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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.
Investments for electric infrastructure development coupled with increased budget of governments in various nations is likely to boost the market demand. Rapid urbanization combined with the uptick in energy demand can create massive opportunities for the market.
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.
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Power Transformer Industry Highlights:
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.
According to World Energy Investment Outlook Special Report, for the first time since the competition began, electricity has taken the driver’s seat forcing oil and gas in the back one. The Organisation for Economic Co-operation and Development (OECD) countries have spent almost USD 3 trillion on revamping the infrastructure and empowering it with sustainable power sources. From here on, the market is only going to witness a stellar growth with electric utilities spending USD 3.2 trillion in the coming decade to refurbish the traditional methods of transmission.
Competitive Dashboard:
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).
Global Power Transformer Industry Segmentation:
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.
Regional Analysis:
Geographic segmentation of the power transformation market covers North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).
The APAC region accounted for 47.26% share of the market in 2017. This can be attributed to the impending need for upgrades for existing distribution & transmission infrastructure for supporting the needs of electricity. China and India have rolled out policies for upgrading the current infrastructure. Plans of urbanization and the shift of citizens from rural regions to urban areas can evoke the need for electricity and push the need for power transformers.
Europe has assumed the second position in the market due to various sustainable development schemes and refurbishment of policies to upgrade existing power grids.
Industry Related News:
In 2019, the Nepal Electricity Authority (NEA), the electricity board of Nepal has adopted a smart system for the monitoring of transformers, sub-stations, and other utility devices. This move can digitize the entire electric infrastructure and provide ample backup in case of power outages.
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
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