Rise in demand for electricity across the world, replacement of existing transmission networks, and surge in adoption of smart grids have boosted the growth of the global power transformer market.
PORTLAND, Oregon, May 7, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Power Transformer Market by Rating [Low (5 MVA to 100 MVA), medium (100 MVA to 500 MVA), and high (500 and above)]: Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global power transformer market was pegged at $27.7 billion in 2019, and is projected to reach $50.8 billion by 2027, growing at a CAGR of 7.9% from 2020 to 2027.
Major market drivers
Rise in demand for electricity across the world, replacement of existing transmission networks, and surge in adoption of smart grids have boosted the growth of the global power transformer market. However, high installation, logistics, and supporting the infrastructure cost of the transformer hamper the market. On the contrary, increase in use of renewable and non-conventional energy sources is expect1ed to create lucrative opportunities for the market players in the coming years.
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COVID-19 scenario: The recent pandemic has adversely affected the power transformer industry.
- The dampened demand for oil and plummeting pricing and production would negatively impact the market growth.
- The shutdowns and restrictions on production will hamper the market growth.
- However, continued operation of nuclear power plants and availability of electric services would minimize the overall impact on market growth.
The medium segment held the largest share
By rating, the medium segment dominated the global power transformer market in 2019, accounting for nearly half of the market. Moreover, the segment is expected to register the highest CAGR of 8.7% during the forecast period, owing to the replacement of existing power transformers as well as new power grid projects.
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Asia-Pacific, followed by North America, held the lion' share
By region, the global power transformer market across Asia-Pacific held the largest share in 2019, accounting for more than two-fifths of the market. Moreover, the region is expected to manifest the highest CAGR of 9.0% during the forecast period, owing to ongoing power grid expansion projects, namely in India and China. The market across North America held more than one-fourth of the market.
Major market players
- CG Power and Industrial Solutions Ltd.
- Bharat Heavy Electricals Ltd.
- General Electric Company
- EMCO Ltd.
- Kirloskar Electric Co. Ltd.
- Hitachi Ltd.
- Siemens AG
- Schneider Electric SE
- Toshiba Corporation
- TBEA Co. Ltd.
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