The Special Transformer Market Is Growing As the Demand for High Power in Various Industries Is Increasing

 


A special transformer is designed to provide a precise voltage step-down ratio for voltmeters measuring high power system voltages. Range of special transformers includes DC arc furnace transformers, large drive/converter transformers, AC arc furnace transformers, and regulating and rectifier transformers. They are widely used in various end-use industries such as oil and gas, automotive, chemical, steel, and others. The growth of the Special Transformer Market is attributed to the increasing demand for high power in various end-use industries, such as steel, chemical, metal & mining, oil & gas, and others.

According to the United States Energy Information Administration (EIA), the world consumed 92.2 million barrels per day (b/d) of petroleum and other liquid fuels in 2020. These industries require high current voltage during the production process. Thus, require special transformer, as it converts low voltage to high voltage with very low energy loss. As a result, there is a huge demand for special transformer in various industries, which in turn accelerates the growth of the Special Transformer Market. In June 2021, Hitachi ABB Power Grids launched a portfolio of transformer products for offshore floating applications.

It is designed to overcome the challenging offshore environment and withstand the physically demanding conditions on floating structures. Moreover, the demand for special transformers has increased due to the rapidly growing steel industry. According to the India Brand Equity Foundation (IBEF), in 2019, India was the world’s second-largest steel producer with 111.2 million tons (MT). Special transformers, in the steel industry, facilitate proper supply of current in a wide range of applications, through on-load or off-load regulation, resulting in process optimization. This in turn is expected to augment the growth of the Special Transformer Market.

The major factor attributed to the growth of the market, in the Asia Pacific, is growing demand for oil and gas and the increasing number of oil and gas plants in the region, especially in India and China. India is the 10th largest importer and 19th largest exporter of oil in the world. For example, according to the International Energy Agency (IEA), India’s natural gas consumption will rise 4.5% while global demand will rebound by 3.6% in 2021. While, by 2024, the global gas demand is forecast to be up 7% from 2019’s pre-COVID levels. This in turn is expected to propel the Special Transformer Market growth.

Steel, copper, and aluminium are some raw materials commonly used in special transformers. The increase in raw material prices inadvertently increases the price of special transformer, which in turn is expected to restrain the special transformer market growth.

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