According to Goldstein Research, “Growing expenditures of developing countries over the development of power generation & distribution infrastructure is one of the major factors driving the growth of power transformers market.” Demand for power transformers is majorly growing in Asia and South America owing to rapid urbanization and escalating electricity consumption in these regions.
is segmented based on power rating, by insulation type, by applications and by end users. Insulation segment is further bifurcated into oil and dry-cleaned. The oil-cooled power transformers accounted for the largest market size, for around 70% market revenue share as this type of power transformers are considered as global power transformer market The safer option while handling high voltage.
The global power transformer market valued USD 22.3 billion in 2016 owing to rising implementation in hospitals across the globe. Further, the market is anticipated to expand at a CAGR of 5.6% to reach USD 34.6 billion over the forecast period i.e. 2016-2024
Asia-Pacific is the largest region for power transformer market in 2016 and is expected to dominate the market during the forecast period of 2016-2024. Asia-Pacific power transformer market valued USD 5.9 billion in 2016 and is estimated to expand at a CAGR of 6.1% over the forecast period. China is expected to dominate the power transformer market followed by India due to large electricity production in these countries and huge expenditures over HVDC transmission projects. Rising per capita electricity consumption and rapid urbanization is accelerating Asia-Pacific power transformer market.
Rising Expenditure over Energy Sector for Modernization: Major Driver
As a result of rising power consumption and out-dated infrastructure governments and utilities are making significant investments to replace and expand transmission and distribution infrastructure across the globe over the next decade. For instance, more than USD 800 billion is projected to be spent by utilities and energy sector in The United States over the next 20 years. On the other hand, Canadian utilities are likely to spend over USD 100 billion over the same period of time on power transmission and distribution infrastructure. This trend has already started making headlines, with T&D spending increased over 55% between years 2012 to 2015.
Global Power Transformer Market Outlook
The report contains a detailed overview of the global power transformer market in terms of market segmentation by power rating type, by insulation type, by application and by end users.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Power Transformer Market Report also provides a competitive outlook of some of the major players which includes profiling of companies such as ABB, Alstom, Siemens, General Electric (GE), Schneider Electric, ASEA Brown Boveri Group, Crompton Greaves Ltd., Hyundai Heavy Industries Co. etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global power transformer market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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