Increasing demand for integrated and built-in monitoring systems is expected to drive the power transformers market growth
Global Market Insights Inc. has announced the new study based report on power transformer market. The report forecasts the market size to be worth USD 34.64 billion by 2022. Increasing power consumption, technology advancements in developing countries and favorable government regulations are likely to boost the market growth. The cost of important raw materials like oil, steel, aluminum and copper have been volatile over the years. This fluctuation in the price of raw materials is likely to hamper the growth.
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Power transformers are used to step down and step up the voltage. They are used to connect electrical networks having different range voltages, as they facilitate an exchange of power between these networks. Transformers find wide acceptance in a large array of applications across manifold industries including mining, chemical plants, etc.
Surge in renewable, light weight and environment friendly energy sources is expected to further the global power transformer market. 501 MVA to 800 MVA output power is projected to witness substantial growth over the anticipated period. Increasing demand for electricity in emerging economies including India, Russia, China, and Brazil is poised to fuel global market.
Moreover, rapid economic growth, and the need for reliable and uninterrupted power supply is projected to observe healthy growth rate in the near future.
100 MVA to 500 MVA output power leads dominated the product segment of the market is anticipated to exhibit growth during the estimated period owing to varied usage in distribution and transmission network for step-up and step- down application. 801 MVA to 1200 MVA output power is likely to upsurge at more than 5% over the predicted time frame.
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Asia Pacific power transformer market size is forecast to hit USD 13 billion at a CAGR of 6.6% over the next few years. Europe is projected to reach USD 8 billion by 2022, with gains of 5.6% during the predicted period. European nations have adopted various initiatives for deploying green transformer and this is expected to positively influence the demand growth. North America region is forecast to witness surge at prominent growth rate due to growing industrialization and modernization.
The report features the landscape of fairly competitive global power transformer market with company profiles, key strategies and trends listed in the report. Top 6 key players include Alstom, ABB Ltd, Toshiba Corp, Siemens Energy, Crompton Greaves and GE. Green transformers featuring low noise levels, losses and online monitoring system are likely to open new avenues in the market.
Author Name : Dhananjay Punekar