What is Power Transformer Market Scope?
Power Transformers is defined as the electrical devices which are used to change the voltage of electricity flowing in the circuit. It is widely used to increase or decrease the voltage and it also is known as stepping up and stepping down. It works mostly during peak loads with maximum efficiency at or near full load. Various advantageous of using power transformer protection such as oil level gauges, over current, temperature indicator, lightning arrestors, and others. Widening of transmission networks, high electricity demand, and replacement of old units and increase in the number of solar and wind energy power plants, upsurge in the utilization of renewable as well as non-renewable energy resources and others are some of the major drivers which are propelling the growth of the market. It is expected to expand at a CAGR of 7.6% from 2018 to 2026.
The Power Transformer market study is being classified, by Application (Oil And Gas, Mining, Off-Grid Generation and Others) and major geographies with country level break-up.
The market is fragmented with numerous players focusing on technique and quality of the product due to which the global power transformer market can witness an upsurge in the forecast period. Analysts at AMA predicts that Manufacturers from United States will contribute to the maximum growth of Global Power Transformer market throughout the predicted period.
ASEA Brown Boveri Group (Switzerland), Crompton Greaves Ltd. (India), General Electric Company (United States), Siemens AG (Germany), Schneider Electric SA (France), Hyundai Heavy Industries Co. Ltd.(South Korea), Mitsubishi Electric Corporation (Japan), Tebian Electric Apparatus (China), Bharat Heavy Electricals Limited (India) and Toshiba Corporation (Japan) are some of the key players profiled in the study.
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Power Transformer market by Type, Application and Region.
On the basis of geography, the market of Power Transformer has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
On April 2018, ABB (Switzerland) Company had launched the digitally integrated power transformer. This will, in turn, propel the growth of the power transformer market. and On November 2018, the Description ABB (Switzerland) had expanded the transformer portfolio with the launch of new products. This would help in increasing the customer base and expansion of the company in the future.
Influencing Market Trend
- Technology Advancement of the Power Transformer
Market Drivers
- Modernization of Existing Power Grids
- High Demand and Initiatives for Smart Grid Development
- Growth of the Renewable Energy Sector
- Emerging Demand in High-Growth Markets
Opportunities
- Deployment of Green Transformers
- HVDC Transmission Methods for Long-Distance Transmission
- Increasing Investments in T&D Infrastructure
- Expanding Cross-Border Electricity Trade
- Increase in Electricity Demand throughout the World
Restraints
- Reluctance to Replace Aging Infrastructure
- Power Transformers are Expensive as Compared to Conventional Distribution Transformers
- Standardization of Products
Challenges
- Delays in Grid Expansion Projects
Key Target Audience
Manufacturers of Power Transformer, Suppliers of Power Transformer, Wholesalers, Distributors and Retailers of Power Transformer, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others
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