Top Trends Shaping the Distribution Transformer Market
Distribution Transformer Market projected to grow at a CAGR of 6.6% from 2024 to 2033.
WILMINGTON, DELAWARE, UNITED STATES, July 18, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, the distribution transformer market size was valued at $25.2 billion in 2023, and is estimated to reach $47.5 billion by 2033, growing at a CAGR of 6.6% from 2024 to 2033.
The major players operating in the distribution transformer industry growth include ABB, Siemens, Schneider Electric, Eaton, General Electric Company, HD HYUNDAI ELECTRIC CO., LTD, Fuji Electric Co., Ltd., Toshiba Corporation, Padmavahini Transformers Private Limited, and Lemi Trafo Jsc.
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Asia-Pacific is the fastest growing segment in the distribution transformer market. Many countries in the Asia Pacific region are experiencing rapid urbanization, leading to increased demand for electricity in urban areas. Distribution transformers play a crucial role in delivering electricity from transmission grids to urban centers and industrial zones, meeting the growing energy needs of urban populations.
Several countries in the Asia Pacific region, such as Japan, South Korea, and Australia, are actively integrating renewable energy sources like solar and wind power into their electrical grids. Distribution transformers are essential for efficiently distributing electricity generated from these intermittent renewable sources to consumers, contributing to the region's energy transition.
A distribution transformer industry is a crucial component in electrical power systems, responsible for stepping down the voltage from the high levels used in transmission to the lower levels suitable for distribution to consumers. One of the primary functions of a distribution transformer is voltage transformation. It reduces the high voltage from the transmission system to a lower voltage suitable for distribution.
Commercial establishments, such as offices, retail stores, and schools, also rely on distribution transformers to provide electricity for lighting, heating, cooling, and other electrical loads. These transformers are installed indoors or outdoors, depending on factors such as space availability and safety considerations.
In the industrial sector, distribution transformers play a critical role in powering manufacturing plants, refineries, data centres, and other industrial facilities. These transformers are typically larger and more robust than their residential and commercial counterparts, as they need to handle higher loads and operate under more demanding conditions. They are customized to meet the specific voltage and power requirements of industrial equipment and machinery.
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The electrification of heating and cooling systems is expected to drive the growth of distribution transformer market. Electric heating and cooling systems, such as heat pumps and electric air conditioners, draw power from the electrical grid to provide heating and cooling services.
As more households and buildings adopt these electric alternatives to traditional fossil fuel-based systems, the overall demand for electricity rises. This increased demand places greater strain on the distribution infrastructure, including distribution transformers.
Heating and cooling systems often operate during peak demand periods, particularly during extreme weather conditions when heating or cooling needs are most significant.
Distribution transformers must be capable of handling these peak loads without overheating or experiencing voltage fluctuations. Higher efficiency transformers and those with greater thermal capacity are required to meet these demands effectively.
According to the Energy Information Administration, major electricity utilities in the U.S. spent $15.87 billion on transmission operations in 2022, up from $6.94 billion in 2010. The distribution network budget has grown from $3.64 billion in 2010 to $5.97 billion in 2022.
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Power delivery spending has continuously climbed as utilities replace aging equipment and build transmission infrastructure to handle new renewable generation.
Distribution transformers are subject to various international standards and regulations to ensure their safety, reliability, and performance.
Organizations such as the International Electrotechnical Commission (IEC), the Institute of Electrical and Electronics Engineers (IEEE), and national regulatory bodies set standards and guidelines for the design, testing, and operation of transformers to ensure compliance with quality and safety requirements.
By product type, the underground vault segment is the fastest growing segment representing 7.0% of CAGR in the market during the forecast period.
By power rating more than 10,000 kVA is the fastest growing segment growing with the CAGR of 7.2% during the forecast period in the market.
By phase type, three phase is the highest revenue contributor accounting for more than half of the distribution transformer market share.
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By end-use, residential is the fastest growing segment representing 7.4% CAGR in the market from 2024-2033.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Allied Market Research
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