Small Power Transformer 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. The global power transformer
market report by Market Research Future (MRFR) highlights numerous trends and
opportunities with a key focus on four major regions for the period of 2018 to
2023.
Small 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.
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 Small
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.
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.
Presence of legacy infrastructure coupled with construction
of new units and facilities for distribution and transmission of power can
provide plenty opportunities for the market.
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