Global Vacuum Pressure Impregnated (VPI) Transformer Market Expected to Garner a Revenue of $2,471.8 Million and Grow at a CAGR of 6.2% during the Forecast Period 2021-2030 [230-Pages] | Research Dive
The global vacuum pressure impregnated (VPI) transformer market is expected to witness striking growth by 2030, owing to the increasing demand for electricity and oil across industrial sectors. The Asia-Pacific region is expected to be dominant.
NEW YORK, Aug. 10, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Vacuum Pressure Impregnated (VPI) Transformer Market by Phase (Single-phase and Three-phase), Voltage Range (Low and Medium), End-use (Industrial, Commercial, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2030".
According to the report, the global vacuum pressure impregnated (VPI) transformer market is anticipated to generate a revenue of $2,471.8 million and rise at a CAGR of 6.2% over the estimated timeframe from 2022 to 2030.
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Dynamics of the Vacuum Pressure Impregnated (VPI) Transformer Market
The increasing growth in the distribution and transformation of energy across industrial sectors has increased the demand for electricity and oil, which is expected to bolster the growth of the vacuum pressure impregnated (VPI) transformer market over the analysis period. Besides, the beneficial properties of a vacuum pressure impregnated (VPI) transformer, such as high mechanical strength, and superlative protection against moisture and chemicals are further expected to amplify the growth of the market during the forecast period. Moreover, the rising innovations like triangle coil wound core in vacuum pressure impregnated (VPI) transformer are predicted to create huge investment opportunities over the analysis period. However, the high cost of production due to the increasing technological advancements of the vacuum pressure impregnated (VPI) transformers may hamper the growth of the market throughout the estimated timeframe.
Covid-19 Impact on the Vacuum Pressure Impregnated (VPI) Transformer Market
With the outbreak of the Covid-19 pandemic, the vacuum pressure impregnated (VPI) transformer market has had a negative impact, likewise several other industries. The stringent government regulations and the complete lockdown have badly affected the manufacturing units all across the globe. Moreover, the disruption in the supply chains has slowed down the construction projects and prevented biofuel facilities and renewable heat investments. This led to a reduction in oil use and electricity demand across industrial sectors during the pandemic period. All these factors have declined the growth of the market during the period of crisis.
Segments of the Vacuum Pressure Impregnated (VPI) Transformer Market
The report has divided the market into segments based on phase, voltage range, end-use, and region.
- By phase, the single-phase vacuum pressure impregnated (VPI) transformer sub-segment is predicted to be the most productive and is projected to generate a revenue of $2,180.8 million during the forecast period. The increasing use of single-phase VPI transformers for various daily activities such as powering motors, computers, kitchen tools, and many more are expected to uplift the growth of the market sub-segment over the analysis period.
- By voltage range, the low voltage sub-segment is expected to be most profitable and is predicted to garner a revenue of $1,771 million during the analysis period. The growing use of low voltage VPI transformers due to heat conductivity, efficiency in electrical conductivity, and environment-friendliness are expected to propel the growth of the market sub-segment over the forecast period.
- By end-use, the industrial sub-segment is predicted to be the most lucrative and is projected to generate a revenue of $1,318.5 million during the estimated period. The increasing technological advancements in vacuum pressure impregnation techniques and the rising demand for VPI transformers from various industries such as oil, gas, automobiles, and many more are expected to fuel the growth of the market sub-segment over the analysis period.
- By region, the Asia-Pacific region of the vacuum pressure impregnated (VPI) transformer market is expected to hold the largest share of the market and is projected to grow at a CAGR of 6.2% during the forecast timeframe. The increasing emphasis on renewable energy consumption and growing government initiatives to promote energy-efficient solutions in this region are predicted to boost the regional growth of the market over the estimated period.
Key Players of the Vacuum Pressure Impregnated (VPI) Transformer Market
The major players in the vacuum pressure impregnated (VPI) transformer market include
- General Electric
- Raychem RPG Private Limited.
- Eaton Corporation
- Instrument Transformer Equipment Corporation, Inc.
- Schneider Electric
- CG Power and Industrial Solutions Limited
- Siemens AG
- Bharat Heavy Electricals Limited
- Toshiba Corporation
- ABB Limited
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in September 2021, Siemens Gamesa Renewable Energy S.A., a leader in the renewable energy industry, launched the world's first recyclable wind turbine blade named "RecyclableBlade" which can be recycled throughout its lifecycle. This technology is going to bring a revolution to offshore wind power plants for various commercial use and make turbines fully recyclable. - Buy the Full report here
Further, the report also summarizes other crucial aspects including the financial performance of the key players, product portfolio, SWOT analysis, and the latest strategic development.
More about Vacuum Pressure Impregnated (VPI) Transformer Market:
- What is Vacuum Pressure Impregnated (VPI) Transformer and How is It Better Than the Conventional Dry-type Transformer?
- Global Vacuum Pressure Impregnated (VPI) Transformer Market to Observe Significant Growth Due to Product Launches and Strategic Partnerships by Market Players, such as Schneider Electric, Siemens AG, and Others
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