The Global Vacuum Pressure Impregnated (VPI) Transformer Market Predicted to Grow at a CAGR of 6.2% and Generate a Revenue of $2,471.8 million by 2030Download Sample Reports Overview
The global vacuum pressure impregnated (VPI) transformer market size is projected to be valued at $2,471.8 million by 2030, surging from $1,440.3 million in 2021, at a noteworthy CAGR of 6.2%.
COVID-19 Impact on Vacuum Pressure Impregnated (VPI) Transformer Market
The COVID-19 pandemic caused widespread chaos, halting the world's progress. COVID-19 had a significant impact on the global vacuum pressure impregnated transformer market, with many countries instituting lockdowns as a result of the pandemic. The lockdown impacted the world's supply chain for vacuum pressure impregnated transformers, which in turn impacted the growth of the energy industry. Reduced air travel reduced economic activity along with industrial shutdowns posed threats to the energy and power sectors. However, post lockdown, the world witnessed an increase in demand for oil . As Ukraine and Russia political disturbances affected the oil & gas prices, emerging countries started focusing on renewal energy production to decrease the dependency on oil and gas. For instance, China became world leader in renewable energy production by utilizing solar and wind energy, followed by the U.S and India in terms of production of renewable energy. The vacuum pressure impregnated transformer can be used in wind mills and solar photovoltaic system, as it is environment friendly and efficient due to thermal inductivity. Thus, increase in renewable energy sector will increase the demand for vacuum pressure impregnated transformer market.
The Global Vacuum Pressure Impregnated (VPI) Transformer Market Analysis
The expansion of global energy distribution networks and industrialization in developing nations are the main factors driving market expansion. Additionally, renowned vacuum pressure impregnated (VPI) transformer service providers are providing services tailored to a client's needs with improved integrated safety measures at a lower cost. Additionally, in order to capture the maximum proportion of the worldwide industry, these firms are pursuing corporate growth, strategic alliances, and technological advancements.
Price fluctuations of VPI transformers could have a negative effect on the global vacuum pressure impregnated (VPI) transformer market growth. Additionally, compared to oil-based transformers, cast resin dry transformers perform poorly in terms of controlling heat.
However, these players are implementing digital vacuum pressure impregnated (VPI) transformers, which have power grids with monitoring capabilities, to lessen the tedious process of transformer monitoring. In addition to the continual supply of energy, the Industry 4.0 transition increases the need for electricity and presents new difficulties in terms of energy efficiency, power quality, emission reductions, and how industrial equipment is run and maintained. Transformers are essential to the industrial sector's power supply as they adjust to the changing environment and trends brought forth by Industry 4.0. Vacuum pressure impregnated (VPI) transformer market trend will rise as a result of this factor in the upcoming years.
To achieve leadership positions in the global industry, these firms are primarily focused on the research and development of new business strategies such as mergers and acquisitions, partnerships & collaborations, and product development.
Global Vacuum Pressure Impregnated (VPI) Transformer Market, Segmentation
The global vacuum pressure impregnated (VPI) transformer market is segmented based on phase, voltage range, end-use, and region.
The phase segment is further bifurcated into single-phase and three-phase vacuum pressure impregnated (VPI) transformers. Among these, the single-phase sub-segment is anticipated to have a dominant market share and shall surpass $2,180.8 million by 2030, with an increase from $1,289.6 million in 2021. Single-phase vacuum pressure impregnated (VPI) transformers are commonly utilized as the primary power supply for running motors in homes, as they are relatively safer and efficient due to low thermal conductivity. The single-phase vacuum pressure impregnated (VPI) transformer’s wide range use in commercial office buildings, housing societies, and others is expected to deliver growth in vacuum pressure impregnated (VPI) transformer market. .
The voltage range segment is further classified into low voltage and medium voltage. The low sub-segment is expected to grow significantly. Among these, the low-range sub-segment is anticipated to have a dominant market share and shall surpass $1,771 million by 2030, with increase from $1,017.8 million in 2021. The low-range vacuum pressure impregnated (VPI) transformer is eco-friendly and can be used widely in the commercial, institutional, and industrial sectors.
The end-user segment is further classified into three categories: industrial, commercial, and others. The industrial sub-segment is expected to garner dominant share. Among these, the industrial sub-segment is anticipated to have a dominant market share and shall surpass $1,318.5 million by 2030, with an increase from $787.1 million in 2021. The electric automobiles sector is increasing day by day due to various countries’ changes in pollution regulations and polices, resulting in rise in electric and hybrid vehicles. The rise of electric vehicle has increased the need for electric charging stations. The government of India has implemented ‘FAME’ scheme to drive the growth of electric vehicles. Thus, vacuum pressure impregnated (VPI) transformers can be used in such sectors due to their added benefits like thermal inductivity and power handling. Thus, increasing electric vehicle charging infrastructure is expected to increase the vacuum pressure impregnated (VPI) transformer market share.
The Asia-Pacific vacuum pressure impregnated (VPI) transformer market is projected to garner dominant share. This region’s market generated a revenue of $576.8 million in 2021 and is projected to reach up to $965.7 million by 2030. The demand for vacuum pressure impregnated (VPI) transformers is increasing in the Asia-Pacific region due to an increase in the implementation of renewable sources of energy in developing countries. Asian Development Bank, a multilateral development bank, announced “Energy Policy 2021,” which is focused on allocating bank resources to develop and distribute clean energy. More transmission and distribution of electricity power stations would be set up, which will lead to increased demand for vacuum pressure impregnated (VPI) transformers as they are used for transmission and distribution of electricity from high voltage to low voltage in industries or commercial buildings. It is expected to be a major contributor to the growth of the global vacuum pressure impregnated (VPI) transformer market. In world, China has become the leader in renewable energy production, followed by the U.S and India. The leading companies are heavily investing in improving their existing technologies to boost the productivity and efficiency, which is expected to lead to significant growth in vacuum pressure impregnated (VPI) transformer market share
Key Players in Vacuum Pressure Impregnated (VPI) Transformer Market
The market for vacuum pressure impregnated (VPI) transformer is driven by the following companies.
- ABB Limited
- General Electric
- Eaton Corporation
- Schneider Electric
- Siemens AG
- CG Power and Industrial Solutions Ltd
- Toshiba Corporation
- Bharat Heavy Electricals Limited
- Raychem RPG
- Instrument Transformer Equipment Corporation
CARPOLE is a new dry type single phase transformer for pole application by Siemens Energy. It is built to meet the technological demands of the American power system. The new cast resin distribution transformer is a cost effective and long lasting replacement for oil-filled transformers