Power Transformer Market Expected to Reach $37,353 Million, Globally, by 2022 Key Players: ASEA Brown Boveri Group, Crompton Greaves Ltd., General Electric Company, Siemens AG
Power Transformer Market Report, published by Allied Market Research, forecasts that the global green building materials market is expected to be $23,019 million in 2015, growing at a CAGR of 7.07% from 2016 to 2022 to reach $37,353 million by 2022.The low rating power transformer segment has dominated the market in 2015 with more than two-third share, in terms of usage followed by medium and high.
Renewable & non-renewable energies have emerged with promising opportunities in power transmission market. Though high installation cost in infrastructural setups coupled with logistics expenses have hindered the growth of power transformer market, acceptance of smart grid technologies has promised this market with energy efficient results in grid set ups.
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Transmission lines are upgraded with an attempt to increase the voltage transmission across various networks of power transmission facilities. Transmission loses, remote access monitoring technologies coupled with energy efficient transmission lines are adopted to meet the boiling demand for electricity. Rapid industrialization associated with the growth in industrials establishments and residences have surged the demand for electricity requirements.
Key findings of the study:
• Asia-Pacific is expected to continue to lead the market during the forecast period followed by North America.
• Medium rating power transformers are expected to grow with a CAGR of 6.5% during the forecast period.
• North America and Asia-Pacific together account for more than two-thirds of the total share in 2015, in terms of electrification rates.
• In Europe, Germany is expected to grow with a CAGR of 6.35% during 2016-2022
• Middle-East is anticipated to grow with a CAGR of 7.11% during 2016-2022.
Emerging economies such as China and India have accepted the growth in demand for electricity by upgrading the transmission network with ultra-high voltage technologies. Prominent players in the power transformer industry include ASEA Brown Boveri Group, Crompton Greaves Ltd., General Electric Company, Siemens AG, Schneider Electric SA, Hyundai Heavy Industries Co. Ltd., Mitsubishi Electric Corporation, Tebian Electric Apparatus, Bharat Heavy Electricals Limited, and Toshiba CorporationLAMEA has accounted for approximately one-fourth of the total share in 2015 by volume and holds potential as a lucrative venue for power transformer market.
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Power transformer market is segmented based on rating and geography. According to rating, the market classifies the transformers in low, medium, and high. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, & LAMEA. LAMEA region comprises of Latin America, Middle East, and Africa. High demand for electricity in the developing economies, such as Brazil and Middle-Eastern countries‐Iran and Saudi Arabia-is the key growth factor for the power transformer market. The power transformer market in LAMEA accounted for $1,608 million in 2014 and is anticipated to garner $2,816 million in 2022 expanding at a CAGR of 7.20% between 2016 and 2022.
Major players in the power transformer industry include ASEA Brown Boveri Group, Crompton Greaves Ltd., General Electric Company, Siemens AG, Schneider Electric SA, Hyundai Heavy Industries Co. Ltd., Mitsubishi Electric Corporation, Tebian Electric Apparatus, Bharat Heavy Electricals Limited, and Toshiba Corporation.
Other key players (not profiled in the report) in the power transformer industry value chain include Alstrom SA, China XD Electric, TBA Corp Ltd, Kirloskar Electric Company, EMCO, Bharat Bijlee, Voltamp Transformers, Global Transformer & Switchgears Fzco, JSHP Transformers (China), Emirates Transformer, and Transformers & Rectifiers(India) Ltd.
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.
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