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.
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.
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.
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