Power Transformers Market: Size, Application, Market share, Global Trends, Growth and Forecast to 2023

The two major types of transformers used in power grid networks, are power transformers and distribution transformers. Power transformers are widely used in transmission or sub-transmission networks. There are two types of power transformers, namely step-down and step-up. The surging demand of electricity, along with ongoing development in the power generation and distribution infrastructure, in the developing countries is expected to drive the global power transformer market, during the forecast period. Moreover, the replacement market for power transformers is expected to create significant demand, in the developed countries during the forecast period. The increasing awareness concerning the benefits of low carbon emissions and energy conservation capabilities of smart grid, and super grid has also benefited the power transformer market, in the past few years.

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Asia Pacific accounted for the largest and fastest growing power transformer market, in 2014. The market leadership of Asia Pacific is attributed to the presence of large power distribution networks, in the developing countries, such as China and India. Moreover, the growing government funding for the expansion of electricity distribution infrastructure in rural and remote areas, in these countries is expected to lay new market opportunities for the growth of the power transformers market, during the forecast period. A significant growth is also expected from the Middle East and South American region. North America is also experiencing a considerable demand of power transformers post economic slowdown, attributed to the development of new power projects in the U.S.

Efacec, Hyundai Heavy Industries, SPX Transformer Solution, Mitsubishi have opened their new power transformer plants in U.S., during the recent years. India, China, U.S., Germany, U.K., Japan, Italy, France, Spain, Canada, Brazil, and Russia are some of the major power transformer market globally.

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The expansion of production capacity, along with the advancement in product life cycle is the key development incorporated by power transformer companies, in order to gain the larger market share. The major players in power transformer market have also started increasing their product portfolio to include products, such as phase shifting transformers, HVDC light transformers, shunt reactors to increase their market reach. Crompton Greaves and Alstom have developed low noise transformers and green transformers, for environmental sensitive locations. With continuous fluctuation in the raw material prices, profit margin of the power transformer manufacturers has considerably declined, during the past few years. As a result, some of the global players in the industry have been shifting their production facilities to regions that facilitate lower cost of manufacturing.

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Some of the competitors in the Power Transformers Market are Toshiba Corp., Siemens Energy, Mitsubishi Electric Corporation, Hyundai Heavy Industries Co. Ltd., Hyosung Power & Industrial Systems Performance Group., GE Co., Crompton Greaves Ltd., Bharat Heavy Electricals Limited., Alstom SA., and ABB Ltd.

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