towards renewable power generation, A Catalyst for Progress in Energy Transmission are propelling the growth of the Power Transformer Market.

TEXAS CITY, TEXAS, UNITED STATES, March 8, 2024 /EINPresswire.com/ -- The SNS Insider report reveals that the Power Transformer Market, valued at USD 21.5 Billion in 2022, is projected to surge to USD 38.34 Billion by 2030, experiencing a robust CAGR of 7.5% during the forecast period 2023-2030.

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KEY PLAYERS:

• ABB Ltd.
• Alstom SA
• Hyosung Power & Industrial Systems Performance Group
• Crompton Greaves Ltd.
• GE Co.
• Hyundai Heavy Industries Co. Ltd.
• Siemens Energy
• Mitsubishi Electric Corporation
• Toshiba Corp.
• Bharat Heavy Electricals Limited

Market Report Scope:

Power transformers are indispensable in the power grid, facilitating the transmission of electric power across networks. The increasing consumption of electricity, coupled with a focus on renewable power generation, smart grids, and the replacement of aged transformers, propels the global market. The surge in renewable power sources like hydro, wind, and solar further drives the demand for power transformers, playing a critical role in connecting generating stations to transmission networks.

A power transformer serves as a vital device for transferring electronic energy between electric circuits, maintaining frequency consistency. Operating on the principle of electromagnetic induction, these static devices play a crucial role in power transmission, stepping up or down voltage in distribution networks to ensure efficient power transmission.

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Market Analysis:

The global power transformer market experiences robust growth driven by the escalating adoption of renewable power generation, the integration of smart grids, and stringent government regulations targeting carbon emissions. Increased awareness surrounding CO2 emissions has prompted the widespread deployment of smart transformers. These advanced transformers play a pivotal role in optimizing power supply, offering swift responses to voltage fluctuations, implementing efficient cooling mechanisms, and ultimately contributing to a significant reduction in CO2 emissions. As the world strives towards sustainable energy solutions, the power transformer market stands as a crucial player, aligning with environmental goals and technological advancements to meet the evolving demands of the energy sector.

Segment Analysis:
By Phase: 
The three-phase segment dominates the market due to its affordability, lightness, and suitability for various industrial applications, making it the preferred choice for industrial equipment with fluctuating and low voltage

By Core:
Shell core holds a majority market share, driven by its cost optimization, efficient cooling system, design flexibility, and high short circuit strength, making it ideal for low-voltage and high-output applications.

By Application: 
The industrial sub-segment leads in 2022, driven by the need for safe and accurate electricity usage in industries. The advent of smart transformers further enhances the competitive edge in the market.

Key Regional Development:
Asia Pacific, with its rapid economic development and the increasing need for reliable power supply, dominated the market in 2022. China's substantial investments in expanding its electrical transmission and distribution system contribute significantly to the regional growth.

Key Takeaways:
Renewable Drive: The surge in renewable power generation is a primary driver for the Power Transformer Market.
Industrial Dominance: The industrial sector holds the highest market share, fueled by investments in energy generation, industrialization, and urbanization.
Asia Pacific Leadership: The Asia Pacific region leads in revenue, driven by rapid economic development and a focus on reliable power supply.

Recent Developments:
In August 2023, the United States Department of Energy (DOE) allocated USD 20 million to support energy-efficient distribution transformers as part of President Biden's agenda.

In June 2023, the DOE proposed new energy-efficiency standards for distribution transformers, emphasizing amorphous steel cores for enhanced energy efficiency, estimating industry conversion costs for compliance.
 
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Table of Contents
 
1.Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
 

2.Research Methodology
 

3.Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
 
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
 

5.Value Chain Analysis
 

6.Porter’s 5 forces model
 

7.PEST Analysis
 

8.Power Transformer Market Segmentation, by rating
8.1    Small Power Transformer (Up to 60 MVA)
8.2    Medium Power Transformer (61- 600 MVA)
8.3    Large Power Transformer (Above 600 MVA)
 

9.Power Transformer Market Segmentation, by type of cooling method
9.1    Oil-cooled
9.2    Air-cooled
 

10.Power Transformer Market Segmentation, by phase
10.1 Single
10.2 Three
 

11.Power Transformer Market Segmentation, by core
11.1 Closed
11.2 Shell
11.3 Berry
 

12.Power Transformer Market Segmentation, by application
12.1 Residential & Commercial
12.2 Utilities
12.3 Industrial
 
Read More……
 
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