Global Pad Mounted Transformer Market Scenario
Pad mounted transformers are extremely important in modern electricity supply system. There is a significant market for pad mounted transformer. Market Research Future (MRFR) projected that the global pad mounted transformer market will register a compound annual growth rate (CAGR) of 5.14% during the assessment period (2017-2023).
A pad mounted transformer is a ground mounted electric power distribution transformer, locked in a steel cabinet mounted on a concrete pad. These transformers normally have features such as tamper-resistant construction, tamper proof bolts and screws, and lockable compartments with hinged doors. These transformers serve schools, hospitals, shopping centers, and many institutional and industrial applications. Growing investment in renewable sector is rigorously driving the global pad mounted transformer market. To lessen the dependence on conventional fossil fuels, several countries are focusing on renewable energy generation.
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Global Pad Mounted Market: Segmental Analysis
Segmental analysis of the market has conducted on the basis of power rating, phase, application, insulation and region.
Based on power rating, the market has been segmented into more than 1mVA and less than 1mVA. The less than 1mVA segment holds the pole position in terms of value. The segment is expected to retain its leading position throughout the assessment period. Demand for less than 1mVA is expected to rise further in commercial and residential verticals. The commercial sector heavily relies on low power management system. Meanwhile, the power requirement in residential sector do not require high power consuming equipment. Such requirements have created application scope for 1mVA power rating pad mounted transformers. Nevertheless, the more than 1mVA segment is also like to witness a healthy growth owing to industrial growth that is underway in regions such as Asia, the Middle East and Latin America.
Based on phase, the market has been segmented into three phase pad mounted transformer and single-phase pad mounted transformer. The three-phase pad mounted transformer segment currently accounts for the lion’s share of the market. The segment is expected to retain its dominant position over 2023. The growth of the segment can be attributed to the superior characteristics of three-phase pad mounted transformer and also due to fact that it is more compatible, has high applicability and capacity. Preference for the three-phase pad mounted transformer is higher than the single-phase variant. Moreover, such transformers have a higher degree of safety and are more applicable in underground distribution systems. Such attributes ensure an uninterrupted and safer electricity supply. Three-phase pad mounted transformers are integrated with advanced accessories that can handle voltage fluctuation and capacity overload. Due to their high efficiency and reliability, they are installed in commercial vicinities such as hotels, shopping malls, recreational centers, residential areas among others. Such factors will continue to drive the growth of the three-phase segment over the next couple of years.
Global Pad Mounted Market: Regional Analysis
In the basis of region, the market has been segmented into Europe, North America, Asia Pacific (APAC) and Rest of the World.
The North America pad mounted market is expected to exhibit a significant growth rate during the forecast period. Countries such as the U.S. and Canada are undergoing modernization of aging distribution networks to facilitate transport of higher volume of electricity. The U.S. is one of the leading consumers of electricity in the world.
Over the years, the electricity transformer industry has continued to grow in the country. This is a key factor driving the market in North America. Population growth along with the improving lifestyle is also linked with the increased consumption of electricity in the region.
A similar trend is noticed in APAC where countries such as China and India post tremendous demand for electricity. The APAC market is expected to witness an impressive growth over the next couple of years. Local policymakers are prioritizing upgradation of transmission and distribution network to boost power supply and cater to the growing need for electricity.
ABB Ltd. (Switzerland), Eaton Co. Plc. (Ireland), Crompton Graves Ltd. (India), Pacific Crest Transformers (U.S.), ERMCO (U.S.), Hitachi Ltd. (Japan), Sunbelt Transformer, Ltd (U.S.), Schneider Electric (France), Vantran Industries Inc. (U.S.), Federal Pacific (U.S.), Wenzhou Rockwell Transformers Co. (China), General Electric (U.S.), Pearl Electric Co. Ltd. (China), Olsun Electrics (U.S.) and Siemens AG (Germany) are among the leading companies operating in the global pad mounted market.
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