Medium Voltage Transformer Market - Key Research Findings
- The global medium voltage transformer market size in 2019 is set to reach ~US$ 10
- The medium voltage transformer market is anticipated to grow at a CAGR of ~4% during the forecast period of 2019-2029.
- APEJ is projected to be an opportunistic market for the medium voltage transformer market by the end of 2029.
- The APEJ market is predicted to be one of the most profitable markets for medium voltage transformers, owing to the increasing government investments on electricity production. As the population of APEJ is increasing rapidly, the region is expected to create higher demand for electricity. Hence, various governments are planning to increase the capacities of their power generation plants. Capacity expansion of these power plants will lead to high demand for medium voltage transformers for transmission and distribution, which, in turn, will drive the regional market growth.
- Oil immersed medium voltage transformer is expected to remain the most preferred product among the end-use industries.
- Growing industrial application of medium voltage transformers is expected to create incremental $ opportunity of ~US$ 3 Bn over the forecast period.
Key Factors Shaping the Medium Voltage Transformer Market
Growing Renewable Power Generation Expected to Boost the Demand for Medium Voltage Transformers
Most of the end users are shifting their focus from energy generation by fossil fuel-operated power generators to alternative forms of power or energy. These alternative forms of energy, such as wind turbine, solar panels, and others, are gaining popularity among all types of electricity end users. Additionally, dependency on fossil resources and carbon emission is increasing at a rapid speed.
Thus, in order to reduce this dependence, usage of renewable energy sources, such as solar and wind energy, is encouraged. Many countries are planning to adopt these renewable energy sources, which is expected to increase the demand for medium voltage transformers for transmission and distribution.
Increasing Transmission Infrastructure Investments Will Drive Demand
Governments are increasing their budgets and investments in transmission infrastructure in order to develop better transmission and distribution facilities. Additionally, growing awareness about smart grids, intelligent control systems, intelligent power distribution, and control systems has increased the usage of medium voltage transformers, which, in turn, will drive the market growth.
The medium voltage transformer market is also being driven by some other factors such as rapid developments in power supply, rising transmission and distribution demand, increasing power grid construction, and investments.
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Huge Investments in Smart Grids and Rise in Cost-Effective Products
The smart grid can play a key role in saving energy and due to growing awareness regarding energy saving, smart grids have captured a huge share in electricity transmission and distribution sector in both urban as well as rural areas. Therefore, the development of new concepts such as smart grids and their installation marks a new trend in the medium voltage transformer industry.
Medium Voltage Transformer Market Structure Analysis
- The global medium voltage transformer market is a moderately consolidated market.
- Medium voltage transformer market players are focusing on expansion of business through collaborations, mergers, acquisitions, and alliances. Key market players are focusing on strategies such as adoption of new technologies to develop innovative products and further enlargement of distribution channels, which will help increase sales of medium voltage transformers. For instance, ABB Group announced the acquisition of GE’s global electrification solutions business. Also, Siemens AG signed a joint venture agreement with Valeo, a Germany-based company that manufactures high voltage powertrains.
- Increasing investments in research and development for transformer products are projected to boost the growth prospects of the medium voltage transformer market.
- Major players in the medium voltage transformer market are Siemens AG, ABB Group, General Electric Company, Fuji Electric Co., Ltd., Hitachi, Ltd., Schneider Electric SE, Eaton Corporation PLC, Mitsubishi Electric Corporation, Jinpan International USA Ltd., CG Power & Industrial Solutions Ltd., Fortune Electric Co., Ltd., Schaffner Holding AG, Hammond Power Solutions Inc., Kirloskar Electric Company, MGM Transformer Company, and Amran Inc., among others.
- 1,200 kVA
- 1,500 kVA
- 2,000 kVA
- 2,500 kVA
- Oil Immersed
- Single Phase
- Three Phase
- Building Establishment
- Civil Infrastructure
- IT – Data & Server Centers
- North America
- Latin America
- Western Europe
- Eastern Europe