The vacuum pressure impregnated (vpi) transformer market size was valued at $1.44 billion in 2021 and is estimated to reach $2.47 billion by 2030, growing at a CAGR of 6.2% from 2022 to 2030. Vacuum Pressure Impregnated (VPI) transformer is a cutting-edge, technologically advanced insulated motor coil that can operate at a low operating temperature and also sustain degradation due to high temperature. The VPI transformer features an iron core with vacuum pressure impregnated high and low-voltage windings. It is simple to install and maintain, reduces the cost of cabling, and has the ability to support overloads of current. It is eco-sustainable and pollution-free because it produces very less smoke. These transformers have high mechanical and short circuit strength, making them ideal for a wide range of commercial and industrial applications.
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VPI is the transformer that is most typically used to meet the need for power distribution. Several countries across the globe are adopting renewable energy sources to reduce carbon emissions and dependency on fossil resources, which can help to drive demand for voltage transformers for transmission and distribution. Moreover, fast industrialization in economically developing nations will lead to an increase in demand for electricity. These factors are anticipated to increase the vacuum pressure impregnated (VPI) transformer market share over the forecast period
The penetration of the VPI transformer in the industry could be hampered by high costs and incompatibility with greater power requirements (over 2000KVA). Furthermore, these transformers are long-lasting and have fewer chances of failure, but their failure causes the entire configuration to change. For example, It may require a complete change of high voltage and low voltage winding.
Vacuum Pressure Impregnated (VPI) transformer market revenue growth is fuelled by the global expansion of energy distribution networks and rapid industrialization in economically developing nations. Moreover, technological advancements such as enclosure mounted High Voltage (HV) & Low Voltage (LV) cable boxes and a 40% increase in forced air cooling are the major factors driving demand for VPI transformers. China, already a leader in renewable energy has announced a further extension of capacity to up to 400GW. As China and other Asian countries cater to 40% of the energy requirement of the world, it will help the Vacuum Pressure Impregnated (VPI) transformer market in the future. Many countries are taking initiatives to reduce their carbon-dioxide emissions by 2030. This includes a shift to renewable sources of energy (solar, wind, and hydropower), rather than depending on fossil fuels. India’s Nationally Determined Contributions (NDC) are said to reduce India's emissions by 33-35% by 2030 and to achieve 40% energy production from renewable sources of energy.
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The global Vacuum Pressure Impregnated (VPI) transformer industry is segmented based on phase, voltage range, end-use, and region. By phase, it is sub-segmented into a single phase and three phases. By voltage range, it is sub-segmented into low voltage and medium voltage. By end-use, it is sub-segmented into industrial, commercial, and others. By region, the vacuum pressure impregnated (VPI) transformer market analysis is done across Asia-Pacific, North America, Europe, and LAMEA.
The major key players in the Vacuum Pressure Impregnated (VPI) transformer market include ABB, General Electric, Eaton, Schneider Electric, Siemens, CG Power and Industrial Solutions Ltd., TOSHIBA CORPORATION, Bharat Heavy Electricals Limited, Raychem RPG Private Limited, Instrument Transformer Equipment Corporation.
The report offers a comprehensive analysis of the global vacuum pressure impregnated (VPI) transformer market trends by thoroughly studying different aspects of the market including major segments, vacuum pressure impregnated (VPI) transformer market opportunities, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the vacuum pressure impregnated (VPI) transformer market growth. The report also sheds light on the present scenario, the Vacuum Pressure Impregnated (VPI) Transformer Market Forecast, and upcoming trends & developments that are contributing to the revenue growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.
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Key Findings of the Study
- Based on phase segment, the single phase sub-segment was the most dominant in the year 2020, and the triple phase sub-segment is projected to be the fastest growing in the forecasted years
- Based on voltage range, the low voltage is anticipated to have a significant growth rate during the forecast period
- Based on end-use, the industrial sub-segment is expected to be dominant in the projected period. The commercial sub-segment is anticipated to be the fastest growing in the forecasted years.
- Based on the region, the Asia-Pacific dominated the market in the base year, and the North American market is expected to experience the fastest growth rate during the forecast period
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