Power transformer Market - growth, trends and forecasts (2022-2027)
Writer： Hengfeng you electric Time：2023-05-09 views：times
Market Overview
With the increase of global power demand, the power transformer market is expected to grow significantly. In 2018, the power demand is about 26000 TWH, and the compound annual growth rate is expected to be close to 6% by 2025. The growth of power demand will certainly promote the growth of power transformers, especially high-voltage long-distance transmission. A power transformer is a static machine used to convert power from one circuit to another without changing the frequency. These transformers are generally above 200mva and are installed at the end or receiving end of long high-voltage transmission lines for step-up and step-down applications. The power transformer market is driven by the increasing deployment of renewable infrastructure for power generation and the upgrading and expansion of existing grid infrastructure. However, the installation cost and logistics difficulty of power transformer are expected to become restrictive factors for future market growth.
With the improvement of awareness of global climate conditions and the acceleration of urbanization, the demand for power and power transformers is expected to increase in the near future. The entry of electric vehicles and the growing industry are several factors that are expected to increase with population growth.
Among all power transformers, large power transformer is the most used transformer in distribution and transmission network. This type of power transformer is expected to become an important part in the next few years.
The Asia Pacific region is one of the most important markets for power generation. With the increasing demand for electricity and cross-border transmission and the use of renewable resources, the power transformer market is expected to grow in the forecast period.
Key market trends
Large power transformers occupy the largest market share
Large power transformer has the largest unit in the power transformer group. Its power range is usually higher than 200 megavolt ampere (MVA). Few companies produce large power transformers, so the competition in this field is low.
Developed countries around the world are replacing old transformers to ensure sustainable and effective power supply. This trend is expected to increase during the forecast period. In the next few years, environmental protection large power transformers are expected to grow significantly due to their environmental feasibility and related advanced characteristics.
In 2019, ABB's contract to provide converter transformers and high-voltage equipment for the 800 kV UHVDC transmission link owned by the State Grid Corporation of China (SGCC) was one of the largest contracts for power transmission projects in the above-mentioned years.
The Asia Pacific region is an important market
The Asia Pacific region is an important market for transmission and distribution networks. The region has the largest population in the world and has a higher demand for electricity than the rest of the world.
With the per capita electricity consumption increasing by about 0.1 MWh, the power demand in the region is expected to increase to nearly 11000 TWH by 2025, which in turn may boost the power transformer market.
China and India are expected to be the largest markets in the region. By 2020, China is expected to implement nearly 30 gigawatts (GW) of wind energy and 60 gigawatts of solar energy projects. In addition, 262 gigavolt ampere new substations may be installed in the near future.
Competition pattern
The power transformer market is decentralized. The main owners in the market include ABB group, Siemens Co., Ltd., general electric company, Crompton Greaves Co., Ltd., Toshiba, Hyundai Heavy Industry Co., Ltd., Mitsubishi Electric Co., Ltd., Xiaoxing Co., Ltd., balat Heavy Electric Co., Ltd. and SPX transformer solutions.
