The global High Voltage Power Transformer market size was valued at $ 17.12 billion in 2019, and is expected to reach $ 25.77 billion by 2026, registering a CAGR of 6.02% from 2020 to 2026, according to the newest report published by QYResearch.
High Voltage Power Transformer is a type of transformer used primarily to receive low voltage generator electric power and transmit it across distribution channels across the power grid network. It forms a crucial part of the power grid and helps in transmission of power from one network to the other without change in frequency. Generation of electric power in low voltage is cost effective, but it leads to high line current. The transmission of high current leads to more line losses. But if the voltage of the incoming power is increased then efficient power transmission is enabled. Hence, a High Voltage Power Transformer is mainly used to step-up the voltage. High Voltage Power Transformers thus play a vital role in power transmission. These transformers operate at peak load and are designed to have maximum efficiency at full load. Decades of research in the transmission networks has led to an increase in the transmission voltages. High Voltage Power Transformers enable the power transmission low-voltage to high-voltages.
Global High Voltage Power Transformer Market: Driver Analysis
Various factors drive the global High Voltage Power Transformer market. Apart from the growing consumption of electricity, the increasing focus on renewable electric power generation, deployment of smart grids and smart transformers, replacement of existing aged High Voltage Power Transformers are some other factors responsible for the global High Voltage Power Transformer market growth. As power sector is the key indicator of economic growth, countries are investing in strengthening their power infrastructure and meeting the growing demand for electricity. Investments include new power grid projects that integrate electric power generated through renewable sources to the main power grid. Increase in renewable power generation such as hydro, wind, and solar are prominent drivers for the global market of High Voltage Power Transformer.
Global High Voltage Power Transformer Market- Key Players
Hitachi ABB Power Grids, TBEA, SIEMENS, SGB-SMIT, Mitsubishi Electric, GE, SPX, JSHP Transformer, Schneider, Alstom, Efacec, Chint , Sanbian Sci-Tech, Crompton Greaves, ZTR, Weg , TOSHIBA, Dachi Electric, Hyundai, Luneng, Sunten Electric, Daihen, Fuji Electric, Qiantang River Electric, Eaton, Qingdao Transformer Group, are some of the key players, functioning in the global High Voltage Power Transformer market. There are many producers in the industry and the market is scattered. Presently, leading companies, like Hitachi ABB Power Grids, TBEA, SIEMENS are accounts for a certain share. The top 10 players accounted for about 34% production share globally.
Global High Voltage Power Transformer Market: Segmental Analysis
1-330 KV, 330-500 KV, Above 500 KV are analyzed in the report. 1-330 KV is the most common type in the market. In 2019, about 77% high voltage power transformer consumed in the market are 1-330 KV.
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