Power Transformer Market Anticipated to Grow at a Significant Pace by 2019-2029

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Future Market Insights has announced the addition of the “2019 Analysis and Review of Power Transformer Market by Type - Core Transformer and Shell Transformer for 2019 - 2029" report to their offering.

Dubai United Arab Emirates - February 23, 2021 /MarketersMEDIA/ —

The power transformer market is anticipated to be moderately impacted by the coronavirus pandemic. Major players have been forced to either layoff workers, or set up telework capabilities for key employees to sustain operations. The drop in demand for power in industrial and commercial settings are negatively influencing the industry.

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"Higher emphasis by government regulators on growing adoption of renewable energy sources to minimize emissions will bolster demand for power transformers. Massive national targets of renewable energy and efforts taken towards the Paris Agreement will aid market developments towards efficiency improvements in product offerings," says the FMI analyst.

Power Transformer Market - Important Takeaways

Power transformers with capacities ranging from 800 MVA to 1200 MVA are rapidly gaining ground owing to increased ultra-high voltage direct current and high voltage direct current setups in Asia and Middle East.
Asia Pacific is a prominent power transformer market, aided by relatively higher demand for uninterrupted energy in commercial and industrial settings.

Power Transformer Market - Driving Factors

Modernization drives of infrastructure in developing countries and resultant demand for electricity is a key growth driver.
Massive investments into the smart power grid sector will have a positive impact on power transformer product development.

Power Transformer Market - Leading Constraints

Fluctuation of prices for raw materials such as oil and metals are a key factor hindering market growth.
High levels of competitiveness in the industry resulting in pricing pressures hurts profitability prospects.

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Expected Impact on Market by Coronavirus Outbreak

The power transformer sector is substantially resilient to the economic effects of the pandemic. Sustained demand from residential and commercial sectors, coupled with support from government bodies to the utilities industry will help the industry to weather the crisis. However, liquidity deficits remain a concern owing to the need for external capital. Also, the drop in energy demand in commercial and industrial sectors will hurt market prospects for the short term.

Competition Landscape

Some of the top players operating in the power transformer market are ABB, Kirloskar Electric, General Electric, Eaton, Schneider Electric, Toshiba Corp. and Siemens AG. Market players are largely investing in product improvements in terms of designs and materials. In addition, manufacturers are also seeking contracts with regulators to sustain production and sales figures.

For instance, SGB-SMIT has developed power transformers with reduced risk of no-load losses, with the incorporation of M070-23P top grade electrical steel. FosRich, has entered into a 4-year contract with the Jamaica Public Service Company for maintenance of more than 1000 power transformers. Similarly, GE T&D India has acquired the contract for gas insulated and air insulted substations, including reactors and power transformers across India.

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