A recent report published by Infinium Global Research on power transformer market provides an in-depth analysis of segments and sub-segments in the global as well as regional power transformer market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional power transformer market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global power transformer market. According to the report, the global power transformer market is projected to grow at a CAGR of 8.1% over the forecast period of 2019-2025.
Energy efficiency in all aspects is the central trend. A power transformer is used for raising or lowering the voltage of an AC supply with a corresponding decrease or increase in current. The current growth in urbanization and the rising population have undeniably led to an upsurge in power demand. Electricity has become one of the basic requirements of life. Global transformer industry has inevitably expanded with the increased distribution of electricity. The major trend sweeping the power transformer market is towards growing efficiency levels and reducing CO2 emissions in compliance with strict environmental regulations. Dryformers and Gas-insulated transformers (GITs) are recent trends in power transformers.
Investments in the energy sector due to developments in infrastructure is the major driving factor of the power transformer market. Furthermore, the factors such as modernization of existing power grids, growth in the renewable energy sector, rising transmission and distribution projects are driving the market growth. The power transformers have properties such as high efficiency, less maintenance cost, easy to move, easy to increase or decrease voltage that led to an increase in the demand. Additionally, stringent energy efficiency compliance, increasing rate of installation of green transformers, and developments in smart transformer technologies are fueling the growth of the market. However, high costs of power transformers hamper the market growth. Moreover, deployment of green transformers and increasing investments in T&D infrastructure are expected to provide the growth opportunities to the market players.
Geographically, Asia-Pacific dominates the global power transformer market due to rapid growth in industrialization and urbanization, and growing rural electrification. Large investments by governments in electrical infrastructure projects will project the demand for power transformers in this region. The countries such as India and China from the Asia Pacific region hold the largest market share in the global power transformer market. North America is the second largest market due to the presence of well-established market players, and rapid technological advancements in this region.
The report on global power transformer market covers segments such as cooling type, and power rating. On the basis of cooling type, the sub-markets include oil-cooled transformer, and power-cooled transformer. On the basis of power rating, the sub-markets include small power (100 MVA to 500 MVA), medium power (501 MVA to 800 MVA), and large power (801 MVA to 1200 MVA).
The report provides profiles of the companies in the market such as Crompton Greaves Ltd., General Electric Company, ASEA Brown Boveri Group, Siemens AG, Schneider Electric SA, Hyundai Heavy Industries Co. Ltd., Tebian Electric Apparatus, Bharat Heavy Electricals Limited, Toshiba Corporation, Mitsubishi Electric Corporation, and other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of power transformer market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.