 1004   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Global Transformer Market size was valued over USD 60 billion in 2019 and is anticipated to witness an annual installation of over 7 million units by 2026.
 

Global Transformer Market

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Electrical transformers invented in 1880’s are stationary devices that transform electrical energy in coherence to the mutual induction principle. The primary operation of the equipment is to transfer electricity across different circuits with slight variation in the voltage/potential or the power frequency. These can be bifurcated primarily as power and distribution products with costs ranging from a few thousands to over USD 4 Million depending on the rated capacity, voltage, current and application. The study incorporates a detailed analysis of the global transformer installation scenarios bifurcated on a country and regional basis across residential, commercial, utility and industrial deployments. Moreover, the estimates & forecasts have been aligned with information published by governing authorities including the EU, IEA, DOE, ENDSO, CEA, ITA, associated company press releases and regional regulatory bodies.
 

Transformer Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 60.2 Billion (USD)
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 6.3% 2026 Value Projection: 92.0 Billion (USD)
Pages: 1004 Tables, Charts & Figures: 2176
Geographies covered (24): U.S., Canada, Mexico, Germany, France, Russia, UK, Italy, Spain, Netherlands, China, Japan, South Korea, India, Australia, Saudi Arabia, UAE, Qatar, South Africa, Nigeria, Egypt, Brazil, Peru, Argentina
Segments covered: Core, Product, Winding, Installation, Cooling, Insulation, Phase, Rating, Mounting, Application
Companies covered (17): Voltamp, SPX, Celme, Ormazabal, Hyosung, Kirloskar, Daihen, BHEL, GE, ABB, Schneider, Siemens, Toshiba, Mitsubishi, Crompton Greaves, Eaton, and Hyundai.
Growth Drivers:
  • North America
    • Refurbishment demand for existing grid infrastructure
    • Rising infrastructural spending
  • Europe
    • Growing deployment of renewable energy
    • Upgradation of existing grid network
  • Asia Pacific
    • Large-scale renewable integration
    • Increasing demand for electricity
  • Middle East, Africa & Latin America
    • Increasing demand for electricity
    • Growing investment toward expansion of electricity networks
Pitfalls & Challenges:
  • High initial cost
  • High dependency on imports

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Large scale renewable integration to fuel demand for energy efficient transformers

Government initiatives toward the adoption of clean energy systems have infused concerns pertaining to grid efficiency and sustainability. Henceforth, regulators across the globe have aligned focus towards the deployment and standardization of energy efficient electric supply systems. In addition, favorable norms & targets, with focus toward integration of alternative energy systems will fuel the demand for efficient transformers across the T&D infrastructure. For instance, in 2018, the European Commission acclaimed that the European nations will witness a rise in renewable energy share to 34% in 2030 when compared to 17% in 2015.
 

Low iron losses and effective mechanical strength strengthen demand for closed core transformers

Japan Transformer Industry By Core, 2026 (USD Million)
Japan Transformer Industry By Core, 2026 (USD Million)

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Low iron losses, effective mechanical strength and minimal flux leakage favor deployment of closed core transformers across a hoard of applications. Rapid technological enhancements including digitization along with operational feasibility across applications with low & medium voltage electric infrastructure positively influence the product landscape. The technology has attained an appreciable industry share owing to its competitive pricing, ease of availability & manufacture and overall operational efficiency. Moreover, regulatory reforms toward rural electrification along with large scale suburban migration across the emerging regions of Asia and Africa will further stimulate the industry growth.
 

Expansion of long route transmission networks to augment the power transformer market

The power transformer market in 2019 was valued over USD 25 Billion and is expected to witness an upsurge on account of increasing electricity consumption and favorable regulatory reforms toward the expansion of long route transmission infrastructure. Ongoing electricity for all initiative in coherence to positive utility inclination towards the expansion of electric networks across grid isolated areas will fuel the industry growth. In addition, efforts to attain energy efficiency along with reduction in electrical losses will boost capacity expansion & technological enhancements. Henceforth, manufacturers through comprehensive R&D investments and inorganic strategic implications have aligned focus towards the development of cost effective & energy efficient systems.
 

Favorable regulatory measures to positively influence utility aided transformer market

Germany Transformer market Outlook By Application, 2015 - 2026 (Units)
Germany Transformer market Outlook By Application, 2015 - 2026 (Units)

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Ongoing integration of wide-ranging frequency distribution infrastructure coupled with rising energy-efficiency concerns will stimulate the utility aided transformer market size. Large scale expansion of ultra-high voltage networks adhered by the introduction of gas insulated transmission lines lay favorable grounds for technological adoption. Grid integration of domestic renewable energy systems supported by incentivization and grants have infused the demand for balanced power supply equipment. Moreover, compliance to environmental safety of electric infrastructure in coherence with rapid digitization through smart monitoring and control systems will positively influence the industry dynamics.
 

Dry type transformers to offer strong technological competence

Ongoing technological enhancements in coherence to drifting propensities toward replacement of existing insulation techniques to attain environmental sustainability will thrust the demand for dry type transformers. Elimination of spill and leakages associated with oil integrated counterparts along with consistent performance across extreme climatic regions have strengthened the product adoption. Although, higher capital costs and comparatively lower operational efficiency restrain deployment however, effective resistivity to surges & short circuits along with operational safety will positively impact the industry growth. In addition, stringent environmental compliance in coherence with regulatory reforms to integrate a safe operational environment across critical applications will further complement the technological competence.
 

Refurbishment of existing electrical infrastructure to primarily influence demand across North America

U.S. Transformer market Segmentation By Rating, 2026 (USD Million)
U.S. Transformer market Segmentation By Rating, 2026 (USD Million)

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The U.S. transformer market in 2018, witnessed an annual installation of over 300 ‘000 units. Rising demand for restructuring and refurbishment of conventional grid infrastructure favored by rapid digitization across the industrial peripheral will foster the product demand. Regulatory focus towards the integration of reliable grid support mechanism along with positive consumer inclination towards sustainable electrical components will energize the industry outlook. Moreover, increasing flow of funds toward electric infrastructure development ranging across expansion of rail networks across the nation will augment business growth.
 

Consistent & coherent energy policies including the National Action Plan (NAP) on Climate Change by the planning commission under the Integrated Energy Policy will fuel the expansion & enhancement of T&D networks. Henceforth, favorable regulatory reforms toward the establishment of a sustainable electric infrastructure will foster the overall Indian transformer industry size. In addition, regulatory focus towards the adoption of advance technologies along with volume manufacturing practices will considerably thrust the business outlook.
 

Product integrated R&D along with bulk manufacturing to lay influence on industry competence

Eminent players operating across the transformer market comprise of Voltamp, SPX, Celme, Ormazabal, Hyosung, Kirloskar, Daihen, BHEL, GE, ABB, Schneider, Siemens, Toshiba, Mitsubishi, Crompton Greaves, Eaton, and Hyundai. Industry participants have aligned focus towards digitization and smart technological implementations adhering to regulatory compliances and energy efficiency. Henceforth, product integrated R&D investments along with technological collaborations have been witnessed across the industrial peripheral. Moreover, volume/bulk manufacturing practices adopted by leading players to infuse cost competitiveness has further influenced the business outlook.
 

Global transformer market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” and “USD” from 2015 to 2026, for the following segments:

By Core

  • Closed
  • Shell
  • Berry

By Product

  • Power transformer
  • Distribution transformer
  • Instrument transformer
    • Current transformer
    • Potential transformer
  • Others

By Winding

  • Two-winding
  • Auto-transformer

By Installation

  • Outdoor
  • Indoor

By Cooling

  • Dry type
    • Self-air
    • Air blast
  • Oil Immersed
    • Self-Cooled
    • Water cooled
    • Forced oil
    • Others

By Insulation

  • Gas
  • Oil
  • Solid
  • Air
  • Others

By Phase

  • Single phase
  • 3 - phase

By Rating

  • ≤ 10 MVA
  • 11 MVA to 60 MVA
  • 61 MVA to 600 MVA
  • > 600 MVA

By Mounting

  • Pad
  • Pole
  • PC/PCB
  • Others

By Application

  • Residential & Commercial
    • Hotels
    • Hospitals
    • Apartments
    • Others
  • Utility
  • Industrial
    • Railways
    • Cement
    • Power distribution
    • Oil & gas
    • Others

The above information is provided on a regional & country basis for the following:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • Russia
    • UK
    • Italy
    • Spain
    • Netherlands
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Qatar
    • South Africa
    • Nigeria
    • Egypt
  • Latin America
    • Brazil
    • Peru
    • Argentina
       

Frequently Asked Questions (FAQ) :

Global transformer industry was valued at USD 60 billion in 2019 and is set to exceed USD 90 billion by 2026, according to a new report published by Global Market Insights, Inc.
Integration of sustainable energy networks to suffice the rise in peak load electricity demand and stringent energy efficiency concord are the major factors driving the growth of worldwide market for transformers.
The power transformers business is leading the transformer industry worldwide with USD 25 billion revenue share in 2019.

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