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Emerging Trends and Dynamics In The Power Transformer Market By 2022

01-23-2020 08:01 AM CET | Energy & Environment

Press release from: Allied Analytics LLP

Power Transformer Market

Power Transformer Market

Power transformer is a static apparatus working on two or more windings which, through electromagnetic induction, transform a system of alternating current and voltage into another system of current and voltage usually of different values operating at the same frequency for the transmission of electrical power. Increase in demand for electricity have escalated the expansion of the power transmission networks. High carbon emission followed by stringent governmental regulation have escalated the demand for green technologies such as smart grid transmission set ups with considerable reduction of transmission losses primarily associated with wide transmission networks. Furthermore, renewable & non-renewable energies such as wind, hydroelectricity, biomass, nuclear, and geothermal have fueled the drive for green generation coupled with increase to facilitate wide transmission network coverages with minimal effects.

Power Transformer Market 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 $35,353 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.

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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. 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.

Power transformer boast of a widespread application spectrum. In locomotives and trains, power transformer have been extensively used to provide high voltage electric energy. With the use of transformers, it is possible to maintain suitable voltage level in railway catenary conductors.

The power transformers market is bifurcated on the basis of cooling type into oil-cooled and air-cooled. The oil-cooled power transformers occupy larger share in the market as compared to the air-cooled transformers as their usage is considered safe in high voltage conditions.

Market Dynamics:

Drivers:
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.

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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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About us:
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-scale 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 right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies 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 intelligence support to help clients transform into a prominent business firm.

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