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. Market Research Future (MRFR) has published a research report about the global Power transformer Market that adumbrates aggrandizement for this market at 8.64% CAGR (Compound Annual Growth Rate) between 2018 and 2023. By value, the market has been figured to be worth the US $ 34,510.2 mn by the end of forecast period.
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.
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.
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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.
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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).
Latest Industry News
- The Transmission Company of Nigeria (TCN) has inaugurated two new transformers at the Suleja Transmission Substation in Niger State. 28 JAN 2019
- Kyrgyz electricity distribution company JSC SeverElectro has announced a tender for $96 mn in order to purchase transformers. 17 JAN 2019