DUBLIN--(BUSINESS WIRE)--The "Power Transformer Market by Rating [Low, Medium and High]: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
The global power transformer market size was valued at $27.7 billion in 2019, and is expected to reach $50.8 billion by 2027, registering a CAGR of 7.9% from 2020 to 2027.
Power transformer is a type of transformer used primarily to receive low voltage generator electric power and transmit it across distribution channelss across the power grid network. It forms a crucial part of the power grid and helps in transmission of power from one network to the other without change in frequency. These transformers operate at peak load and are designed to have maximum efficiency at full load. Decades of research in the transmission networks has led to an increase in the transmission voltages. Power transformers enable the power transmission low-voltage to high-voltages.
Rise in usage of electricity, replacement of existing power transformers, and increase in adoption of smart grids and smart transformers drive the global power transformer market. Increase in demand for electricity and emergence of renewable power sources boosts the adoption of high voltage transmission technologies such as UHV, HVAC and HVDC power transformers. Most of poor countries have under-utilized resources of energy while in developing countries there is a need for improvement throughout the power system. Advent of Ultra high voltage (UHV) transmission (1100KV and above) has resulted in the need for upgrade of transmission network throughout the world. Power transformers help integrate new renewable power plants to the existing transmission networks. Thus, the emergence of renewable energy as a primary source of energy offers long-term growth opportunities to the global power transformers market.
However, raw material cost, complexity in the design and construction of power transformers as well as supporting infrastructures needed for stable and life-long transformer operation makes power transformers expensive and unaffordable.
Global power transformer market is segmented based on transformer rating and region. Based on rating, the market is divided in low, medium, and high rating power transformers. Based on region, it is divided into North America, Europe, Asia-Pacific, and LAMEA.
- Porter's five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current trends and future estimations of the market from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets.
- The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, and opportunities and their detailed impact analysis are elucidated in the study.
- The profiles of key players along with their key strategic developments are enlisted in the report.
- The power transformer market size is projected to grow at a CAGR of nearly 7.91%, in terms of revenue, during the forecast period.
- By region, Asia-Pacific dominated the power transformer market with a revenue share of over 43% in 2019.
- Medium power transformer is anticipated to witness a growth rate of 8.7%, in terms of revenue, during the forecast period.
- Increasing Demand for Electricity Throughout the World
- Replacement of Existing Transmission Networks
- Increasing Adoption of Smart Grids
- High Installation, Logistics and Supporting Infrastructure Cost of Transformer
Increasing Use of Renewable and Non-Conventional Energy Sources
- Bharat Heavy Electricals Ltd.
- CG Power and Industrial Solutions Ltd.
- EMCO Ltd.
- General Electric Company
- Hitachi Ltd.
- Kirloskar Electric Co. Ltd.
- Schneider Electric SE
- Siemens AG
- TBEA Co. Ltd.
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