According to a recent understanding, the phase shifting transformer market is all set to reach USD 303.3 million by 2032, as reported in a research study conducted by Global Market Insights Inc.
As the worldwide electricity demand goes on to increase, pressure happens to mounts on the power grids so as to efficiently integrate renewable energy sources while at the same time also maintaining reliability part. Phase shifting transformers happen to be quite pivotal in this task, as they are instrumental in managing power flow, voltage regulation, as well as the phase angle control so as to optimize grid performance. By way of mitigating grid congestion as well as balancing load distribution, such transformers go on to ensure a stable and efficient grid operation. They go ahead and facilitate seamless integration when it comes to intermittent renewable energy, smoothing fluctuations as well as enhancing grid resilience. Furthermore, governments happen to be prioritizing renewable energy shifts across all sectors, which can be gauged from the fact that, as per the World Economic Forum, by 2025, renewable energy is going to account for 35% of worldwide power generation.
Moreover, the rise in industrialization as well as urbanization is yet another driver behind the progress of the phase-shifting transformer market. Urban areas need to have robust power grids so as to support critical infrastructure like residential, commercial, and industrial facilities. Furthermore, industries such as manufacturing, mining as well as construction go on to rely heavily on balanced as well as uninterrupted power supply in order to sustain operations. Phase shifting transformers make sure of grid stability as well as reliability by way of managing power flow and voltage regulation, hence meeting the escalating demand in terms of electricity within industrialized and urbanized regions.
The <400 MVA rating segment happens to be poised to grow at a faster pace all through 2032, as such transformers happen to be commonly used within medium-voltage distribution networks, industrial facilities as well as commercial buildings so as to regulate voltage levels, balance load distribution, and also enhance the quality of power. With the rising electrification of industries as well as the expansion of urban infrastructure, demand for < 400 MVA phase shifting transformers is all set to grow steadily, especially in the emerging economies undergoing quick industrialization as well as urbanization.
Apparently, the phase shifting transformer market share in the industrial application segment is all set to expand at a quick pace by 2032, as industries like manufacturing, mining, oil and gas, as well as petrochemicals go on to rely quite heavily on electrical power for their operations. Notably, the phase shifting transformers make sure of a stable as well as a reliable power supply across industrial facilities, thereby helping to ensure of uninterrupted production processes while at the same time minimizing the downtime. Moreover, these transformers happen to be used in industrial power systems so as to optimize voltage regulation, power factor correction, and harmonic mitigation, therefore elevating energy efficiency and at the same time reducing operational costs.
It is worth noting that North American phase shifting transformer market is all set to experience a traction up until 2032, pushed primarily because of the region’s extensive power infrastructure, technological advancements, as well as increasing investments within grid modernization projects. The rollout of smart grid technologies, integration in terms of renewable energy sources, as well as expansion of T&D networks are indeed driving phase shifting transformer adoption in the region. Moreover, government initiatives so as to enhance grid reliability, enhance energy efficiency, and reduce carbon emissions are indeed creating opportunities for regional market growth.
Some of the major contenders in the phase-shifting transformer market happen to be ABB Group, Siemens AG, Crompton Greaves Limited, Mitsubishi Electric Corporation, Schneider Electric SE, General Electric Company, Toshiba Corporation, Hyundai Electric & Energy Systems Co., Ltd., Eaton Corporation plc, Wilson Transformer Company, etc.
