Market Size of Medium Voltage Transformer Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 2.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Medium Voltage Transformer Market Analysis
The global medium voltage transformer market is expected to grow at a CAGR of more than 2.5% over the period of 2020-2025. The increasing demand for electricity, owing to the rapid urbanization in developing countries, and the rising expansion of transmission and distribution (T&D) network to integrate renewable energy resources are some of the key factors driving the growth of the global medium voltage transformer market. Moreover, the T&D network is undergoing transformation to reduce losses, which requires replacement of electric components, including medium voltage transformers, is expected to drive the market during the forecast period. However, huge investment that is required for setting up and modernizing the power transmission and distribution network, and weak investment is restraining the market growth.
- Dry-type medium voltage transformer is expected to be the largest segment during the forecast period, owing to its several advantages over liquid-type transformer, as they are generally smaller, lighter, and easier to maintain, requiring only occasional cleaning and inspection.
- With the falling cost of renewable-based power generation, the requirement for T&D infrastructure is expected to increase, thereby, providing an opportunity to the players involved in manufacturing and supplying the medium voltage transformers.
- Asia-Pacific is expected to lead the market and also be the fastest growing market during the forecast period, driven by China, India, Indonesia, and South Korea which are the major drivers of the power generation growth.
