Power Transformer Market Analysis, Outlook during the Forecast period 2020-2027

 

Power Transformer Market

The Power Transformer is a type of transformer that is used to transmit electrical energy in any component of an electronic or electric circuit between the generator and the principal circuits of the distribution system. Power Transformers link electrical networks or systems of varying voltages to facilitate power exchange. Power Transformers are utilised in a variety of applications including power transmission, power production, consumer electronics, and electro-intensive industrial applications. Commercial uses for power transformers include hotels, hospitals, workplaces, airports, and universities.

A power transformer is a type of transformer that is primarily used to take low voltage generator output and transport it over distribution channels across the power grid network. It is an important component of the power grid because it allows power to be sent from one network to another without changing frequency. Low voltage power generation is economically effective, however it results in high line current. High current transmission causes increased line losses. However, increasing the voltage of the incoming electricity enables efficient power transfer. As a result, a power transformer is primarily employed to step up the voltage. Electricity transformers are so essential in power transmission. These transformers operate at peak load and are designed to have maximum efficiency at full load. Decades of research in the transmission networks has led to an increase in the transmission voltages. Power transformers enable the power transmission low-voltage to high-voltages.

According to Coherent Market Insights, The global Power Transformers Market was accounted for US$ 28.69 Bn in terms of value and 17,283 unit shipments in terms of volume in 2019 and is expected to grow at a CAGR of 7.7% for the period (2020-2027).

The worldwide power transformer market is driven by a variety of factors. Apart from rising electricity consumption, other factors driving the global power transformer market growth include a greater emphasis on renewable energy generation, the deployment of smart grids and smart transformers, and the replacement of existing old power transformers. Countries are investing in expanding their power infrastructure and fulfilling the rising demand for energy since the power industry is a crucial indication of economic progress. New power grid projects that incorporate renewable energy into the main power system are among the investments. Increased renewable energy generation, such as hydro, wind, and solar, is a major driver for the worldwide power transformer industry.

Power transformers are essential components that assist connect power plants to transmission networks. The increased adoption of renewable and non-conventional energy resources is expected to boost the global power transformer market over the forecast period. Power transformers are an essential component of a power grid. The use of smart grids is projected to expand as people become more mindful of CO2 emissions. Smart grids enable remote monitoring of grid instruments and quick response to variable power demand. Because of its benefits, smart power transformers are becoming more popular.

It provides optimum power supply, responds fast to voltage variations, provides effective cooling, and is energy efficient, reducing CO2 emissions. Government rules governing carbon emissions are likely to remain stringent during the study period, supporting the expansion of the global power transformer market. The increased demand for electricity, as well as the rise of renewable energy sources, encourages the use of high voltage transmission technologies such as UHV, HVAC, and HVDC power transformers. Many nations, including China, are currently utilising ultra-high-voltage transmission technologies.