The global transformer market is expected to exceed 200 billion in 2022
Writer： Hengfeng you electric Time：2023-05-10 views：times
In 2019, the size of the global transformer market was $28 billion 690 million, which was affected by COVID-19. In 2020, the global transformer market shrank to 21 billion 750 million US dollars. It is estimated that the size of the transformer market will reach US $29 billion 910 million in 2021. MARTIN analysis of Hengfeng electric economic analyst predicts that with the gradual control of the global epidemic situation, In 2022, the global transformer market will exceed US $30 billion (equivalent to RMB 200 billion).
With the continuous growth of global power demand, governments, whether developed or developing countries, will increase investment in power generation facilities and transmission and distribution infrastructure to meet the needs of economic and social development. Take the new infrastructure in the United States as an example. The infrastructure investment announced by Biden on March 31, 2021 involves $600 billion in power related investment (specifically: new energy - about $400 billion is invested in the research and development of clean energy technologies to significantly reduce the price of new energy. Promote the development of new energy vehicles - invest about US $174 billion in the electric vehicle program, and plan to build 500000 electric vehicle charging piles by 2030. New energy grid - plan to build a more flexible grid with $100 billion)
From 2020 to 2030, in order to achieve the goal of carbon peak and carbon neutralization, the world will increase the construction of power grid and new energy, continuously reduce the dependence on chemical energy, and the demand for transformers will continue to grow at an annual growth rate of 2.4%. Alisa, sales manager of Qingdao hengfengyou electric in Africa, would like to share with you the main global power markets:
A. Main classifications of global Transformers:
1. In terms of power, power transformers include small power transformers (below 60MVA), medium power transformers (61-600mva) and large power transformers (above 600mva). At present, small power transformers are the largest market segment in this market, mainly because small transformers can be used in a wider range of industries. However, large power transformers are the fastest growing segment of the market, because many countries begin to pay attention to the reduction of power loss and vigorously develop high-voltage transmission technology, including UHV, EHV and HVDC technology.
Tip: Qingdao hengfengyou Electric is subordinate to hengfengshuai group. It is a professional electric company specializing in the production, manufacturing and sales of power distribution products. It is mainly engaged in the production and global sales of distribution transformers, rectifier transformers and electric furnace transformers. https://www.hengfengyou.com ； info@hengfengyou.com ； WhatsApp：+8615853252696
2. According to the cooling mode, power transformers are divided into oil immersed and dry-type power transformers. Among them, the market share of oil immersed power transformer is higher, because the safety performance of oil-cooled power transformer is better, especially in high-voltage power environment. In addition, with the continuous expansion of high-voltage transmission market, the compound annual growth rate of oil-cooled power transformer will be higher than the average speed in the next five years.
B. From the perspective of regional market, the Asia Pacific region is the largest regional market for power transformers. It is expected that the Asia Pacific region will continue to maintain this market position by 2030. The second is the European market and the U.S. market, because Europe and the United States are upgrading the aging infrastructure. Throughout Europe, it is expected that during the decade 2020-2030, a large number of power interconnection projects will be built in Europe to achieve the goal of the EU single energy market. It will not only integrate more renewable energy grid connected power generation, but also achieve the balance of power supply and demand according to the regional power situation, optimize the renewable energy market and build a safer and stable single energy market. At the same time, the Asia Pacific region is also the fastest growing regional market for power transformers. Countries such as China and India accelerate the construction of large-scale transmission and distribution infrastructure, which is the main factor driving the growing market demand in the region. China's one belt, one road construction in the Middle East, is also a fast growing region in the world.
C. Power interconnection promotes global demand growth. The construction of large-scale cross-border power interconnection projects between countries is also a major factor in promoting the growing market demand for power transformers. For example, Siemens of Germany has just won the construction contract of HVDC transmission project connecting Ethiopia and Kenya. It is preliminarily estimated that the total length of this cross-border power interconnection project will reach 1000 km, and its purpose is to transport sufficient hydropower resources. In addition, Chile, Peru, Colombia, Ecuador and Bolivia in South America are also promoting the construction of transmission systems connecting the five countries to promote regional energy security and supply stability. For example, the completed power grid connection project of the six countries in the Middle East and Gulf (Saudi Arabia, UAE, Qatar, Oman, Iraq and Kuwait).
D. Continuous expansion of power transmission and distribution system
In addition, the stability and reliability of the power grid will also promote the overall expenditure of the transmission and distribution market and increase new investment. Although all regions of the world are paying attention to the upgrading of power grid infrastructure, especially Europe and the United States, the expansion of power transmission and distribution system will not stop.
E. According to preliminary statistics, the global power grid length will increase by 3.1 million kilometers in 2020, and the length of transmission lines of 35 kV and above in China will be 1.892 million kilometers, ranking first in the world. The global power grid investment is about US $235 billion. It is expected that by 2050, the global power grid investment will increase to US $636 billion to support power supply construction, meet new power demand and replace existing infrastructure. From 2020 to 2050, the global power grid investment needs to reach at least US $14 trillion to meet the needs of the transformed power system. The electrification transformation of heating and transportation industry promotes the growth of power demand, while the significant growth of wind power and photovoltaic power also puts pressure on the power grid. With the aging of substations, transformers and power lines, the replacement of existing power grid assets is the biggest driving force of power grid investment (for example, the United States and Europe are facing the problem of power grid aging), accounting for about 41% (US $5.8 trillion). The rest of the investment is mainly used to strengthen the power grid and connect the new power supply to the grid. The distribution network will become more important in the coming decades because a considerable number of new power plants are smaller and closer to power users. In the scenario of economic transformation, by 2050, the growth of the scale of wind power and photovoltaic power will lead to a 6-fold decline in the median scale of global power plants to 158mw, and more power plants will be directly connected to the distribution network. By the middle of this century, distribution network investment accounted for 63% of the annual power grid investment, higher than 52% in 2020.
【Source: Hengfengyou Electric; Electrical information: info@hengfengyou.com；If you need to reprint, please indicate the source of the original text: https://www.hengfengyou.com 】
