The global power transformer market size is
expected to reach USD 28.22 billion by 2020, according to a new report by Grand
View Research, Inc. Emerging technological advancements along with rising
electricity consumption are projected to elevate industry growth over the next five
years. Huge investment in power plant infrastructure coupled with increasing
demand for smart meters is projected to positively impact demand. Further,
several government initiatives for modernizing the existing grids combined with
installation of technologically advanced systems is anticipated to drive power
transformer market growth.
Increasing awareness
regarding low carbon emission due to service expansions in resource-based
industries is anticipated to offer prominent growth opportunities for the
industry. Advanced features offered by eco-friendly devices are projected to
replace traditional transformers, which are not compatible with current
technical and environmental requirements. However, pricing pressure on
manufacturing companies coupled with fluctuating raw material prices are
expected to hamper growth.
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The power transformer
market can be classified on the basis of products into 100 MVA to 500 MVA, 501
MVA to 800 MVA, and 801 MVA to 1200 MVA. Increased usage of 100 MVA to 500 MVA
products in transmission and distribution network for step-up and step-down
application is expected to drive global demand. High capacity product demand in
the Middle East and Asia Pacific is estimated to drive revenue.
Asia Pacific is expected
to dominate the industry owing to factors such as economic, industrial and
social development in the countries such as China and India. Asia Pacific power
transformer market is anticipated to grow at a CAGR of over 6.0% from 2014 to
2020. Replacement of aging power infrastructure in North America and Europe is
estimated to boost volume sales in these regions. Further, various initiatives
undertaken by European nations in order to deploy green transformers are
projected to positively impact demand.
Notable players in the
industry include GE Co., Alstom SA, Crompton Greaves Ltd, Toshiba Corp.,
Siemens AG, ABB Ltd, Hyundai Heavy Industries Co. China XD Electric, TBA Co
Ltd, and Mitsubishi Electric Co. Companies operating in the power transformer
market have to comply with varied regulations related to performance,
environment and efficiency.
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research
reports, customized research reports, and consulting services. To help
clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
