Power Transformer market is set to reach USD 34,510.0 Million by 2030

Power Transformer Market Overview

The power transformer market will witness a healthy growth from 2022 to 2030, a research report suggests. Growing at a CAGR of 8.5%, the market is projected to reach USD 34,510.0 Million by 2030. The rising consumption of electricity is expected to support the market growth along with replacement of the traditional power transformers. As predicted by analysts, complex processes will negatively affect the market’s performance from 2022 to 2030. During the forecast period, the market will be supported by growth of the economy and the growth of communication channels. The high cost related to the power consumption on the other hand will challenge passive electrical devices sector based organizations functioning in the global power transformer market. Analysts have split the market into power rating and cooling type segments based on products and services. Passive electrical devices based companies have been profiled.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Power Transformer Market Research Report

The rise in the prices of raw materials is set to affect the global market during the forecast period 2022 to 2030. The report also provides the market’s performance forecasts till 2030. Analysts have studied the strategy of passive electrical devices segment based organizations to help new entrants and established businesses. The passive electrical devices sector itself is supported by the rise in the investment in the new power projects as well as the growing urbanization. During the forecast period 2022 to 2030, the power transformer market is set to witness a health growth across power rating and cooling type segments as well as regional markets.

Market Segmentation

The passive electrical devices sector has seen growth across power rating and cooling type segments owing to increasing awareness levels and favorable government policies. To study the market, analysts have further segmented power rating and cooling type into air-cooled and oil-cooled segments on the basis of power rating. The market is further segmented into a cooling type sub segment which is split into large power, medium power, and small power.

The segmental analysis presented in the report provides passive electrical devices field based organizations insights into key growth factors such as a rise in the disposable income as well as challenges such as concerns regarding high costs the market will face from 2022 to 2030. The rise in distribution channels and the increasing spending power of consumers are some of the key factors having an influence on passive electrical devices industry based companies, suggest analysts as per the power transformer market report. But the report also identifies problems related to supply chain and the lack of investments as major threats companies in passive electrical devices will face till 2030.

Regional Overview

Passive electrical devices market based companies in the power transformer market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The presence of effective communication will be a key growth driver for regional markets. However, the shifting preference for cheaper alternatives will turn out to be a threat. For the forecast period 2022 to 2030 each of these regional markets are studied in the report. Starting from North America, the regional market and passive electrical devices vertical based companies are spread across the United States, Canada, and Mexico. The lack of R&D investments will turn out to be a major challenge from 2022 to 2030.

Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by the increasing awareness among consumers as well as technological developments, suggests the report. Similarly, the passive electrical devices sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the power transformer market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2030.

Competitive Landscape

The global power transformer market research report brings a comprehensive study of power rating and cooling type market segments, regional analysis, and passive electrical devices vertical based company details of key players. As the forecast period 2022 to 2030 will bring new opportunities for the market owing to the changing social behaviour and favorable policies across regional markets, the market is set to grow at a compound annual growth rate of 8.64% and is predicted to reach a value of US$34,510.2 million by 2023. With SWOT analysis of passive electrical devices sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the increasing demand and supply gap and the unavailability of professional services , companies in the passive electrical devices sector can change the way business is done.

Industry News

Northern Transformer Corporation, a major producer of power transformers for the North American utility industry headquartered in Toronto, announced today the purchase of VRT Power Ltd. of Tel Aviv, Israel's North American brand, products, and designs. The transaction's terms were not disclosed. VRT Power's best-in-class equipment for low noise, lightweight footprints, personalized solutions, and demonstrated reliability is widely respected by leading utility customers, with more than 300 utility grade power transformers and mobile substations deployed in North America.