Power Transformer Market to Witness Steady Growth Based on High Demand for Electricity & Rising Investments in Infrastructure Projects Till 2020 | Million Insights
FELTON, California, Sept. 9, 2019 /PRNewswire/ -- In the year 2013, the global Power Transformer Market comprised of over 11,300 units and is estimated to grow at a CAGR of 5.9% over the forecast period. Market is valued at $ 18 million as of 2013. Increase in the demand for electricity in the rapidly developing nations along with those who are already developed coupled with increase in the amount of investments in infrastructure is expected to drive the market over the next few years. Smart meters which are the result of high demand and supportive initiatives are anticipated to positively impact the market. Government obligations to install advanced power transformers and to modernise existing grids to minimize the losses and enhance efficiency will also positively impact the power transformer market globally.
Transformers with advanced features and having eco-friendly qualities are expected to replace the traditional transformers which are not compatible with current environmental and technical requirements. Cross-border electricity trade is being increased by the nations which are developed at the same time integrating wind and other renewable energies which push the existing networks to their limits. These conditions lead to frequent short-circuits which can also be considered as one of the major factor responsible for power transformer installation.
Increasing awareness about reduction in the pollutants-emission and protection of environment is driving the development of smart grid and super grid. Furthermore, replacement of Polychlorinated Biphenyls (PCB), service expansion in resource-based industries and growth in green initiative awareness is expected to fuel the market over next few years.
However the ever changing prices of raw materials such as copper and steel and crude oil in the global market along with pressurization by manufacturers can act as a restraint over the forecast period.
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Product Insights
Major product segments include 100 MVA to 500 MVA, 501 MVA to 800 MVA and 801 MVA to 1200 MVA. The products from the range 100 MVA to 500 MVA are expected to dominate the market due to its uneven usage in transmission and distribution network for step-up and step-down applications.
HVDC and UHVDC power generation make use of 801 MVA to 1200 MVA which is expected to witness growth due to increasing demand from regions such as Middle East and Asia-Pacific.
Regional Insights
40% of the total revenue generated from power transformers was from the region of Asia-Pacific in the year 2103 and is forecasted to acquire significant gains over the next five years due to the rapid economic developments and need of nations for uninterrupted power supply.
Due to increasing modernization and industrialization, North American region will be the emerging market over the next few years. Numerous environmental protection initiatives undertaken by the European nations to implement green transformers will drive the market over the forecast period.
Competitive Insights
Major players such as Alstom SA, Siemens AG, ABB Ltd., Crompton Greaves Ltd., Toshiba Corp and GE Co., dominate the power transformer market. Improvement in the production capacities and increase in the product life are few strategies that are being adopted by these players to maintain their significant share. HVDC, shunt reactors, light and phase shifting variants are provided by various firms to enrich their product portfolio.
Transformers with low noise operation and online monitoring have been developed by Alstom for environmentally critical zones. Autotransformer, substation and auxiliary, general setup are included in GE portfolio. In order to provide smart grid solutions, Crompton Greaves completed a contract with Saudi Electricity Company (SEC) worth $ 3.6 million.
Number of environmental protection agencies are enforcing nations to reduce the emissions to protect the environment. Key players are expected to abide by certain regulations related to environment, performance and efficiency. Many of the major firms are investing in research and development to reduce emissions and improve efficiency. Partnerships and acquisitions are also undertaken to expand the businesses.
Browse 59 page research report with TOC on "Global Power Transformer Market" at: https://www.millioninsights.com/industry-reports/power-transformer-market
Market Segment:
- Power transformer Product Outlook (Volume, Unit Shipments and Revenue, USD Billion; 2012 - 2020)
- 100 MVA to 500 MVA
- 501 MVA to 800 MVA
- 800 MVA to 1200 MVA
- Power transformer Regional Outlook (Volume, Unit Shipment and Revenue, USD Billion; 2012 - 2020)
- North America
- Europe
- Asia Pacific
- RoW
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