Global Power Transformer Market Prospects
The global power transformer market is poised for a significant valuation by experiencing 8.64% CAGR from 2018 to 2023 (forecast period). Investments for electric infrastructure development coupled with increased budget of governments in various nations is likely to boost the market demand. Rapid urbanization combined with the uptick in energy demand can create massive opportunities for the market. Power transformers are electrical devices which act as a conduit for the transfer of electrical energy between devices. They are an ideal source of backup of energy in power and utility sectors. Their role in supporting the installment of grids and generators and reducing energy emissions is likely to induce its high demand.
Favorable policies outlining the construction of micro grid networks with a large capacity can expand the market demand. Moreover, policies encouraging renewable energy by developing nations for conserving energy and meeting self-designed targets is likely to boost market growth. The market size can touch USD 34,510.2 million by 2023.
But exorbitant costs of these devices can lead to hesitation towards adoption and restrict market growth.
Segmentation
The global power transformer market is segmented by cooling type and power ratings.
By cooling type, it is segmented into power-cooled and oil-cooled. The oil-cooled transformer segment is assumed to be dominant till the end of the forecast period due to its efficient cooling properties.
By power ratings, it is segmented into large power, medium power, and small power. Small power transformers function in the range of 100-500 MVA and an ideal fit for substations. The need for such devices for commercial and residential sectors is likely to bolster the segment growth till 2023. On the other hand, large transformers can exhibit a robust CAGR during the forecast period due to impending need for water conservation and low emission levels. Development of transformers with minimal noise emission for environmentally sensitive areas is likely to be a plus for the global market.
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Regional Analysis
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.
Competitive Landscape
Key market players include Crompton Greaves Ltd., Hyosung Power & Industrial Solutions, Toshiba Corporation, Schneider Electric, Mitsubishi Electric Corporation, SGB-SMIT Group, Siemens AG, Hyundai Electric & Energy Systems Co., Ltd., Bharat Heavy Electricals Limited, SPX Transformer Solutions, Inc., ABB Ltd., and others.
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