Power Transformer Market to Witness a Pronounce Extension During 2023: ASEA Brown Boveri Group, Crompton Greaves Ltd., General Electric Company, Siemens AG, Schneider Electric SA

Power transformer is a static machine used in transmission network. It helps in the transmission of power from one network to the other without change in frequency. These transformers operate at high or peak load and have maximum efficiency at full load. Power transformers allow transmission of power over long distances at high voltages thus minimizing the transmission loss. Power transformer market is currently in growth stage in cases of large transformers. Increase in demand for power, cross border power transmission, global initiative to utilize more renewable and non-conventional energy sources, smart grids, and global need to upgrade transmission networks boosts the global power transformer market.

Power transformer market growth is directly related to the growing demand for electricity, advancements in transmission lines, and replacement of old transformer units across the world. High cost is a major limitation for purchasing and installation of power transformers. However, no power system is complete without power transformers and hence a lot of governments provide subsidies in various forms. Increase in demand for electricity drives the power transformer market. As power sector is the key indicator of economic growth, countries invest in strengthening their power infrastructure and meet the growth in demand for electricity. Power transformers form a critical part of a power grid. With the increase in awareness related to CO2 emissions, the adoption of smart grids is expected to grow. Currently, the “Go Green” revolution drives the demand for smart grids across the globe.

Request a Sample PDF Brochure: https://www.worldwidemarketreports.com/sample/273835

Segment Review
In 2015, low rating power transformers are the biggest constituents of the power transformer market. These transformers account for the 69.09% followed by medium rating and high rating power transformers. Major reason for such a high share of low rating power transformers is wide utilization of medium and high voltages for transmission of power. High rating power transformers are increasingly utilized in ultra-high-voltage transmission networks.

Suppliers are considered as raw material providers of special type of electrical steel for cores, high grade copper for windings, and tank cellulose-based paper for insulation. Consumers in the market typically comprise of electricity generation and transmission companies, which fulfil the demand from various industrial sectors as well as transmit power to electricity distribution companies. Thus, most of the buyers are well-educated about the power transformer industry as it involves high amount of investments. This increases the bargaining power of the buyer. However, lack of substitutes available curbs the power of buyers.

Market of power transformers is concentrated in the hands of only few key players, while other manufacturers survive by providing niche products. There are multiple competitors but no available substitute of power transformers. Almost all the electricity reaching to consumers passes through power transformers and they cannot be replaced or substituted with any other product. There are many dominant players present in the power transformer market that raise high-entry barriers for the companies entering the market.

At present, low rating power transformers are widely utilized followed by medium rating and high rating power transformers. Globally, the most preferred mode of power transmission is high-voltage DC (HVDC) and high-voltage AC (HVAC) transmission and hence low rating power transformers dominate the power transformer market. Major drivers for this segment include widening of transmission networks, high electricity demand, and replacement of old units. Furthermore, renewable energy generation is increasing throughout the world and further rise is expected with the world moving towards the green generation. Thus, there is a marked increase in the number of solar and wind energy power plants. Increase in utilization of renewable and non-renewable energy resources drives the demand for power transformers as there is rise in demand for integration of new power plants with transmission networks.

Restraints:
Power transformers are expensive as compared to conventional distribution transformers. Main materials utilized in transformer manufacturing are copper, steel, and aluminum, and therefore, the cost of the transformer is subjected to raw material price fluctuations coupled with high installation cost and logistics. Furthermore, power transformers are installed with the protective instruments such as Buchholz Relay, Pressure relay, Oil level monitor devices, and winding thermometers.

Top Winning Strategy:
Leading players in the global floor coatings market have adopted various strategies gathered from press releases, annual reports, and primary calls made to industry experts to achieve additional market share. Key strategies adopted by these players include product launches, joint ventures, acquisitions, partnership, expansion, collaboration, and investments.

Geographic Review:
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.

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.

Place an Inquire before Purchase: https://www.worldwidemarketreports.com/quiry/273835

*If you have any special requirements, please let us know and we will offer you the report as you want.

For Full TOC Speak To Analyst: https://www.worldwidemarketreports.com/speakanalyst/273835

About WMR

Worldwide Market Reports is your one-stop repository of detailed and in-depth market research reports compiled by an extensive list of publishers from across the globe. We offer reports across virtually all domains and an exhaustive list of sub-domains under the sun. The in-depth market analysis by some of the most vastly experienced analysts provide our diverse range of clients from across all industries with vital decision making insights to plan and align their market strategies in line with current market trends.

Mr. Shah
Worldwide Market Reports
1001 4th Ave,
#3200
Seattle, WA 98154,
U.S
Email:sales@worldwidemarketreports.com

This release was published on openPR.