Power Transformer Market 2018 Exclusive Analysis by Renowned Players | ABB Ltd, Schneider Electric, Siemens AG, Crompton Greaves Ltd, Mitsubishi Electric Corporation, Etc.

Market Scenario:
Global Power Transformer Market Is Set to Reach USD 34,510.2 million by 2023. The market is slated to soar high at strong CAGR during the forecast period (2018-2023). The increase in energy demand has subsequently has led to subsequent rise in electrical infrastructure projects. With the growth in number of projects, the market is expected to scale new heights in the foreseeable future. At present, a number of countries seem to have extensive power plant capacity additions and are focusing on improving access to electricity. This also affects the market size of power transformer market favorably.

Leading Key Players:
ABB Ltd., (Switzerland), Schneider Electric (France), Siemens AG (Germany), Crompton Greaves Ltd. (India), Mitsubishi Electric Corporation (Japan), Toshiba Corporation (Japan), Bharat Heavy Electricals Limited (India), Hyosung Power & Industrial Solutions (South Korea) and SPX Transformer Solutions, Inc. (U.S.), SGB-SMIT Group (Germany), and Hyundai Electric & Energy Systems Co., Ltd. (South Korea).  Are some of the key vendors operating in the market.

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Power Transformer Market – Segmental Analysis:
The global market for power transformer is segmented based on cooling type, power rating and by region.

The cooling types are oil-cooled and air-cooled. Oil has a good thermal conductivity and is segmented into variants like oil natural air natural (ONAN), oil natural air forced (ONAF), oil forced air natural (OFAN), and oil forced air forced (OFAF). Oil-cooled transformers provide better conductivity than the air-cooled transformers and also posses high coefficient of conductivity resulting in natural circulation of oil.

The types of power rating are small power, medium power, and large power. The large power transformer segment is growing at a higher rate than others due to increase in high-voltage direct current (HVDC) transmission projects in many regions across the world. Apart from this, extra high voltage (EHV) and similar projects are being undertaken to reduce transmission losses between large distances. This also drives the growth of large power transformer market.

Regional Outlook:
The regional segments of global power transformer market are North America, Europe, Asia Pacific (APAC) and the Rest-of-the-World (RoW).

The APAC power transformer market is predicted to exhibit the highest CAGR during the forecast period. The region continuously updates and upgrades its existing transmission and distribution infrastructure to serve the growing demand for electricity. The emerging nations in the region such as India, Japan, and China contribute to this growth due to extensive power plant capacity additions combined with steady economic growth and the need to improve access to electricity. Another factor being noted is the strengthened grid structure in China, on the back of whom the country has managed to secure the top position in the APAC region. Apart from this, many countries in South Asia are facing challenges such as poor access to energy, energy shortages, and concerns for energy security. To worsen the situation, many nations in the region deal with poor economy, thereby leading to a number of foreign firms investing in infrastructural expansion in the region. 

The North America market is expanding strikingly on account of presence of well-established market players such as Siemens, Alstom Grid, and others. Infrastructure development lays a strong foundation for the market growth as well. For instance, Hyundai Power Transformers recently expanded its Alabama plant of USD 33 million that currently employs 300 people and has an annual production rate of 80 units of power transformers.The market in Europe is set to surge at a striking rate during the review period due to replacement of aging infrastructure along with increasing rate of installation of green transformers. There are several small and medium power transformer projects that present a positive outlook of the market in the region.

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This release was published on openPR.