Latest News- Power Transformers Market: Liquid immersed is expected to lead the Type segment during 2025-2029

The Power Transformers Market is being driven by Modernization of existing transformers

The Power Transformers Market is expected to grow at a CAGR of 6.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 13.20 billion. Bio-based transformer oil, a non-toxic and incombustible alternative, is gaining significant market traction due to its numerous advantages. With excellent insulating properties, biodegradability (degrading up to 99% in 21 days), high fire point, and increased transformer service life, bio-based oil presents both performance and economic benefits. The global shift towards eco-friendly solutions and the rising number of fire accidents in mineral oil-based transformers are key factors driving the growth of the bio-based transformer oil market. Additionally, the biodegradable nature of this oil offers cost savings through reduced oil spill remediation expenses. As the demand for naphthenic oil continues to rise, the adoption of bio-based transformer oil is poised to increase substantially during the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Liquid immersed
  • Dry type
• End-user
  • Commercial power
  • Residential power
  • Industrial power
• Product Type
  • Core transformer
  • Shell power transformer
  • Berry power transformer
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • Middle East and Africa
  • South America
    • Brazil

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Modernization of existing transformers
• Growth of T and D driving demand for power transformers
• Expansion of renewable power generation capacity

However, the market also witnesses some limitations, which are as follows:

• Increasing cost of power transformers
• Corrosive nature of sulfur present in transformer oil
• Volatility in raw material prices

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Market Scope in Power Transformers Market Research Report

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Research Analysis Overview

The Power Transformer Market is experiencing significant growth due to the increasing demand for electricity from renewable energy generation and the need to modernize aging power grids. Investor confidence is high, driven by sociopolitical stability and the terawatt-hour capacity of renewable resources. Smart grids, transmission networks, and distribution channels are key areas of focus, with an emphasis on reducing carbon emissions and improving electricity access in remote places. Power transformers play a crucial role in this development, addressing issues of voltage, frequency, loss, and transmission efficiency in electricity generation and distribution. Smart meters and infrastructure research are also essential components of the power transformer industry, enabling cross-border transmission and frequency regulation in the face of increasing electricity demand.

Market Research Overview

The global heavy electrical equipment market, a significant sector within the manufacturing industry, serves the energy sector and other industrial segments such as mining, oil and gas, and power. This market encompasses companies and manufacturers producing equipment for power generation, distribution, and transmission in fixed-use and large-scale electrical systems. According to Technavio, the market size is determined by the consolidated revenue generated by electrical components and heavy electrical equipment manufacturers, including electric cables, wires, and associated components. The market growth will be influenced by several factors, including the increasing occurrence of power outages due to natural disasters in regions like MEA, Europe, and APAC, which are prone to extreme weather conditions such as floods, earthquakes, and annual droughts. Additionally, the need for capital expenditures and investments in bulk power transmission systems, automation equipment, air insulation, bio-based oils, Berry core, and aluminum to reduce carbon emissions and enhance grid reliability will further drive market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/