Future Market Insights unveils the path to success in a thriving medium voltage transformer market through an in-depth analysis of key drivers, challenges, and investment opportunities
Medium Voltage Transformer Market by 1,200 kVA, 1,500 kVA, 2,000 kVA and 2,500 kVA from 2023 to 2033
NEWARK, Del., Nov. 20, 2023 /PRNewswire/ -- The global medium voltage transformer market is anticipated to reach a valuation of US$ 12.24 billion in 2023, driven by the integration of energy storage solutions with medium voltage transformers. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 4.50% between 2023 and 2033 and reaching a total valuation of approximately US$ 19.19 billion by 2033.
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One of the major factors contributing to the growth of the medium voltage transformer market is the growth of distributed energy resources, such as microgrids and localized renewable generation, which requires medium voltage transformers for efficient integration into the grid.
Governments and utilities increasingly invest in grid resilience to withstand natural disasters and cyberattacks, creating opportunities for transformer manufacturers to provide grid-strengthening solutions.
The ongoing electrification of industries, including manufacturing and data centers, requires robust and reliable power distribution infrastructure, driving the need for medium voltage transformers.
Many countries are investing in grid modernization projects to enhance their power distribution systems' efficiency, reliability, and flexibility, which often involves the installation of advanced medium voltage transformers.
Medium voltage transformers with features like voltage regulation and harmonic mitigation capabilities are in demand to improve power quality and minimize voltage fluctuations.
The Internet of Things (IoT) is being integrated into medium voltage transformers to enable remote monitoring and data analytics, facilitating predictive maintenance and optimizing performance. Research and development efforts are focused on the use of advanced materials like superconductors to enhance transformer efficiency and reduce losses.
Medium Voltage Transformer Market Report Coverage:
Attribute | Details | ||||
Estimated Market Size in 2023 | US$ 12,286.50 million | ||||
Projected Market Valuation in 2033 | US$ 19,080.56 million | ||||
Value-based CAGR 2023 to 2033 | 4.50 % | ||||
Forecast Period | 2023 to 2033 | ||||
Historical Data Available for | 2018 to 2022 | ||||
Market Analysis | Value in US$ million | ||||
Key Regions Covered |
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Key Market Segments Covered |
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Key Countries Profiled |
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Medium Voltage Transformer Industry Key Companies Profiled |
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Understand global, regional, and country-level parameters with growth opportunities, historical data (2018-2022), and forecasts (2023-2033). Buy this report today!
Key Takeaways from the Market Study
- Global medium voltage transformer market was valued at US$ 11.7 billion by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 4.1%.
- The market in India is expected to expand at a CAGR of 4.4% through 2033.
- By application, the IT - data and server centers segment to expand at a CAGR of 4.4% through 2033.
- From 2023 to 2033, medium voltage transformer market is expected to flourish at a CAGR of 4.6%.
- By 2033, the market value of medium voltage transformer is expected to reach US$ 19.19 billion.
"International and regional grid interconnections are being established to facilitate cross-border electricity exchange, creating opportunities for medium voltage transformers at interconnection points," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Competitive Landscape
Prominent players in the medium voltage transformer market are Siemens AG, ABB Group, General Electric Company, Fuji Electric Co. Ltd., Hitachi, Ltd., Schneider Electric SE, Eaton Corporation PLC, Mitsubishi Electric Corporation, CG Power & Industrial Solutions Ltd., Fortune Electric Co., Ltd., Schaffner Holding AG, Hammond Power Solutions Inc., Kirloskar Electric Company, MGM Transformer Company, and Amran Inc., among others.
Recent Developments:
- In 2023, Siemens announced the launch of its new line of medium voltage transformers, the Siemens SENTRON MV transformer. The Siemens SENTRON MV transformer is a compact and lightweight transformer that is designed for use in a variety of applications, including renewable energy, industrial, and commercial applications.
- In 2022, Mitsubishi Electric announced the launch of its new line of medium voltage transformers, the Mitsubishi Electric MI-TR series transformer. The Mitsubishi Electric MI-TR series transformer is a high-efficiency transformer that is designed for use in a variety of applications, including renewable energy, industrial, and commercial applications.
- In 2021, ABB announced the expansion of its medium voltage transformer manufacturing capacity with the opening of a new factory in China. The new factory is expected to produce up to 10,000 medium voltage transformers per year.
- In 2021, Schneider Electric announced the development of a new medium voltage transformer that is made from recycled materials. The new transformer is expected to reduce the environmental impact of medium voltage transformer production and use.
- In the same year, Siemens announced the launch of its new line of medium voltage transformers, the Siemens SENTRON MV Compact transformer. The Siemens SENTRON MV Compact transformer is a compact and lightweight transformer that is designed for use in space-constrained applications.
Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global medium voltage transformer market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the medium voltage transformer market, the market is segmented on the basis of rating (1,200 kVA, 1,500 kVA, 2,000 kVA, and 2,500 kVA), product (dry, oil-immersed, and VPI), configuration (single-phase, and three-phase), and application (building establishments, residential, commercial, civil infrastructure, industrial, and IT - data & server centers), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI's latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition.
Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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