Jul 1, 2020 3:03 PM ET
iCrowd Newswire – Jul 1, 2020
The Global Power Transformer Market is estimated to grow at a CAGR of 7.9% during the forecast period 2020-2027. The power transformer industry is anticipated to reach $50.8 billion by the end of the year 2027.
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Toshiba Corporation, TBEA Co. Ltd., Siemens AG, Schneider Electric SE, Kirloskar Electric Co. Ltd., Hitachi Ltd., General Electric Company, EMCO Ltd., Industrial Solutions Ltd., Bharat Heavy Electricals Ltd., and CG Power are some major players included in the research study of the global power transformer industry.
Power transformer is primarily used to receive low voltage generator electric power and transmit it through various distribution channels across the power grid network. It is a key part of the power grid that helps to transmit the power through networks without fluctuations in frequency. These transformers enable the power transmission from low-voltage to high-voltages.
The global power transformer market is driven by various growth factors such as increase in adoption of smart transformers and rising demand for smart grids and increasing demand of electricity among various verticals and households. Moreover, emergence of renewable power sources supports the adoption of high voltage transmission technologies such as HVDC, HVAC and UHV power transformers. Also, increasing demand to upgrade transmission network with an Ultra high voltage (UHV) transmission (1100KV and above). However, complexity in the design and construction of power transformers, and high cost of raw material and supporting infrastructures for stable and long transformer operation hinders the market growth over the future period.
Power sector is a major key indicator of the economic growth, nations are heavily investing in their power infrastructure to fulfil the growing demand of electricity. Investments include new power grid projects that integrate electric power generated through various sources with special focus on renewable source to the main grid.
Segmentation Overview of the Global Power Transformer Market
The global power transformer market is studied majorly on the basis of Rating. The rating segment of the power transformer industry is categorized into:
- Low (5 MVA to 100 MVA)
- Medium (100 MVA to 500 MVA)
- High (500 and above)
The study of the various market segments offers detailed analysis of the global marketplace considering various growth determinants and geographical dynamics.
Geographical Overview of the Global Power Transformer Market
The Asia-Pacific power transformer market accounted for the largest market share in the year 2019 with ~2/5th of the share in the global marketplace. Also, the regional market is estimated to witness highest market growth over the forecast period with a CAGR of 9% during 2020-2027. The regional dominance and growth is attributed to factors such as numerous ongoing power grid expansion projects in China and India and rapid growth in demand of electricity in the developing nations of the region coupled with increasing number of population base across the region. Furthermore, the North America power transformer market accounted for ~1/4th of the market share, following the APAC power transformer market. The regional study shows that under-developed nations have under-utilized resources of energy while on the other hand, developing countries require improved power system to manage the electricity distribution across the region.
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Keywords: Power Transformer Market