Power transformer market is projected to reach a value of US$ 29.91 billion by 2020, from an estimated US$ 20.71 billion in 2015 at a CAGR of 7.6 per cent from 2015 to 2020. Increasing energy demand coupled with rising electrical infrastructure projects would drive the demand for power transformers. Apart from this, the replacement of aging infrastructure in North America and Europe and increasing rate of installation of green transformers are driving the power transformer market.
Although the market size of the medium power transformer segment is large, yet the growth of the large power transformer segment is higher. This is due to the increase in HVDC transmission projects mainly in the Asia-Pacific region. HVDC, EHV, and UHV projects being undertaken for reducing transmission losses during transmission over large distances is the major growth driver of the large power transformer market.
Oil-Cooled Power Transformers Dominate Power Transformers Market
The oil-cooled power transformer segment occupies a larger market size as it is considered a safer option while handling high voltages. And, with increasing number of high voltage transmission projects being undertaken, the demand for oil-cooled power transformers is expected to be higher than air-cooled power transformers.
Asia-Pacific: Largest Market for Power Transformers
The power transformer market is driven by increasing global energy consumption; to fulfill this, new T&D lines are being installed. Moreover, investments being made by governments in electrical infrastructure projects have also gone up, further aiding in the growth of the power transformer market. Asia-Pacific is the largest market for power transformers, and its demand in the region is mainly driven by extensive T&D network expansion projects in developing countries such as India and China.
The report covers major market players such as ABB (Switzerland), Siemens (Germany), Crompton Greaves (India), and General Electric (U.S.) among others. These companies together occupy about half of the power transformer market.
The size of the overall market has been determined by forecasting techniques based on the power transformer demand in different regions, which has been validated through primary sources. The market data is available from 2013 to 2020 with CAGR from 2015 to 2020. This report analyzes various marketing trends and establishes the most effective growth strategy.