A power transformer is a type of transformer that is used to convert electrical energy in any component of an electronic or electric circuit between the generator and the distribution primary circuits. Power transformers link electrical networks or systems of varying voltages to facilitate power exchange. Power transformers are utilized in a variety of applications, including power transmission, power production, consumer electronics, and electro-intensive industrial applications. Power transformers are employed in a variety of commercial settings, including hotels, hospitals, workplaces, airports, and universities.
The worldwide Power Transformers Market was worth US$ 28.69 billion in value and shipped 17,283 units in volume in 2019, and it is predicted to increase at a 7.7 percent CAGR during the forecast period (2020-2027).
In 2019, Asia Pacific dominated the worldwide Power Transformers market, accounting for 41.2 percent of the total value, followed by North America and Europe.
Steel, oil, and copper are the primary raw materials utilized in the manufacture of transformers. Steel contributes to around one-third of the total cost of transformer manufacture. Cold Rolled Grain Oriented (CRGO) steel is essential in the production of power and distribution transformers. Nippon Steel Corporation and J Pearson International Inc. are two businesses that sell CRGO steel to transformer makers. ABB Ltd., Alstom SA, Toshiba Corporation, Siemens AG, and Crompton Greaves Ltd. are among the leading transformer makers. These firms assemble the core and coil winding, complete the drying out process, manufacture the tank, tanking, and painting, and lastly test the transformer's performance according to specifications.