The latest research report on ‘global power transformer market’ offers a precise analysis of the industry size, share, upcoming trends, and future business landscape over 2020-2027. It highlights all the factors that are positively or negatively impacting the market dynamics. Moreover, the document fragments the domain in terms of type, application, voltage, end-use, and geography, following which it assists in identifying the top revenue prospects as well as the growth factors driving these segments. Proceeding further, the research literature sheds light on the competitive arena by profiling all the leading players with respect to their financials, strategic undertakings, and marketing strategies.
According to industry experts, worldwide power transformer market size was worth USD 27.7 billion in 2019 and is projected to hit USD 50.89 billion by end of the forecast period 2020-2027, registering an appreciable CAGR of 7.9% throughout. Surging consumption of energy, and growing inclination towards generation of renewable energy including hydro, wind, and solar are fostering the industry growth. Moreover, replacement of aging power transformers especially in developing nations like India and China, along with emergence of new smart grids and smart transformers are adding considerable to the industry expansion.
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Notably, power transformer is utilized primarily to gather electric power from low voltage generator and relay it across the distribution channels in the power grid network. It is vital part of the power gird and helps in transmission of power from one network to other without frequency changes.
Apart from the mentioned driving forces, inflowing investments by several countries in development of energy infrastructure to address the mounting electricity demand serves a major growth impetus for global power transformer industry. For instance, China’s National Energy Administration (NEA) and the National Development and Reform Commission (NDRC) had proposed plans to expend over USD 360 billion on developing renewable energy by 2020, cites the Center for strategic and International Studies. Furthermore, adoption of power transformers in captive power plants and manufacturing industries will present new growth opportunities over the forecast period.
Speaking of the restraints, the high cost of power transformers as compared to traditional distribution transformers will hinder business progression over the forecast timeframe.
Regional analysis overview
The key regional contributors to the overall power transformer market remuneration are Europe, North America, Latin America, and Asia Pacific. Of these, Asia Pacific presently leads the industry growth and will likely maintain a strong growth curve in the ensuing years. This can be ascribed to rising focus and expenditure of the government towards developing power infrastructure & capabilities.
Meanwhile, North America power transformer industry is slated to grow exponentially over the forecast period 2020-2027, creditable to factors such as escalating infrastructural spending and increasing demand for refurbishment of existing grid infrastructure in the region.
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Global Power Transformer Market Type Sub-Segments (Revenue, USD Billion, 2017-2027)
Global Power Transformer Market Application Sub-Segments (Revenue, USD Billion, 2017-2027)
- Generation Step-up
Global Power Transformer Market Voltage Sub-Segments (Revenue, USD Billion, 2017-2027)
- Above 400 kV
- 200-400 kV
Global Power Transformer Market End-Use Sub-Segments (Revenue, USD Billion, 2017-2027)
- Residential & Commercial
Global Power Transformer Market Regional Bifurcation (Revenue, USD Billion, 2017-2027)
- United States
- United Kingdom
- Rest of Europe
- South Korea
- Rest of APAC
Rest of the World
Global Power Transformer Market Company Profiles (Revenue, USD Billion, 2017-2027)
- Toshiba Corp.
- TBEA Co., Ltd.
- Siemens AG
- Schneider Electric SE
- Kirloskar Electric Co., Ltd.
- Hitachi Ltd.
- General Electric Company
- Emco Ltd.
- Bharat Heavy Electricals Ltd.
Global Dry Type Transformer Market Size study by Voltage (Low Voltage and Medium Voltage), by Type (Offshore and Onshore), by End phase (Three Phase and Single Phase) and Regional Forecasts 2020-2027
Global Dry Type Transformer Market to reach USD 4.53 billion by 2027. Global Dry Type Transformer Market is valued approximately at USD 2.19 billion in 2019 and is anticipated to grow with a growth rate of more than 4.20% over the forecast period 2020-2027. The dry type transformers are environment friendly transformers that use air in place of liquid to cool down the electrical coils. The dry type transformer is a completely stationery solid state device which requires lesser maintenance to offer problem free services. The dry type transformer is gaining larger demand from energy and power industries as it is helpful in reducing fire hazards and found as a safe method to distribute electricity for residential and commercial applications. The rapid growth in demand for energy across the globe is paving the way for growth of dry type transformer market over the forecast years.
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