Phase Shifting Transformers (PST) Market Size, Share, Growth, and Industry Analysis, By Type (Direct (One Core) PST, Indirect (Two Cores) PST), By Application (Residential, Commercial, Industrial), Regional Forecast By 2031

Updated On: 29 April 2024

Phase Shifting Transformers (PST) Market Report Overview

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The global phase shifting transformers (PST) market size was USD 102.9 million in 2022, & the market is expected to reach USD 180.95 million in 2031, exhibiting a CAGR of 6.5% during the forecast period. Siemens, ABB, Toshiba, Hammond Power Solutions, Raychem RPG, SGB_SMIT, CG Power Systems, Tamini, Baoding Tianwei Baobian Electric, Layer Electronics, Shenzhen Sikes Electric are the top plyaer's of phase shifting transformers (PST) market

The global COVID-19 pandemic has been unprecedented and staggering, with Phase shifting transformers (PST) market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Phase Shifting Transformers (PST) are a type of power transmission device used in electrical power systems to control and manage power flow. They are typically employed in high-voltage transmission networks to regulate the voltage and control the power flow between different areas of the grid.

The primary function of a PST is to adjust the phase angle of the voltage passing through it. By altering the phase angle, the PST can control the real and reactive power flow in the transmission lines. This capability is particularly useful for managing power flow between interconnected power systems or regions. PSTs consist of multiple windings and a magnetic core. The windings are connected in a specific configuration that allows for the adjustment of the phase angle. The core serves to couple the magnetic fields generated by the windings, enabling the phase shift operation. When the phase angle of the voltage passing through a PST is adjusted, the power flow in the transmission lines can be redirected or controlled. This feature allows grid operators to balance the load between different lines, manage congestion, stabilize voltage levels, and improve the overall efficiency and reliability of the power system.

COVID-19 Impact: Pandemic Hampered the Demand for Market

The COVID-19 pandemic has had both short-term and long-term impacts on various industries, including the phase shifting transformers (PST) market. The pandemic led to disruptions in global supply chains due to lockdowns, travel restrictions, and reduced manufacturing activities. These disruptions affected the production and delivery of PST components, leading to delays in project timelines and installation schedules. Many infrastructure projects that require PST installations, such as renewable energy projects and grid modernization initiatives, experienced delays due to the pandemic. Governments and utility companies had to redirect resources to address immediate healthcare and economic concerns, resulting in postponed or scaled-back projects.

Latest Trends

"Renewable Energy Integration to Fuel Market Growth"

With the increasing integration of renewable energy sources into the power grid, such as wind and solar, there has been a growing demand for phase shifting transformers. Phase shifting transformers (PST) are used to regulate power flow and manage grid stability, particularly in regions with a high penetration of intermittent renewable energy. The implementation of smart grid technologies has gained momentum in recent years. PSTs play a crucial role in optimizing power flow, reducing transmission losses, and enhancing grid stability. The adoption of advanced monitoring and control systems in conjunction with PSTs enables efficient grid management. Aging power infrastructure, particularly in developed countries, has led to the need for upgrading and replacing existing power transformers, including PSTs. Utilities are investing in modern and efficient phase shifting transformers to enhance grid reliability, reduce losses, and meet the increasing demand for electricity.

Phase Shifting Transformers (PST) Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Direct (One Core) PST, Indirect (Two Cores) PST.

• By Application Analysis

Based on application, the market can be divided into Residential, Commercial, Industrial.

Driving Factors

"Power Flow Control to Stimulate Market Growth"

Phase shifting transformers (PST) are primarily used for power flow control in transmission systems. By adjusting the phase angle, PSTs can control the power flow in the network, allowing utilities to balance loads, mitigate congestion, and optimize the utilization of existing transmission infrastructure. PSTs enhance grid stability and reliability by improving the power transfer capability, reducing transmission losses, and optimizing the utilization of existing transmission infrastructure. They help prevent overloads, minimize voltage instabilities, and improve the overall performance of the transmission system. Instead of building new transmission lines, utilities can utilize PSTs to increase the power transfer capacity of existing lines.

"Increased Awareness about the Product to Surge Market Growth "

This provides a cost-effective solution for grid expansion and reduces the need for extensive infrastructure development.  PSTs offer dynamic control capabilities, allowing operators to adapt and respond to changing power demand and generation patterns in real-time. The ability to adjust the phase angle enables operators to optimize the transmission system's performance, manage contingencies, and maintain grid reliability under varying operating conditions. All these factors are driving phase shifting transformers (PST) market growth.

Restraining Factors

"Standardization and Interoperability to Restrict Market Growth "

The lack of standardized designs and specifications for Phase shifting transformers (PST) can create interoperability challenges. Different manufacturers may have variations in design, control interfaces, and communication protocols, making it difficult to integrate PSTs from different suppliers into a single power transmission system seamlessly. This lack of standardization can lead to compatibility issues and limit the flexibility of PST deployment. Regulatory frameworks and policies in some regions may not explicitly address or incentivize the deployment of PSTs. Without supportive regulations, utilities and power system operators may be hesitant to invest in PSTs, as they may not see a clear economic or operational advantage. Clear policies and regulations that encourage the use of PSTs can help overcome this barrier.

Phase Shifting Transformers (PST) Market Regional Insights

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"Advanced Power Infrastructure in North America region to Drive Market Expansion"

North America region holds the leading position in phase shifting transformers (PST) market share. North America has been at the forefront of adopting advanced power transmission and distribution technologies, including PSTs. The region's mature power infrastructure, increasing demand for grid stability, and growing investments in renewable energy integration have contributed to the strong demand for PSTs.

Key Industry Players

"Adoption Innovative Strategies by Key Players Influencing Market Growth"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio.

The top key players in the market are Siemens, ABB, Toshiba, Hammond Power Solutions, Raychem RPG, SGB_SMIT, CG Power Systems, Tamini, Baoding Tianwei Baobian Electric, Layer Electronics, Shenzhen Sikes Electric. The strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates market demand.

List of Market Players Profiled

• Siemens
• ABB
• Toshiba
• Hammond Power Solutions
• Raychem RPG
• SGB_SMIT
• CG Power Systems
• Tamini
• Baoding Tianwei Baobian Electric
• Layer Electronics
• Shenzhen Sikes Electric

 

Report Coverage

This report examines an understanding of the Phase shifting transformers (PST) market’s size, share, and growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.