Power Transformer Market Emerging Technologies and Competitive Landscape | Industry Strategic Analysis, Demand, Suppliers and Forecasts to 2023

Power Transformer Global Market – Overview

Power transformer is a device normally used in engineering that alters both the voltage and the current of the electricity passing through it. A power transformer is made up of a coil enclosed around an electromagnet that transfers the electricity. Unlike distribution transformers that operate at an optimum efficiency of only 60-70%, power transformers are designed to operate at 100% efficiency. Moreover, power transformers are intended to sustain high voltages, while distribution transformers are intended to handle lower ones. Power transformers transmit power to distribution transformers, so that distribution transformers can deliver small amounts of power to each and every user.

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As power transformers help step up or down the voltage level in the high voltage transmission network, they are used in numerous electronic circuits. They are available in various types and applications. The main application of power transformer is the transmission and distribution of electrical power. These transformers are widely used by power plants, industrial plants and conventional electric utility companies. . The constant need for electricity and the unstable electricity supply situation in most developing countries will aid in the growth of the power transformers market over the forecast period. However, averseness of governments worldwide in initiating capital inducement projects can hinder the power transformer market. Also, the high cost of transformers and that of safety instruments & backup structure obstructs optimal utilization of power transformers globally. As per the study conducted by Market Research Future, the global market for power transformer is likely to grow at the CAGR of around 8%.

Industry Top Key Players:-
• ABB Group
• Siemens Ltd.
• General Electric Company
• Toshiba Corporation
• Hyundai Heavy Industries Co., Ltd.
• Mitsubishi Electric Corporation
• Hyosung Corporation
• SPX Transformer Solutions, Inc.

Industry News:-

In September, 2017 – ABB announced the acquisition of GE Industrial Solutions, GE’s global electrification solutions business. GE Industrial Solutions has deep customer relationships in more than 100 countries and an established installed base with strong roots in North America, ABB’s biggest market.

In December, 2017 – Siemens further expands its leadership role in industrial digitalization. Siemens is the first company worldwide to set up 20 centers for digital customer applications in the industrial sector.

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In October, 2016 – Power management company Eaton announced that it has expanded its line of popular PowerXL Series DG1 Power Transformer to include a new, more powerful Frame 6 option. Designed for global commercial, industrial and original equipment manufacturer (OEM) customers, the new Eaton engineered drive increases available power from 150 to 250 horsepower (hp), affording customers’ greater agility, reliability, and safety for their applications.

Power Transformer Global Market – Segmentation

The scope of global power transformer market is segmented into two major segments which are explained below:

By Cooling Type
o Oil-Cooled
o Air-Cooled
o Power Quality Meters
o Others

By Power Rating
o Small Power
o Medium Power
o Large Power

Power Transformer Global Market - Competitive Analysis

The global market for power transformer is one of the most technological advance market. To maintain the market position and to drive the market growth, all the major players continuously strive for technological development in their power transformer product variants. The power transformer market consists of numerous global, and local vendors. Several global vendors offer high-quality products at competitive prices than the local vendors. The existing vendors will try to gain more market shares by expanding their product portfolio and introducing innovative products. Owing to technological advancements, the competitive environment among the players in the power transformer market will intensify in the coming years.

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This release was published on openPR.