Power Transformer Market Scenario
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. 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.
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Power transformers are generally used in
transmission network for stepping up or stepping down the voltage level. It
operates mainly during high or peak loads and has maximum efficiency at full
load. Distribution transformers steps down the voltage for distribution purpose
to domestic or commercial users. It has good voltage regulation and operates
continuously with maximum efficiency at 50% of full load. The stepping up or
stepping down function of power transformers depends upon the number of turns
of primary and secondary winding. If the number of turns on both the windings
are same, and the losses of transformer are negligible, it can be concluded
that the voltage across each of the winding is same. In this case the
transformer is just utilized in isolating two electrical circuits.
Industry 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. Both of these kinds of transformers can transmit power over large
distances.
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
Power Transformer market by region is
segmented into Asia Pacific, North America, Europe, the Middle East &
Africa, and South America.
Asia-Pacific is expected to hold the
largest share during the forecast period due to increased demand for energy and
because of the growing population and rising per capita disposable income in
the region.
Moreover, these rapidly growing economies
in this region are also the top polluters in the world. This will led to
increasing demand for energy, ultimately driving the need to install more power
transformers in order to supply efficient power.
Leading Players
The key players of global Power
Transformer market are Sumitomo Electric Industries Ltd, Radical Sun Systems,
Inc., SolAero Technologies Corp, Arzon Solar, LLC., Cool Earth Solar, ARIMA
Group, Suncore, Photovoltaic Technology Company Limited, Guangdong Redsolar
Photovoltaic Technology Co., Saint, Augustin Canada Electric Inc., Sanan
Optoelectronics Technology Co., Ltd, Macsun Solar Energy, Technology Co.,
Limited, and Morgan Solar Inc., among others.
Also Read: https://www.reuters.com/brandfeatures/venture-capital/article?id=134528
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