Power Transformer Market Overview:
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 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. 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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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.
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.
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.
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).
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