Transformer Market Scenario
Transformer
systems have been governing the renewable and non-renewable energy markets in
recent years owing to its ability to transmit & distribute the energy in
the form of electricity through reducing the current ampere and increasing the
voltage and vice versa, to supply power according to end-user needs. The global Transformer
Market was valued at USD 39,316.8 Million in 2016 and is estimated to
reach USD 64,514.9 Million by 2023 with a CAGR of 7.43% over the forecast
period.
Transformers cover a very diverse subject area that
encompasses both, small and very large components. Transformers can be
segmented on the basis of type as distribution transformer, power transformer
and others, which includes instrument transformer. Transformer systems have
been governing the renewable and non-renewable energy markets in recent years
owing to its ability to transmit & distribute the energy in the form of
electricity through reducing the current ampere and increasing the voltage and
vice versa, to supply power according to end-user needs.
Industry Segmentation
The
transformer market has been segmented based on cooling type, power rating,
type, insulation, and end-user.
On
the basis of cooling type, Oil-Cooled Transformer accounted for the largest
market share of 57.2% in 2016, with a market value of USD 22,493.1 million. It
is projected to register the highest CAGR of 7.68% during the forecast period.
Based
on power rating, Small Power accounted for the largest market share of 45.5% in
2016, with a market value of USD 17,881.3 million; projected to witness a CAGR
of 7.57% during the forecast period.
Based
on type, Power transformer accounted for the largest market share of 49.7% in
2016, with a market value of USD 19,540.5 million; projected to register a CAGR
of 8.55% during the forecast period.
Based
on insulation, Liquid-Immersed accounted for the largest market share of 58.6%
in 2016, with a market value of USD 23,039.7 million; projected to register a
CAGR of 7.61% during the forecast period.
Based
on End-User, Utility accounted for the largest market share of 43.1% in 2016,
with a market value of USD 16,938.5 million; projected to witness a CAGR of
7.79% during the forecast period.
Leading Players
The
key players of global transformer market are ABB Ltd., (Switzerland), Eaton
Corporation plc (Ireland), Schneider Electric (France), Siemens AG (Germany),
and Crompton Greaves Ltd. (India). Mitsubishi Electric Corporation (Japan),
Toshiba Corporation (Japan), Bharat Heavy Electricals Limited (India), Hyosung
Power & Industrial Solutions (South Korea) and SPX Transformer Solutions,
Inc. (U.S.) are among others.
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