Power Transformer Market Share Analysis:
Power Transformer Market Share size is expected to outstretch USD 34,510.2 Million by 2033 with a growth rate of 8.64% CAGR between 2022 to 2030.
Global Power Transformer Market Share – Geographical Analysis
The Asia Pacific region leads the global Power Transformer Market Share. Factors such as continuous efforts to update and upgrade existing distribution channels and the transmission infrastructures in the region drive the Power Transformer Market Share size. Besides, rising government initiatives to serve the growing electricity demand and improvise access to electricity, alongside the stable economic growth in the region, add to the Power Transformer Market Share value.
Rising foreign direct investments (FDI) to expand infrastructures and large-scale power plants fuel the Power Transformer Market Shares. India, Japan, and China have emerged as key markets due to continuous upgrades in existing distribution infrastructures. Moreover, extensive power plant capacity additions and the need to improve access to electricity foster the Power Transformer Market Share industry in the region.
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Power Transformer Market Share – Competitive Analysis
Highly competitive, the Power Transformer Market Share appears fragmented due to the presence of several well-established industry players. Industry players incorporate strategies, such as mergers acquisitions, collaboration, product launches, and expansions to gain a larger competitive share.
Players leading the global Power Transformer Market Share include SGB-SMIT Group (Germany), Crompton Greaves Ltd. (India), Siemens AG (Germany), SPX Transformer Solutions Inc. (US), Schneider Electric (France), Hyundai Electric Energy Systems Co. Ltd. (South Korea), Bharat Heavy Electricals Limited (India), Hyosung Power Industrial Solutions (South Korea), ABB Ltd. (Switzerland), Toshiba Corporation (Japan), and Mitsubishi Electric Corporation (Japan), among others.
The global Power Transformer Market Share is growing rapidly, mainly due to the increasing demand for power, which is led by boosting industrialization, urbanization, and population worldwide. Besides, rising upgrades in power utility infrastructures to meet the growing demand for power from the commercial and residential sectors foster the growth of the market.
With the increasing adoption of power transformers as electrical parameter measures, the market is projected to witness significant revenue growth. In this regard, Market Research Future (MRFR) confirms that the global instrumental transformer market is forecasted to grow at a colossal CAGR during the assessment period (2022-2030). Rising demand for long-distance power transmission drives the growth of the market.
Additionally, increasing power utilities across the globe significantly influence the market demand. Rapid industrialization accelerates market growth, consuming enormous amounts of electricity. Also, the befits that power transformer offers, such as reduced capital, operational expenditures, and increased output, boost the market growth. Spurring rise in the industrial sectors accelerates the growth of the market.
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Power Transformer Market Share – Segmentation
The report is segmented into power ratings, cooling types, and regions. The power rating segment is sub-segmented into small power, medium power, and large power. The cooling type segment is sub-segmented into air-cooled and oil-cooled. The region segment is sub-segmented into Europe, Americas, Asia Pacific, and the Rest-of-the-World.
Industry/ Innovation/ Related News
Oct.05, 2021 --- GE-Prolec Transformers, Inc., a joint venture (JV) subsidiary between GE and Xignux, announced the completion of SPX Transformer Solutions business of SPX Corporation. SPX Transformer Solutions is primarily known for its Waukesha transformers, services, and components. The acquisition would enable Prolec GE to comprehensively serve the American market with a broader range of innovative and sustainable solutions for electrical energy delivery.