Global Power Transformer Market Overview:
Power transformers are
devices for transferring electrical energy between electrical devices. These
intermediate devices are used between distribution systems for handling
fluctuations in voltages. The global Power
Transformer Market report by Market Research Future
(MRFR) takes a look at the various underlying drivers, challenges,
opportunities, and restraints which can shape the industry during the period of
2018 to 2023 (forecast period). The COVID-19 pandemic and its impact on the
industry has been explored at depth.
Market Scope
The global power
transformer market is touted to experience a stellar 8.64% CAGR during the
assessment period, as per the analysis of MRFR. Power transformers are a
reliable source of energy backup for power and utility sectors. It can
contribute to the reduction of energy emissions in several sectors and handle
energy loads to support the use of generators and grids.
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Market Report at: https://www.marketresearchfuture.com/sample_request/3251
Investments in the energy
sector owing to infrastructural developments can be the gamechanger of the
market. Development of nuclear power plants, integration of smart devices for
measuring power, and use of safeguards to send alerts in case of critical
emergencies can drive the market growth. Establishment of storage areas for
capturing renewable energy and the staggering growth in the renewable energy
sector due to policies outlined by developed nations to minimize emissions can
be instrumental to the market demand in the coming years. Awareness of carbon
emissions and launch of advanced products for replacement of legacy
transformers in urban areas can fuel the market. High costs of power
transformers can lead to hesitation among major leaders for investing in
industrial sectors but the demand for electricity can drive the market demand.
The COVID-19 outbreak has
affected the power transformer industry owing to the closure of factories,
commercial complexes, and schools. Power companies would have to incur huge
losses in 2020 due to this. China, in particular, has felt a decline of 12% in
electricity consumption owing to shutdown of factories and units in the
industrial sector.
Segmentation
The global Power
Transformer Industry is segmented by cooling type and
power rating.
By cooling type, the
power transformer market is segmented into oil-cooled and power-cooled. Both of
these mentioned transformers can transmit power over large distances.
By power ratings, the
market caters to small power, medium power, and large power. Among these, the
small power segment possesses the capacity in the range of doling out 100-500
mega volt amps (MVA). Similarly, the medium range power transformers have a
capacity between the ranges of 500-800 MVA and large range possesses above 800
MVA potential.
Impact of COVID-19 on the Global Power
Transformer Market at: https://www.marketresearchfuture.com/report/covid-19-impact-power-transformer-market
Regional Analysis
The segments and
sub-segments covered in the report are analyzed with respect to four major
regions – North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World
(RoW).
APAC is likely to lead in
the market owing to the large population owing to efforts by developing nations
for modernizing their energy infrastructure. China is expected to be one of the
biggest users of electricity owing to being home to various industrial hubs and
manufacturing centers.
Europe has assumed the
second spot in the global power transformer market with Germany taking the
lead. Favourable initiatives for refurbishment of energy grids and development
of energy infrastructure owing to sustainable policies can drive the regional
market growth.
Competitive Outlook
SPX Transformer
Solutions, Inc., Hyosung Power & Industrial Solutions, Siemens AG, Bharat
Heavy Electricals Limited, Crompton Greaves Ltd., Hyundai Electric & Energy
Systems Co., Ltd., Toshiba Corporation, Schneider Electric, ABB Ltd., SGB-SMIT
Group, and Mitsubishi Electric Corporation are key players of the global power
transformer market.
Browse Complete Power Transformer Industry
Research Report at: https://www.marketresearchfuture.com/reports/power-transformer-market-3251
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