Market Scenario
Power
transformer is a device normally used in engineering that alters both the
voltage and the current of the electricity passing through it. A power
transformer is made up of a coil enclosed around an electromagnet that
transfers the electricity. Unlike distribution transformers that operate at an
optimum efficiency of only 60-70%, power transformers are designed to operate
at 100% efficiency. Moreover, power transformers are intended to sustain high
voltages, while distribution
transformers are intended to handle lower ones. Power transformers transmit
power to distribution transformers, so that distribution transformers can
deliver small amounts of power to each and every user.The global power
transformer market is expected to grow at a CAGR of 8% during the forecast
period.
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As
power transformers help step up or down the voltage level in the high voltage
transmission network, they are used in numerous electronic circuits. They are
available in various types and applications. The main application of power
transformer is the transmission and distribution of electrical power. These
transformers are widely used by power plants, industrial plants and
conventional electric utility companies. . The constant need for electricity
and the unstable electricity supply situation in most developing countries will
aid in the growth of the power transformers market over the forecast period.
However, averseness of governments worldwide in initiating capital inducement
projects can hinder the power transformer market. Also, the high cost of
transformers and that of safety instruments & backup structure obstructs
optimal utilization of power transformers globally.
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Key Players
The
key players of global power transformer market are ABB Group (Switzerland),
Siemens Ltd. (Germany), General Electric Company (USA), Crompton Greaves Ltd.
(India), Toshiba Corporation (Japan), Hyundai Heavy Industries Co., Ltd. (South
Korea), Mitsubishi Electric Corporation (Japan), Hyosung Corporation (South
Korea), Bharat Heavy Electricals Limited (India) and SPX Transformer Solutions,
Inc. (U.S.A).
Segment Overview
By
cooling type, the power transformer market is segmented into oil-cooled and
power-cooled. Both of these mentioned transformers can transmit power over
large distances. By power ratings, the market caters to small power, medium
power, and large power. Among these, small range have the capacity in the range
of 100-500 mega volt amps (MVA). Similarly, the medium range power transformers
have a capacity between the ranges of 500-800 MVA and large range possesses
above 800 MVA potential.
The
segments and sub-segments covered in the report are analyzed with respect to
four major regions – North America, Europe, Asia Pacific (APAC), and the
Rest-of-the-World (RoW), with respective country-level market sizing. The
definition and advantages of the product “power transformer” is outlined in the
report for a comprehensive understanding of the market. The report discusses
the various players involved in the value chain and their contributions to
evaluate future opportunities within the market.
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