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Pad Mounted Transformer Market worth over $38 Bn by 2032
- Published Date: March 28, 2023
Pad Mounted Transformer Market size is set to surpass USD 38 billion by 2032, according to a new research report by Global Market Insights Inc.
Rising infrastructural spending is slated to have a positive influence on the industry outlook. Promising funding schemes to enhance electrification networks across emerging economies are primed to foster the business scenario. In addition, mounting investments from private and public entities to support programs and regulatory initiatives are also augmenting the overall industry growth. For instance, in April 2022, General Electric’s GE Grid Solutions attained ReNew Power Pvt. Ltd. grid infrastructure deal for two 400 kV substations in India.
Growing demand for cooling technologies in R&D facilities to propel dry-type transformers uptake
Dry type pad mounted transformer market is speculated to depict 9% CAGR through 2032 on account of its competitive cost structure and operational safety compared to its alternative sources. The utility sector's growing adoption of these cooling technologies in accordance with precise efficacy equipped with R&D facilities is likely to bolster segment growth. Furthermore, these transformers are highly used in commercial buildings as they are safe for the environment.
Prevalent use in microgrid infrastructure to increase demand for ≤ 1 MVA rated transformers
Pad-mounted transformers market from the ≤ 1 MVA rating segment is projected to expand at more than 6.5% growth rate during the forecast period. The ≤ 1 MVA-rated pad-mounted transformers have widespread applicability across infrastructural, power, and process industries. Additionally, micro-grid network development and the rapid renewable energy integration in residential buildings are set to impel segment development. As per DOE’s Microgrid R&D Program, microgrids have lower costs and implementation time and provide reliable decarbonized electricity infrastructure.
Environment-friendly product innovations to augment single-phase transformers segment revenues
Single-phase pad mounted transformer market is predicted to observe nearly 8% gains between 2023 and 2032. The product adoption is complemented by the introduction of breakthroughs in single-phase transformer technology, favorable government initiatives, and rapid urbanization. In a recent instance, Siemens Energy, a German energy development company, unveiled CAREPOLE, a dry-type single-phase transformer for pole applications in April 2022. These transformers are a great reliable alternative to oil-filled transformers and are environment-friendly, maintenance-free, and flexible for heavy loads satisfying real-time demand.
Browse key industry insights spread across 400 pages with 907 market data tables & 26 figures & charts from the report, “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”, in detail along with the table of contents:
Soaring focus on energy-efficiency solutions to support commercial segment progression
Pad mounted transformer market value from the commercial application segment is poised to reach over USD 14.5 billion by 2032 propelled by the escalating demand for low- and medium-voltage networks throughout commercial buildings. The segment growth is further driven by the focus on wide-ranging frequency distribution links and energy-efficiency solutions. For instance, in December 2022, the US Department of Energy proposed new energy-efficiency standards for three categories namely liquid-immersed, low-voltage dry-type, and medium-voltage dry-type distribution transformers for utility poles across the nation.
Supportive efforts towards redesigning the network grid to stimulate industry growth across Europe
Europe pad mounted transformer market held more than 19% revenue share in 2022. The region is emerging as a prominent revenue hub for this industry owing to amplified efforts to redesign power generation and distribution systems to provide clean electricity are further pushing the regional business growth. In July 2022, the UK Government launched the Review of Electricity Market Arrangements (REMA) reform to improve energy security and toward cleaner energy while reducing the cost of electricity. This would allow people to draw electricity from the grid at lower prices and improve the involvement of low-carbon technologies.
Promising deployment agreements to remain a key growth strategy
Major participants in the pad mounted transformer market such as ABB, General Electric, Schneider Electric, Siemens Energy, WEG, Sunbelt Solomon, Pearl Electric Co., Ltd., and Jiangshan Scotech Electrical Co., among others primarily focus on production capacity expansion and strategic partnerships to remain ahead in the competitive landscape.