The global power transformer market is anticipated to reach $37 billion by 2026 and witness an annual installation of over 42,000 units by that year, according to a recent report by Global Market Insights.

Growing investment towards expansion of transmission networks and retrofitting of the existing networks along with increasing integration of renewables into the grid is positively influencing the deployment for these units and fueling the demand for efficient power transformers, the report says.

Additionally, ongoing expansion of cross-border networks and the introduction of ultra-high power HVDC and HVAC transmission technology for long distance transmission will further boost the product demand.

Outdoor power transformers are expected to grow over 5% by 2026. 100 MVA- 500 MVA transformers will witness growth owing to their compact size, low installation cost and extensive demand across healthcare, electric power, and oil and gas industries.

The North America market will witness substantial growth owing to steady penetration of sustainable energy sources along with enhanced focus toward upgrading the aging power infrastructure. Recent advancements in the asset health monitoring systems to ensure the system security and reliability in line with accelerating investments toward the development of long-distance transmission networks will additionally boost the industry dynamics.

 

Key participants in the power transformer market profiled in the report include ABB, Siemens, BHEL, Kirloskar Electric, Mitsubishi, Toshiba, Schneider, SPX, Voltamp, Hammond Power Solutions, Hyundai Heavy Industries, General Electric, Daihen, and Hyosung, amongst others.

Source: Global Market Insights