Power Transformer Market Is Estimated to Witness High Growth Owing to Advancements in Solid-State Transformer Technology
The power transformer market involves transformers that are deployed in transmission and distribution networks to change voltage levels for power transmission and distribution. Power transformers are generally large, immobile, and strategically placed units of electrical equipment that help transmit electric power produced at generation stations over long distances to points of utilization like homes, industries, and commercial applications. They raise or lower transmission voltages between generating stations and customers. Power transformers provide advantages like high efficiency, reliability, and life cycle of over 30 to 40 years. Growing power demand led by global economic expansion and rising electrification initiatives along with aging grid infrastructure in many countries are fueling demand for transformers worldwide.
The Global power transformer market is estimated to be valued at US$ 44.47 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the power transformer market are Phantom Buster, Mozenda, Inc., Hangzhou Duosuan Technology, SysNucleus, Octopus Data Inc., Newprosoft, and more.
The key opportunities in the Power Transformer Market Size include development of super-efficient transformers for boosting grid resilience, integration of renewable energy, and investments in smart grids. Advancements in solid state transformer technology are expected to drive efficiency and flexibility of power networks.
Technological advancements like development of solid-state transformers (SSTs) are gaining traction as they offer advantages like compact design, enhanced grid controllability, integration of distributed energy resources, and improved power quality. SSTs replace traditional transformers and don't use magnetostriction based medium for transmission, making them more efficient.
Market Drivers
The primary driver for the power transformer market is the growing investments in T&D infrastructure across the world to modernize aging grid systems and meet rising electricity demand. Rapid urbanization and industrialization especially in developing economies are necessitating expansion and upgradation of existing transmission networks which involves installation of new transformers. Advancing clean energy goals of countries also drives need for flexible and resilient grids supported by smart transformers.
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