The power transformer market is projected to witness a lucrative rate of growth over the forthcoming time period owing to ongoing expansion of smart grid networks, large-scale urbanization, favorable government initiatives toward alleviating accruing energy security concerns, and rising electricity demand across the commercial and residential establishments. A power transformer is a static machine which is used to transform power from one circuit to another circuit without the need of changing frequency.

The power transformer market is bifurcated into different segments in terms of core, in terms of winding, in terms of installation, in terms of cooling, in terms of insulation, in terms of phase, in terms of rating, in terms of mounting, in terms of application, and regional landscape.

With respect to core, the overall market is classified into shell, berry, and closed. Rapid urbanization across developing nations and ongoing expansion of smart grid networks will positively influence the closed core-based power transformer industry.

Based on cooling, the market for power transformer is divided into dry type and oil immersed. The dry type segment is further divided into air blast and self-air. Self-air power transformer market is anticipated to grow at a rate of over 7% by the end of the analysis timeline. In 2020, air blast power transformer market was valued at more than $3 billion and is estimated to follow strong growth over the coming years.

Oil immersed segment is classified into water cooled, forced oil, and self-cooled. Among these, self-cooled segment is estimated to grow at a rate of over 4% by 2027. Water cooled segment in 2020 was valued approximately $3 billion and is further estimated to follow robust growth over the coming time period. Forced oil segment is projected to grow at a rate of over 5% by the end of the analysis time period.

With respect to insulation, the overall market tis bifurcated into air, oil, gas, and solid. Among these, gas segment is anticipated to grow at a rate of around 7% by the end of the analysis timeline. Ongoing technological enhancements along with shifting preferences toward the replacement of existing insulation techniques to achieve environmental sustainability will thrust the demand for solid power transformers segment.

Based on phase, the power transformers market is divided into three phase and single phase. In 2020, single phase segment was valued at more than $3 billion and is likely to follow similar growth over the coming time period. Three phase segment is anticipated to grow at a rate of over 5% by the end of the analysis timeline.

In terms of rating, the market for power transformer is segmented into more than > 800 MVA, 501 MVA to 800 MVA, 101 MVA to 500 MVA, and less than < 100 MVA. Growth of small-scale industries expansion along with ongoing electrification initiatives will stimulate the < 100 MVA capacity power transformer segmental growth. Meanwhile, refurbishment demand for current grid infrastructure will drive the 501 MVA to 800 MVA capacity segment growth.

Based on mounting, the power transformer market is classified into pole, PC/PCB, and pad. Pad mounted segment is expected to grow at a rate of over 5% by 2027. Large scale integration of renewable sector and favorable government rules toward accruing energy security concerns will fuel the demand for PC/PCB segment.

With respect to application, the overall power transformer market is categorized into industrial, residential & commercial, and utility. The residential & commercial segment is further classified into societies, hotels, and hospitals. Among these, the hotel segment is forecast to see tremendous growth on account of a booming tourism sector, which will positively stimulate hotel stays over the analysis period.

In 2020, power transformer market across hospital was valued at more than $300 million and is slated to record a healthy growth over the coming time period. Meanwhile, rising electricity demand across the commercial and residential establishments will drive the societies segmental growth.

The industrial application segment is segmented into oil & gas, railways, cement, and power. The railways application segment is expected to grow at a rate of about 6% by the end of the projected time period. The power transformer market across the cement application segment is likely to witness substantial growth over the coming time period owing to the developing commercial sector and surging infrastructural investments.

Power industry segment is likely to exceed more than $900 million by the end of the analysis time period. Meanwhile, oil & Gas power transformer accounted for more than 20% of the overall power transformer market share in 2020 and is anticipated to exhibit stronger growth over the coming years.

From a regional frame of reference, Europe power transformer market is expected to grow at a rate of over 5% by the end of the analysis timeframe. Meanwhile, large scale urbanization and increasing energy demand across Latin America will drive the product demand through the analysis timeline.