Power transformer market size worth $34.6 bn by 2022:GMI
801 MVA to 1200 MVA output power transformer market size was valued USD 2.54 billion in 2014 and is anticipated to gain significantly, with estimates of USD 3.85 billion by 2022. Increasing energy demand from emerging countries such as China, India and Brazil is likely to support demand. 501 MVA to 800 MVA output power was valued at USD 4.27 billion in 2014, with projections of USD 6.69 billion by 2022, at estimated gains of 5.5% from 2015 to 2022.
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Increasing electrification ratio in emerging economies such as China, India, Brazil, and Russia should drive demand for power generation. Moreover, load growth and high transmission & distribution losses highlight the need to increase substations. Due to rapid economic development and increased need for uninterrupted and reliable power supply in these countries, the industry should exhibit healthy growth from 2015 to 2022. However, unstable raw material prices are likely to challenge power transformer market demand over the next six years.
Key insights from the report include:
Global power transformer market was valued USD 21.52 billion in 2014, with estimation of USD 34.64 billion by 2022, growing at 5.9% from 2015 to 2022
Global demand in 100 MVA to 500 MVA output power was USD 14.7 billion in 2014 which is likely to achieve USD 24.11 billion by 2022, growing at a CAGR of 6.2% from 2015 to 2022.
Asia Pacific leads the regional demand with total share of 36.56% in 2014. Factors such as fast economic development and improved need for reliable power supply due to boost in population have stimulate the demand growth throughout the forecast period.
The industry expected North America, particularly U.S. power transformer market share to grow significantly, with forecast of USD 8.54 billion by 2022.
Highly competitive industry consists of top six chief manufacturers which accounted more than 60% of power transformer market share in 2014. Major participants include ABB Ltd, Alstom, Siemens Energy, Toshiba Corp, GE and Crompton Greaves and others.
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