Emphasis on Rating (Small Power Transformer (Up To 60MVA), Medium Power Transformer (61 – 600MVA), and Large Power Transformer (Above 600MVA)); Cooling Type (Oil-Cooled Transformer and Air-Cooled Transformer); and Region/Country
Global electrical transformer market was stood around USD 22 bn market in 2020 and expected to grow with a CAGR of around 6% during the forecast period (2021-2027). Surging consumption of electricity in developing countries are escalating the adoption smart grid coupled with increasing need to upgrade existing transformer has positively influenced the market demand for electrical transformer. As electrical transformer plays vital role in power transmission. This transformer operates at peak load and are designed to have maximum efficiency at full load. Moreover, increase in the renewable power generation such as hydro, wind and solar are also driving the demand for electrical transformer market.
The coronavirus pandemic declared as public health emergency worldwide by World Health Organization (WHO). Government across nations implemented lockdown and ban on travelling, shutdown of manufacturing industries, and commercial activities. This had severely disrupted the supply chain. The energy consumption was severely disrupted across the countries due to the closure of industrial and commercial sector.
In addition, the slowed down in the deployment of smart grid, smart meters and smart transformer, change in electricity demand coupled with dropped in the investment on these devices has further decreased the market growth for electrical transformer.
Electrical Transformer Cooling Type, 2020
CG Power and Industrial Solutions Ltd, Siemens AG, Schneider Electric SE, TBEA Co. Ltd., EMCO Ltd., Kirloskar Electric Co. Ltd, Toshiba Corporation, Hitachi Ltd., Bharat Heavy Electricals Ltd., General Electric Company. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Rating, Small power transformer (Up to 600MVA) segment holds the major share”
Based on rating, the electrical transformer market is segmented into small power transformer (up to 60MVA), medium power transformer (61 – 600MVA), large power transformer (above 600MVA). The small power transformer (up to 600MVA) segment caters significant demand in electrical transformer market owing to its surging use in various end-user applications. Booming real estate industry and increasing demand of transformer in processing industries and infrastructure development will support the increased demand.
“Amongst Cooling Type, oil-cooled transformer segment holds the considerable share”
Based on cooling type, the electrical transformer market is classified into oil-cooled transformer and air-cooled transformer. The oil-cooled transformer segment holds the considerable market share. It is mainly owing to the increasing number of high voltage transmission projects being undertaken, the demand for oil-cooled power transformers is expected to be higher than air-cooled power transformers.
“Asia Pacific represents one of the largest markets of Global Electrical transformer Market”
For a better understanding of the market dynamics of the global Electrical transformer market, a detailed analysis was conducted for different regions including Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific holds the extensive market share because region is witnessing some of the largest T&D expansions due to rapidly increasing demand in countries such as India and China.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Global Electrical Transformer Market Covid-19 Impact
6. Global Electrical Transformer Market Revenue (usd Bn), 2019-2027f
7. Market Insights By Rating
8. Market Insights By Cooling Type
9. Market Insights By Region
10. Electrical Transformer Market Dynamics
11. Electrical Transformer Market Opportunities
12. Electrical Transformer Market Trends
13. Legal & Regulatory Framework
14. Demand And Supply Side Analysis
15. Value Chain Analysis
16. Competitive Scenario
17. Company Profiled
18. Disclaimer
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global electrical transformer market were the three major steps undertaken to create and analyze the adoption of electrical transformer in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global electrical transformer market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of electrical transformer market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the electrical transformer market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as rating and cooling type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of electrical transformer market. Further, we conducted factor analysis using dependent and independent variables such as rating of electrical transformer and cooling type of electrical transformer. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the electrical transformer market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global electrical transformer market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global Electrical transformer market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of rating and cooling types in the global electrical transformer market.
The main objective of the Global Electrical transformer Market Study
The current & future market trends of global electrical transformer market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
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