Power Transformers Market Highly Favorable to the Growth Rate by 2025

Power Transformer Market Overview:

Power transformers are electrical devices that transfer electricity between multiple circuits through electromagnetic induction and also controlthe voltage of the powered applications. Power transformers have a broad range of applications in residential, commercial and industrial sectors and can be installed indoors as well as outdoors. Further, they have two phase types – single and three phases – and can be oil cooled or air cooled type.

Power Transformer Market:Dynamics

Increasing demand for energy coupled with increasing government and private sector investments in electrical infrastructure will primarily drive the market of power transformers over the forecast period. Further, retro-fit of existing and ageing power transformers with green transformers or power transformers in developed and developing countries, is anticipated to create significant after-market opportunities during the projection period. Medium power transformers are expected to witness a steady annual growth, yet large power transformers are expected to witness a much healthier growth owing to the increasing adoption of HVDC (High Voltage Direct Current) transmission to reduce transmission losses during long distance power transmission. Among other power transformers types, oil cooled type is preferred over air cooled transformers as it is the safer option to handle high voltage current. Hence, oil cooled power transformer is estimated to have a higher CAGR than air cooled power transformers and the global power transformer market is expected to grow at CAGR of 7.8% during the forecast period.

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However, high initial cost of power transformers is amajor factor challenging the growth of the market.Though, their installation is a foundation of every power system and thus, various subsidies are offered by regional governments to cover the cost.

Power Transformer Market Segmentation:

On the basis of rating, Power Transformer market is segmented into:

Small power transformers (upto75 MVA)
Medium power transformers (between 75-800 MVA)
Large power transformers (above 800 MVA)
On the basis of type, Power Transformer market is segmented into:

Oil cooled/immersed
Air cooled/ Dry

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Power Transformer Market:Regional Outlook

Geographically, Power Transformer market is segmented into North America, Latin America, Europe, Middle East Africa, Asia Pacific excluding Japan and Japan. Among all the regions, Asia pacific is expected to account for amajor market share. Increasing urbanization in Asia Pacific is expected to increase the demand for electrical infrastructure and hence,the demand forenergy is anticipated to rise, especially in China and India, thereby, flourishing the market for power transformers. North America and Europe are expected to have a neck-to-neck growth as a result of their developed economies and technological advancements.

Power Transformer Market:Key Players

Some of the prominent players in thePower Transformers market are:

ABB
Siemens AG
Crompton Greaves
General Electric
Schneider Electric
EMCO
Voltamp Transformers
Emirates Transformer
Mitsubishi Electric

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This release was published on openPR.