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The global power transformer market was valued at US$27.7 billion in 2019 and is expected to reach US$50.8 billion by 2027, with a compound annual growth rate of 7.9% from 2020 to 2027.A power transformer is a power distribution channel that is mainly used to receive power from low-voltage generators and transmit it through the grid network.Power transformers are part of the transmission system and an important element in the power transmission value chain.It helps to evacuate electricity from the power station and deliver it to the load center.
Power transformers are generally used in power transmission networks to increase or decrease voltage levels.These transformers operate under peak loads and are designed to have maximum efficiency at full load.Decades of research on transmission networks have led to an increase in transmission voltage.Power transformers can transfer power from one network to another without changing the frequency.Due to the reduction of transformer materials and the tendency to provide enhanced voltage regulation, ohmic and core losses can be minimized, which will increase the market share of automotive power transformers.The continuous improvement of the applicability of these devices under severe operating conditions, coupled with the increasing deployment on key nodes of high-voltage transmission networks, will have a positive impact on industry statistics.
Power transformers are mainly used for step-up, because high-voltage power transmission is more efficient than low-voltage power transmission.It is used in power generation booster units (GSU), substations, oil and gas refineries, chemical and petrochemical, cement industry, mining, desalination plants, shopping malls, subways and other infrastructure fields.High voltage direct current (HVDC) has become the preferred transmission technology for long-distance and large-capacity power supplies.Countries such as the United States and China have built long-distance power transmission networks to transmit more energy through UHV DC, thereby maximizing the use of renewable energy while reducing dependence on coal.Ultra-high voltage transmission technology has been applied in many countries including China.
Increase in power consumption, replacement of existing power transformers to integrate with renewable energy, and deployment of smart grids are the main driving forces driving the global power transformer market.The increase in electricity demand and the emergence of renewable energy have increased the adoption of high-voltage power transmission technologies, such as UHV, HVAC, and high-voltage DC power transformers.The development of modern electric vehicles and the incentives to deploy them are increasing power consumption in the automotive industry.In order to effectively distribute electricity to deficit areas, the transmission system network needs to be strengthened and strengthened.
The growth of the global power transformer market varies with government investment, economic development, and the willingness of private utility companies to upgrade the existing transmission network.Aging infrastructure is one of the factors driving the growth of the global power transformer market.Aging equipment has a higher risk of failure and is unreliable.Frequent transmission failures hinder the development of customers, just like industrial and other commercial power consumers who need a stable power supply.In addition, due to grid constraints, the growth of renewable energy investment has slowed.Therefore, upgrading the capacity of power transformers is essential to meet future power demand.
The increase in power usage, the replacement of existing power transformers, and the increase in the adoption rate of smart grids and smart transformers are driving the global power transformer market.With the increase in energy demand, there is an increasing tendency to integrate a wide range of power distribution links, which will actively stimulate the statistics of the residential and commercial power transformer market.Due to the service expansion of the resource-based industry, people’s awareness of low carbon emissions continues to increase, which is expected to provide significant growth opportunities for the industry.However, pricing pressures from manufacturing companies combined with fluctuations in raw material prices are expected to hinder growth.
According to the rated value, the market is divided into low (5 MVA to 100 MVA), medium (100 MVA to 500 MVA) and high (500 MVA and above) rated power transformers.Due to their use in power and industrial transmission applications, medium-sized power transformers account for half of the global power transformer market.
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Post time: Dec-22-2021