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Transformer Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Transformer Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021
  • 175 pages
  • ID: 6072054
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the transformer market are ABB, General Electric Corporation, Schneider Electric S.A., Mitsubishi Electric Corporation, Schneider Electric, Mitsubishi Electrics, Toshiba Corporation, Siemens and SGB-SMIT and Hammond Power Solutions.

The global transformer market is expected to grow from $184.21 billion in 2020 to $202.08 billion in 2021 at a compound annual growth rate (CAGR) of 9.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $266.73 billion in 2025 at a CAGR of 7%.

The transformer market consists of sales of transformers and related services which are used in manufacturing of power, distribution and specialty transformers.A transformer transfers energy form one circuit to another.

Transformers increase or decrease voltage and current level, increase or decrease capacitor value, prevent direct current from passing between two circuits and isolate circuits.

Favourable government policies to increase electrification contributed to the growth of the transformers market in the historic period.Countries around the world are implementing several initiatives to increase electrification across the countries.

For example, in 2019, Indian government launched the ‘One Nation One Grid’, an initiative aimed at offering affordable power to all the states.These initiatives increased the market for medium power transformers in the historic period.

The increasing demand for medium, low and high-power transformers supported by favourable government initiatives positively impacts the growth of transformers market.

Instability in pricing of raw materials is a major restraint in the transformers manufacturing market.The instability is due to the volatility in the raw material prices of steel, copper, and crude oil.

Steel and copper are predominantly used in manufacture of transformers.Increased tariffs on raw materials such as steel and copper, increased the volatility of prices, thereby limiting the growth of the market for medium power transformers.

For instance, in 2018, USA imposed 25% and 10% tariffs on import of steel and aluminium respectively. The increase in prices leads to increase in operating expense thereby hampering the growth of the market.

The transformers market covered in this report is segmented by transformer type: power transformer, distribution transformer. It is also segmented by type: low rated transformer, high rated transformer

Transformers market is moving towards evolution of independent and self-regulating smart transformers.Smart transformers are programmed to constantly regulate voltage and maintain contact with the stakeholders and provide information and feedback on the power supply.

They provide the exact amount of power that is needed and respond to fluctuations through a process known as voltage optimization.They significantly reduce greenhouse gas emissions and power consumption as they supply electrical equipment with the ideal amount of power.

For instance, in 2018, The US Department of Energy (DOE) invested $7.5 million to support research and development of smart transformers for grid resiliency. Companies should consider investing in technologies to produce smart transformers for commercial establishments.

In June 2019, Hitachi, Ltd., a Japan-based energy solution provider company acquired 80.1% of ABB’s power grids business for $11 billion. The acquisition was aimed to broaden the product portfolio of Hitachi, by combining ABB’s power grids, and to offer enhanced energy solutions globally. ABB is a Switzerland-based company that specializes in manufacturing power grids products such as power transformers.

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