Global
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 (Compound Annual Growth Rate) 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. 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.
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.
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Competitive
Dashboard
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).
Segmentation
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.
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.
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Regional
Analysis
The regional segmentation of the global power
transformer market segments the global market into regional markets known as
North America, Europe, Asia Pacific, and rest of the world (RoW).
The North America market is due to the presence of
well-established market players, and rapid technological advancements.
Important country-specific markets in this region are USA and Canada.
During the forecast period, the market in Europe is
set to surge at a striking rate due to the replacement of aging infrastructure
along with the increasing rate of installation of eco-friendly transformers.
There are several small and medium power transformer projects that present a
positive outlook of the market growth in this region. Important
country-specific markets in Europe are France, Germany, Russia, and the UK,
followed by the remaining countries of Europe.
During the forecast period, the Asia Pacific region is
likely to emerge as the fastest growing market. In this region, updates and
upgrades of existing transmission and distribution infrastructure to serve the
growing demand for electricity are regular. The market growth is being
contributed by emerging economies like China, India, and Japan, due to the need
for improving access to electricity and steady economic growth.
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.
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