Power Transformer Market to witness tremendous growth: Asia Pacific to lead global landscape over 2015-2022

Rising demand for power and increasing investments in grid expansions and power transmission networks will fuel power transformer market growth. Increasing power requirement in the oil and gas industry and the necessity of optimum electricity usage will drive product demand, increasing the need for efficient power components such as cores, insulation, windings, and cooling systems. According to Global Market Insights, Inc., “Power Transformer Industry is expected to increase at a CAGR of 5.9% over 2015 to 2022.”

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North America power transformers market, led by the U.S., is set to register a revenue of USD 8.54 billion by 2022.
Asia Pacific power transformer industry contributed to 36.56% of the overall share in 2014. It is anticipated to witness tremendous growth at a CAGR of more than 6% over 2015-2022, driven by increasingly developing infrastructure and a spur in government funding in countries such as India and China.
Government initiatives such as Revised Accelerated Power Development and Reform Program and Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) supporting T&D level investments to ensure uninterrupted power supply and reduce technical losses will escalate India power transformer market.

In terms of product, power transformers are classified based on power capacities, as 100 MVA to 500 MVA, 501 MVA to 800 MVA, and 801 MVA to 1200 MVA output power.
100 MVA to 500 MVA output power transformer industry was valued at USD 14.7 billion in 2014 and is expected to reach USD 24.11 billion by 2022, driven by the increasing product demand.
Key industry participants such as ABB Ltd., Toshiba Corporation, Siemens Energy, Alstom, GE, and Crompton Greaves contributed to over 60% of the global market share in 2014.

Manufacturing large transformers is a high-tech, convoluted process, involving high initial capital, raw material attainment, and transportation issues. Moreover, the production of large power transformers requires process fragmentation, which can lead to collateral damage.

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Unstable raw material prices, high initial investment, and the requirement for standardization in products are likely to hamper industry growth. Other vital factors such as technological advancements, lack of skilled human resources, costs involved in infrastructure modernization, discrepancies in the manufacturing process, and not-so-stringent government regulations are also likely to hinder power transformer market growth.

However, the rising global population, rapid industrialization, high requirement for electricity across various sectors, and increasing demand for highly efficient transformers will significantly drive global product demand, prompting manufacturers to offer customized products as per consumer specifications.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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This release was published on openPR.