CHICAGO, June 11, 2024 /PRNewswire/ -- High Voltage Power Transformer Market in terms of revenue was estimated to be worth $9.1 billion in 2024 and is poised to reach $12.3 billion by 2029, growing at a CAGR of 6.3% from 2024 to 2029 according to a new report by MarketsandMarkets.
This growth is primarily driven by the need to strengthen power distribution networks to keep up with the rising global demand for electricity. Furthermore, the market stands to gain from the increasing capacity of renewable energy sources and substantial investments in industrial production, both of which are expected to boost the demand for High voltage power transformers. Another key factor contributing to this expansion is the growing adoption of high-voltage direct current systems, which is expected to further accelerate market growth during the forecast period.
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High Voltage Power Transformer Market Scope:
Report Coverage | Details |
Market Revenue in 2024 | $9.1 billion |
Estimated Value by 2029 | $12.3 billion |
Growth Rate | Poised to grow at a CAGR of 6.3% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Power Rating, By Cooling Type and By End User |
Geographies Covered | Asia Pacific, North America, Europe, Middle East and Africa, and South America |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Development of customized transformers to deploy in HVDC transmission systems |
Key Market Drivers | Pressing need for grid modernization and expansion with increasing electricity demand |
By power rating, LPT (> 60 MVA) segment is expected to be the fastest market.
LPT (> 60 MVA) segment is expected to be the fastest growing market largely due to their widespread application across numerous industries and utility services. The demand for LPTs is being primarily driven by the exponential increase in renewable energy installations and increase in grid infrastructure globally. Renewable energy sources like wind and solar power, which are crucial for sustainable and environmentally friendly energy production, require large power transformers to convert fluctuating voltages into stable and usable power for transmission. Projects like the Champlain Hudson Power Express transmission line in the United States, delivering clean hydroelectricity from Canada to New York City, highlight the importance of large power transformers in enabling the transmission of renewable energy over long distances.
Oil immersed segment, by cooling type, to occupy majority of High Voltage Power Transformer Market share.
The oil immersed segment is expected to continue dominating the High Voltage Power Transformer Market share due to several inherent advantages that oil cooling offers over other methods like air cooling. Oil as a coolant is more effective in dissipating heat from the transformer core and windings because of its superior thermal conductivity and higher heat capacity. This enables oil immersed transformers to handle higher power capacities and operate at a lower temperature, enhancing their efficiency and lifespan. Furthermore, oil immersion helps prevent oxidation of the core and coil, thereby reducing maintenance needs and improving reliability. The fluid also serves as an excellent insulator, significantly reducing the risk of electrical faults within the transformer. Despite concerns about potential environmental impacts, such as oil leaks, advancements in containment and bio-based oils are addressing these challenges, making oil immersed transformers a preferred choice for heavy-duty applications in industrial and utility settings where high power output and reliability are critical. This enduring preference secures their majority stake in the market.
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Asia Pacific to emerge as the largest High Voltage Power Transformer Market.
Asia Pacific is expected to emerge as the largest market for high voltage power transformers, driven by several convergent factors that are shaping its energy landscape. The primary driver is the expansive urbanization and industrialization across major economies such as China, India, and Southeast Asia. These countries are experiencing significant growth in their manufacturing sectors and widespread construction of new infrastructure, which necessitates a robust and reliable power supply, thereby increasing the demand for high voltage high voltage power transformers. Moreover, governments in the Asia-Pacific are heavily investing in enhancing their national grid infrastructures to support economic growth and improve the quality of life for their growing populations. According to a recent BloombergNEF report, China accounted for nearly half of all global low-carbon spending. In 2022, the country invested USD 546 billion in solar and wind energy, as well as electric vehicles and batteries. India plans to invest USD 34.2 billion by 2030 in an interstate transmission network (ISTS) to evacuate renewable energy, according to K Sreekant, Chairman and Managing Director of government owned Powergrid Corporation of India (PGCIL). According to data from GlobalData, Energy Monitor's parent business, China invests more in transmission grids than any other country combined. In 2022, China invested USD 166 billion in its transmission infrastructure, while other countries contributed USD 118 billion. Investments in infrastructure updates are driven by the country's aging power infrastructure. All these investments will likely drive the high voltage high voltage High Voltage Power Transformer Market in the Asia Pacific region. This has led to a surge in demand for advanced high voltage high voltage power transformers that can handle the variable outputs of renewable energy sources such as wind and solar. Additionally, the region is characterized by a strong push towards rural electrification, especially in countries with significant rural populations. Programs aimed at extending the electrical grid to remote areas are crucial in increasing the penetration of electricity to underserved regions, further driving the demand for high voltage high voltage power transformers.
Key Market Players of High Voltage Power Transformer Industry:
Key players in the global High Voltage Power Transformer Market include Hitachi Energy (Japan), Siemens Energy (Germany), Schneider Electric (France), Toshiba Energy System & Solution Corporation (Japan), and General Electric (US).
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Related Reports:
Power Transformer Market by Power Rating (Small Power Transformer (Up To 60 MVA), Medium Power Transformer (61- 600 MVA), Large Power Transformer (Above 600 MVA)), Cooling Type (Oil-cooled, Air-cooled), Phase (Single, Three) - Global Forecast to 2029
Oil Immersed Power Transformer Market by Installation (Pad-Mounted, Pole-Mounted, Substation Installation), Voltage (Low, Medium, High), Phase, End User (Industrial, Residential & Commercial, Utilities) and Region - Global Forecast to 2028
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