Report provides comprehensive information on Global Power Transformer Market size, share, industry trends, growth, with regional forecast to 2023. Report analyses Power Transformer Market Upcoming Opportunities, challenges, Key Country Analysis, with business development strategies, And key players insights.
Global Power Transformer Market – Overview
A resent research report about the global power transformer market that adumbrates aggrandizement for this market at 8.64% CAGR between 2018 and 2023. By value, the market has been figured to be worth the US $ 34 billion by the end of forecast period. With global electrification and power backup rapidly becoming a reality, the demand, as well as market for transformers, is growing in countries where cities and villages are being electrified now or where arrangements are needed for power backup.
The distinctive factor supporting the global power transformer market growth is the investments in the energy sector due to the infrastructural developments. Other market drivers include growth in the renewable energy sector and growing demand for electricity for the consumer as well as commercial purposes. Power transformers are a reliable source of energy backup for power and utility sectors. It can contribute to reduction of energy emissions in several sectors. Furthermore, they can support the use of generators and grids.
The key players in the global power transformer market include ABB Ltd., (Switzerland), Bharat Heavy Electricals Limited (India), Crompton Greaves Ltd. (India), Hyosung Power & Industrial Solutions (South Korea), Hyundai Electric & Energy Systems Co. Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), Schneider Electric (France), SGB-SMIT Group (Germany), Siemens AG (Germany), SPX Transformer Solutions Inc. (USA), and Toshiba Corporation (Japan).
The global power transformer market has been segmented on the basis of cooling type, power rating, and by region. By cooling type, this market has been segmented into oil-cooled transformers and power-cooled transformers. Both of these kinds of transformers can transmit power over large distances. Based on power rating, the market has been segmented into small power, medium power, and large power. Small power range has the capacity in the range of 100-500 mega volt-amps (MVA). The medium range power transformers have a capacity between the ranges of 500-800 MVA. The large range power transformers have the potential of above 800 MVA.
Research and development are inspiring installation of the latest techniques that are taking the market forward and is assisting in the maintenance of social compliances. For instance, in April 2018, ABB Ltd. launched ABB Ability Power Transformer, which is first of its kind integrated solution
for digitally enabled power transformers.
In March 2017, Siemens AG supplied power transformers of 405/20-kV 570- MVA capacity to EDF for promoting power generated from the high capacity nuclear power plants.
Detailed Regional Analysis
The regional segmentation of the global power transformer market segments the global market into regional markets known as North America, Europe, Asia Pacific, and rest of the world (RoW). The North America market is due to the presence of well-established market players, and rapid technological advancements. Important country-specific markets in this region are USA and Canada. During the forecast period, the market in Europe is set to surge at a striking rate due to the replacement of aging infrastructure along with the increasing rate of installation of eco-friendly transformers. There are several small and medium power transformer projects that present a positive outlook of the market growth in this region. Important country-specific markets in Europe are France, Germany, Russia, and the UK, followed by the remaining countries of Europe.
During the forecast period, the Asia Pacific region is likely to emerge as the fastest growing market. In this region, updates and upgrades of existing transmission and distribution infrastructure to serve the growing demand for electricity are regular. The market growth is being contributed by emerging economies like China, India, and Japan, due to the need for improving access to electricity and steady economic growth. Many countries in this region have poor economies and infrastructure. Therefore, many foreign firms are investing in the infrastructural expansion of the Asia Pacific region. The RoW segment covers the countries of Latin America and the Middle East & Africa (MEA). In Latin America, Argentina and Brazil are two strong economies that can be suitable markets in the future. The MEA region is the small regional market due to poor countries, lack of awareness, lack of infrastructure, lack of advanced technology, and lack of education.