IT – Data and Server Centers Segment is expected to constitute a CAGR of 4.4% in the medium voltage transformer market through 2033. Global electricity demand is surging due to population growth, industrialization, and urbanization. The adoption of smart grid tech is boosting the need for advanced medium voltage transformers
NEWARK, Del, Oct. 13, 2023 (GLOBE NEWSWIRE) — According to a Future Market Insights (FMI) report, the global medium voltage transformer market is anticipated to reach a valuation of US$ 12.24 Billion in 2023, driven by the integration of energy storage solutions with medium voltage transformers. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 4.6% between 2023 and 2033, and reaching a total valuation of approximately US$ 19.19 Billion by 2033.
One of the major factors contributing to the growth of the medium voltage transformer industry is the growth of distributed energy resources, such as microgrids and localized renewable generation, which requires medium voltage transformers for efficient integration into the grid.
Governments and utilities are increasingly investing in grid resilience to withstand natural disasters and cyberattacks, creating opportunities for transformer manufacturers to provide grid-strengthening solutions.
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The ongoing electrification of industries, including manufacturing and data centers, requires robust and reliable power distribution infrastructure, driving the need for medium voltage transformers.
Many countries are investing in grid modernization projects to enhance the efficiency, reliability, and flexibility of their power distribution systems, which often involves the installation of advanced medium voltage transformers.
Medium voltage transformers with features like voltage regulation and harmonic mitigation capabilities are in demand to improve power quality and minimize voltage fluctuations.
The Internet of Things (IoT) is being integrated into medium voltage transformers to enable remote monitoring and data analytics, facilitating predictive maintenance and optimizing performance. Research and development efforts are focused on the use of advanced materials like superconductors to enhance transformer efficiency and reduce losses.
Key Takeaways from the Medium Voltage Transformer Industry Study:
- Global medium voltage transformer market was valued at US$ 11.7 Billion by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 4.1%.
- The market in India is expected to expand at a CAGR of 4.4% through 2033.
- By application, the IT – data and server centers segment to expand at a CAGR of 4.4% through 2033.
- From 2023 to 2033, medium voltage transformer industry is expected to flourish at a CAGR of 4.6%.
- By 2033, the market value of medium voltage transformer is expected to reach US$ 19.19 Billion.
“International and regional grid interconnections are being established to facilitate cross-border electricity exchange, creating opportunities for medium voltage transformers at interconnection points,” opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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Prominent players in the medium voltage transformer market are Siemens AG, ABB Group, General Electric Company, Fuji Electric Co. Ltd., Hitachi, Ltd., Schneider Electric SE, Eaton Corporation PLC, Mitsubishi Electric Corporation, CG Power & Industrial Solutions Ltd., Fortune Electric Co., Ltd., Schaffner Holding AG, Hammond Power Solutions Inc., Kirloskar Electric Company, MGM Transformer Company, and Amran Inc., among others.
Recent Developments in Medium Voltage Transformer Industry:
- In 2023, Siemens announced the launch of its new line of medium voltage transformers, the Siemens SENTRON MV transformer. The Siemens SENTRON MV transformer is a compact and lightweight transformer that is designed for use in a variety of applications, including renewable energy, industrial, and commercial applications.
- In 2022, Mitsubishi Electric announced the launch of its new line of medium voltage transformers, the Mitsubishi Electric MI-TR series transformer. The Mitsubishi Electric MI-TR series transformer is a high-efficiency transformer that is designed for use in a variety of applications, including renewable energy, industrial, and commercial applications.
- In 2021, ABB announced the expansion of its medium voltage transformer manufacturing capacity with the opening of a new factory in China. The new factory is expected to produce up to 10,000 medium voltage transformers per year.
- In 2021, Schneider Electric announced the development of a new medium voltage transformer that is made from recycled materials. The new transformer is expected to reduce the environmental impact of medium voltage transformer production and use.
- In the same year, Siemens announced the launch of its new line of medium voltage transformers, the Siemens SENTRON MV Compact transformer. The Siemens SENTRON MV Compact transformer is a compact and lightweight transformer that is designed for use in space-constrained applications.
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Medium Voltage Transformer Market Segmentation Analysis:
- 1,200 kVA
- 1,500 kVA
- 2,000 kVA
- 2,500 kVA
- Building Establishments
- Civil Infrastructure
- IT – Data & Server Centers
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
About the Industrial Automation Division at Future Market Insights (FMI)
The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Originally published at https://www.einpresswire.com/article/661627657/medium-voltage-transformer-market-set-to-soar-predicted-to-reach-us-19-19-billion-by-2033-with-a-4-6-cagr-future-market-insights-inc