Power Transformer Market : Industry Analysis, Future Growth, Opportunities, Business Prospects and Global Forecast to 2023

Market Highlights
A power transformer is a device normally used in engineering that alters both the voltage and the current of the electricity passing through it. A power transformer is made up of a coil enclosed around an electromagnet that transfers the electricity. The main application of power transformer is the transmission and distribution of electrical power. These transformers are widely used by power plants, industrial plants and conventional electric utility companies, power transformers are used in the high voltage transmission network to step up and step down the voltage level.

Power transformers are classified based on their cooling types as oil-cooled and air-cooled As power transformers help step up or down the voltage level in the high voltage transmission network, they are used in numerous electronic circuits. They are available in various types and applications. The main application of power transformer is the transmission and distribution of electrical power. These transformers are widely used by power plants, industrial plants and conventional electric utility companies. . The constant need for electricity and the unstable electricity supply situation in most developing countries will aid in the growth of the power transformers market over the forecast period. However, averseness of governments worldwide in initiating capital inducement projects can hinder the power transformer market. Also, the high cost of transformers and that of safety instruments & backup structure obstructs optimal utilization of power transformers globally.

The Global Power Transformer Market is expected to grow at a CAGR of 8% during the forecast period.

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Oil-cooled power transformer market is expected to grow at the highest rate.
The oil-cooled power transformers are expected to hold a larger market size as compared to air-cooled power transformers. This is due to the fact that oil-cooled transformers perform safer operations while dealing with high voltage application. Also, the growing high voltage transmission network extension activities and low manufacturing cost of oil-cooled power transformer.

Key Players:
The key players of global power transformer market are ABB Group (Switzerland), Siemens Ltd. (Germany), General Electric Company (USA), Crompton Greaves Ltd. (India), Toshiba Corporation (Japan), Hyundai Heavy Industries Co., Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), Hyosung Corporation (South Korea), Bharat Heavy Electricals Limited (India) and SPX Transformer Solutions, Inc. (U.S.A).

Global Power Transformer Market:
Currently, the power transformer market is in the growth stage. This is due to the increase in demand for power, and in cross-border power transmission, global initiatives to use more renewable and non-conventional energy sources, smart grids, & the global need to upgrade transmission grids boost the global power transformer market. The Asia-Pacific region is the leading market for power transformers market and is followed by Europe. The rapid industrial development in the countries such as India and China where there are issues with continuous reliable electricity supply, is driving the market for power transformers. Also R&D and utilization of ultra-high voltage transformer in China and India will drive power transformer market.

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Asia-Pacific region is expected to grow at the fastest rate
The power transformer market in the Asia-Pacific region is currently leading and is followed by Europe market. The rapid industrial development in the countries such as India and China, where there are issues with continuous electricity supply, is driving the market for power transformers. Also R&D and utilization of ultra-high voltage transformers in China and India will drive power transformer market.

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