Growing Investment in Power Transformer Development to Drive Global Power Transformer Market

The global power transformer market is anticipated to grow at a CAGR of 7.4% during the forecast period (2024-2031). The growing investment in power transformers to meet the growing energy demand is a key factor driving the global market growth. High demand and supportive initiatives for smart grid development have resulted in the need for smart meters, which is expected to positively impact the power transformer market globally. 

Browse the full report description of “Power Transformer Market Size, Share & Trends Analysis Report by Application (Residential & Commercial, Utilities, and Industrial), by Core (Closed, Shell, and Berry), by Insulation (Gas, Oil, and Solid), and by Phase (Single, and Three) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/power-transformer-market

Recent Investments in the Power Transformer Industry

• In July 2023, Aramco awarded a $41 Million Contract to Saudi Power Transformers. Saudi Power Transformers, a subsidiary of the Electrical Industries Company (EIC), has secured a $41 million contract from Saudi oil behemoth, Aramco. The contract involves the supply of transformers, reinforcing EIC’s position as a leading provider of diversified electrical products and services in the Middle East.

• In June 2023, HD Hyundai Electric secured $223.0 million in transformer deals with the US and EU. The company has struck a deal worth $164.0 million with US energy firm Xcel Energy to provide electric power transformers, marking the largest contract for a single product since the company’s spinoff from Hyundai Heavy Industries in 2017. These transformers will be delivered from 2025 to 2027 to power plants under construction in Colorado, Minnesota, and Texas.

• In April 2023, Hitachi Energy announced to invest an additional $1.5 billion to ramp up global transformer production by 2027. Capacity expansion will increase speed to market to meet accelerating global demand, address long-term customer investments, and create over 4,000 jobs. Investments span across Europe, the Americas, and Asia leveraging the existing global footprint. Around $180.0 million in a new state-of-the-art transformer factory in Finland, a key location for clean technology development for renewables and industrial electrification.

Market Coverage

• The market number available for – 2023-203

• Base year- 2023

• Forecast period- 2024-2031

• Segment Covered- 

o By Application 

o By Core

o By Insulation

o By Phase

• Regions Covered-

o Asia-Pacific

o North America

o Europe

o Rest of the World

• Competitive Landscape- ABB Ltd., Siemens AG, General Electric, Toshiba Corp., Schneider Electric, and Alstom SA among others. 

Key questions addressed by the report.

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Power Transformer Market Report Segment

By Application

• Residential & Commercial
• Utilities
• Industrial

By Core

• Closed
• Shell
• Berry

By Insulation

• Gas
• Oil
• Solid

By Phase

• Single
• Three

Global Power Transformer Market Report Segment by Region

North America

• United States

• Canada 

Europe

• UK

• Germany

• Italy

• Spain

• France

• Rest of Europe 

Asia-Pacific

• China

• India

• Japan

• South Korea

• Rest of Asia-Pacific 

Rest of the World

• Latin America 

• Middle East & Africa

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