Press release
Large Power Transformers Market Enhancement of Technology & Progressive Research & Development
The demand for power transformers is expected to continually increase due to increasing electrification ratio in emerging as well as mature economies.
The continual enhancement of technology and progressive research and development initiatives are driving the market for large power transformers with improved features and specifications considering the regional and global environmental regulations.
Favorable government regulations for production of green energy and power are also expected to fuel the growth of the power transformers market over the forecast period. Global environmental concerns highlight the need for lower emissions and water conservation in both existing and new power plants.
As a result, leading companies such as Alstom have developed and introduced green transformers for environmentally delicate zones. Similarly, Crompton Greaves Ltd. designed, produced, and installed extremely low noise power transformers for environmentally critical regions.
Such innovative and environmentally friendly products are expected to witness strong demand in the future due to rising environmental concerns. Therefore, the degree of competition is analyzed to grow from medium to high over the forecast period.
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Based on the geographical segmentation of the global large power transformers market, Asia Pacific region occupied the largest market share in 2013, which can be attributed to rising energy demands coupled with technological advancements in this region.
The Asia Pacific region is expected to account for majority of the global growth over the forecast period. However, this region has a large unorganised sector and the market in this region is highly fragmented with the presence of many local players.
Rest of the World economies such as the Middle East and Africa are expected to steadily expand their power infrastructures, attracting intense competition from global as well as regional market players.
Mature economies in North America and Europe regions are expected to observe steady growth owing to the various modernization and upgradation initiatives. The countries in these regions are undertaking such initiatives to boost the power generation in order to meet rising demands.
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TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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