Pad Mounted Transformer Market Size, Share, Growth Analysis, By Rated Power Type(Less than 1mVA, More than 1mVA), By Phase(Single Phase, Three Phase), By End Use(Residential, Commercial) - Industry Forecast 2024-2031

Pad Mounted Transformer Market was valued at USD 1.43 billion in 2019, and it is expected to reach a value of USD 2.91 billion by 2031, at a CAGR of more than 5.33% over the forecast period (2024-2031).

pad mounted transformer market is competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'ABB Ltd. (Switzerland)', 'Crompton Greaves (India)', 'Eaton Corporation PLC. (Ireland)', 'Ermco. (US)', 'Federal Pacific (US)', 'General Electric (US)', 'Hitachi (Japan)', 'Moloney Electric, Inc. (Canada)', 'Olsun Electric Corporation (US)', 'Pearl Electric Co. Ltd. (China)', 'Schneider Electric Co. (Europe)'

Due to their widespread use in various sectors, including industrial, commercial, and residential facilities, pad-mounted transformer demand has been rising. However, the industrial sector is the most beneficial and is still evolving as demand for uninterrupted power rises. The need for a constant and reliable power supply has therefore increased. Additionally, the market will benefit from the growing adoption of innovative and expansive technology.

The trend of oil-filled transformers is believed to support the market growth. Liquids are used to cool oil-filled transformers, which makes them ideal for outdoor applications. They are more reliable overload capabilities, more efficient, and have a longer service life. Liquids are used to cool oil-filled transformers, which makes them ideal for outdoor applications. They are more reliable overload capabilities, more efficient, and have a longer service life.

Asia-Pacific dominates the pad mounted transformer market. Due to increased plans for power generation capacity, soaring demand for replacing/refurbishing outdated distribution transformers, and rising electricity demand, particularly in China and India, as a result of quickly expanding industrial infrastructure development activities, Asia-Pacific is anticipated to be one of the fastest-growing regions. As a result of the country's unprecedently rapid economic growth, China has experienced high rates of electricity demand. Approximately 28% of the world's electricity is produced in this nation, A rise of more than 35% from 2015, when it was 5,550 TWh, was seen in the country's electricity consumption, which in 2020 was 7,510 TWh. In India, utilities and the government are creating new generation projects, particularly those utilizing renewable energy, to meet the rising demand for electricity. Due to the likely need for distribution infrastructure to support these projects, pad-mounted transformer usage is predicted to increase across the country. It is essential to upgrade the power distribution network in order to increase the generation of renewable energy because India's aging electricity infrastructure is rapidly approaching the end of its useful life. Additionally, the nation has been making efforts to update its energy infrastructure. The government declared plans to invest nearly USD 1 trillion in power by 2030 to upgrade infrastructure and provide consumers with electricity around-the-clock in 2016. Consequently, the aforementioned elements are likely to supplement the demand for pad-mounted transformers throughout the Asia-Pacific region during the anticipated period.