According to the research report titled ‘Power Transformer Market Size By Core (Closed, Shell, Berry), By Winding (Two Winding, Auto-Transformer), By Installation (Outdoor, Indoor), By Cooling (Dry Type {Self-Air, Air Blast}, Oil Immersed {Self-Cooled, Water Cooled, Forced Oil}), By Insulation (Gas, Oil, Solid, Air), By Phase (Three Phase, Single Phase), By Rating (100 To 500 MVA, 501 To 800 MVA, > 800 MVA), By Mounting (Pad, Pole, PC/PCB), By Application (Residential & Commercial {Hotels, Hospitals, Societies}, Utility, Industrial {Railways, Cement, Power, Oil & Gas}), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available at MarketStudyReport.com, the global power transformer market is expected to register an annual deployment of 42,000 units by the year 2026.
 

According to the report, rising deployment of sustainable sources of energy in tandem with increasing investment towards expanding transmission networks will drive the power transformer market growth between 2020-2026. Demand for power transformers is escalating constantly owing to their features such as ease of transportation, short circuit reliability, and compactness. Also, increasing investments by government and private organizations on electrification programs are aiding the expansion of the market. Moreover, rising renovation activities of current electricity grids are stimulating the industry outlook.
 

As per rating, 100 MVA to 500 MVA transformer units are expected to register considerable growth during the forecast period. These transformers are affordable and compact in size and hence, are extensively used in healthcare, oil & gas, and electric power industries. Rising adoption of these units in power generating stations and electrical substations is facilitating the business scenario.
 

In terms of insulation, air insulated transformers segment will witness substantial growth over 2020-2026 since they are safe and reliable. Moreover, air insulated transformers are environment friendly, and can avoid combustibility and minimize secondary effects.
 

By mounting, pole mounted transformers segment is presumed to grow significantly during the estimated timeframe. The growth is attributed to their compact size and easy deployment on single poles, hence are extensively used in residential, commercial, rural and urban sectors.
 

Based on application spectrum, the commercial and residential application segment is estimated to expand substantially in the future, owing to increasing energy-efficiency concerns and rising focus towards adoption of wide range frequency distribution links.
 

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Considering the geographical landscape, the report states that the Asia-Pacific power transformer market is expected to grow substantially due to favorable government initiatives aimed at upgrading existing power infrastructure. Rapid urbanization and industrialization coupled with growing demand for electricity are contributing towards the popularity of the product across Asia-Pacific region.
 

Voltamp Transformers Ltd., Hammond Power Solutions, Hyundai Heavy Industries Co. Ltd., CG Power & Industrial Solutions Ltd., Toshiba Corp., Mitsubishi Electric, Schneider Electric, Siemens AG, General Electric, Daihen Corp., Bharat Heavy Electricals Ltd., Hyosung Power & Industrial Systems, Kirloskar Electric, Celme, SPX Transformer and ABB Ltd. are the prominent companies operating in the power transformer market.