Bharat Book Bureau Provides the Treding Market Research Report on "Global Power Transformer Market Size study, By Type (Core, Shell) Application (Generation Step-up, Transmission) By Voltage (100-200kV, 200-400 kV, Above 400 kV) By End Use (Residential & Commercial, Utilities, Industrial) and Regional Forecasts 2020-2027" under Energy Category. The report offers a collection of superior market researach, market analysis, competitive intelligence and Market reports.
Global Power Transformer Market is valued approximately at USD 27.7 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 7.9% over the forecast period 2020-2027. Power transformer is a type of transformer used primarily to collect electric power from the low voltage generator and transmit it via the power grid network through distribution channels. It forms a core part of the power grid and helps to transmit power from one network to the other without frequency changes. In the transmission of electricity, power transformers play a vital function.
Further, factors responsible for the growth of the global power transformer market are the growing consumption of energy, the increasing emphasis on renewable electricity generation, the introduction of smart grids and smart transformers, and the replacement of existing aging power transformers. As the energy sector is a key indicator of economic development, countries are investing in improving their energy infrastructure and meeting the rising demand for electricity. Also, as per Center for strategic and International Studies, The China's National Energy Administration (NEA) and the National Development and Reform Commission (NDRC) are also planning to spend more than $360 billion on developing renewable energy and creating 13 million jobs in the sector by 2020. Investments involve new projects for the power grid that incorporate electricity generated by renewable energy into the main grid.
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Rise in the production of renewable energy, such as hydro, wind, and solar, are major drivers of the global power transformer market. For Instance It is also anticipated that moving towards the need for safe and reliable electricity, coupled with rapid urbanization and investment in new power grids and renewable energy, high demand for electricity and the replacement of old units, especially in developing countries such as India and China, would contribute to the growth of the power transformer market. However, compared to traditional distribution transformers, power transformers are costly impedes the growth of the market over the forecast period of 2020-2027. Also, the industrial group involves the adoption of these transformers in captive power plants and for power generation in manufacturing industries would create Opportunity for Power Transformer market.
The regional analysis of global Power Transformer market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-Pacific is the leading/significant region across the world in terms of market share owing to rising government spending and efforts to develop the power infrastructure & capabilities, demand for power transformers is expected to boost in the region. In the future, MEA will also experience moderate growth. Whereas, North America is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as Refurbishment demand for existing grid infrastructure and rising infrastructural spending would create lucrative growth prospects for the Power Transformer market across the region.
Major Market Player included in this report are:
- Bharat Heavy Electricals Ltd.
- CG Power and Industrial Solutions Ltd.
- EMCO Ltd.
- General Electric Company
- Hitachi Ltd.
- Kirloskar Electric Co. Ltd.
- Schneider Electric SE
- Siemens AG
- TBEA Co. Ltd.
- Toshiba Corporation.
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