2022 transformer global market report
Writer： Hengfeng you electric Time：2023-04-20 views：times
The main participants in the transformer market are abb, general electric, Schneider Electric, Mitsubishi Electric, Schneider Electric, Mitsubishi Electric, Toshiba, Siemens, sgb-smit and Hammond power solutions.
New York, March 25, 2022 (globe Newswire) -- reportlinker Com announced the release of the 2022 transformer global market report
The global transformer market is expected to grow from US $75.89 billion in 2021 to US $95.51 billion in 2022, with a compound annual growth rate (CAGR) of 25.9%. The growth was mainly due to the company's rearrangement of business and recovery from the impact of covid-19, resulting in restrictive containment measures involving social distance, remote work and closure of business activities, resulting in operational challenges. The market is expected to reach $220.4 billion in 2026, with a CAGR of 23.3%.
The transformer market includes the sale of transformers and related services for the manufacture of power, distribution and special transformers. A transformer transfers energy from one circuit to another.
The transformer increases or decreases voltage and current levels and increases or decreases the value of the capacitor to prevent DC from passing between the two circuits and isolate the circuit.
The main types of transformers are power transformers and distribution transformers. Power transformer is a kind of transformer used to transmit electric energy between generator and distribution primary circuit.
In the distribution system, these transformers are used to connect the step-up and step-down voltages. It can be used as low rated transformer and high rated transformer for public utilities, residential, commercial and industrial end users.
The Asia Pacific region is the largest region in the transformer Market in 2021. Western Europe is the second largest region in the transformer market.
The regions covered in this report include Asia Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East and Africa.
Favorable government policies to promote electrification will promote the growth of transformer Market in the forecast period. Countries around the world are implementing a number of initiatives to improve their electrification level.
For example, in 2019, the Indian government launched the "one country, one network" plan, which aims to provide affordable electricity to all States. These plans will increase the medium-sized power transformer Market during the forecast period.
With the support of favorable government measures, the growing demand for medium, low and high-power transformers will have a positive impact on the growth of the transformer market.
The unstable price of raw materials is the main factor restricting the transformer manufacturing market. This instability is due to fluctuations in the prices of raw materials such as steel, copper and crude oil.
Steel and copper are mainly used in the manufacture of transformers. The increase of tariffs on raw materials such as steel and copper increases the price fluctuation, which limits the growth of medium power transformer market.
For example, in February 2020, the US government decided to increase import tariffs on derived steel and aluminum by 25% and 10% respectively. The increase in price leads to an increase in operating expenses, which hinders the growth of the market.
The transformer market is developing towards an independent and self regulating intelligent transformer. The smart transformer is programmed to continuously adjust the voltage and keep in touch with stakeholders, and provide information and feedback about the power supply.
They provide the exact amount of power required and respond to fluctuations through a process called voltage optimization. They provide ideal power for electrical equipment, thereby significantly reducing greenhouse gas emissions and power consumption.
For example, in 2021, Hitachi ABB grid cooperated with NTU Singapore to carry out a government led smart grid development project. The two organizations will work together to promote the development of solid-state transformer (SST) technology, led by the Energy Research Institute and the National Research Foundation of Singapore.
The project is part of the Singapore energy grid 2.0 program, which aims to shape the next generation grid system and transform energy management by combining multiple energy sources into a more efficient, sustainable and resilient smart network.
In June 2019, Hitachi, a Japanese energy solution provider, acquired 80.1% of ABB's power grid business for us $11 billion. The acquisition aims to expand Hitachi's product portfolio by merging ABB's power grid and provide enhanced energy solutions worldwide. Abb is a Swiss based company specializing in the production of power transformers and other grid products.
The countries covered in the transformer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom and the United States.
