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.
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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.
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.
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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.
General Electric Company
Kirloskar Electric Co. Ltd.
Schneider Electric SE
TBEA Co. Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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The detailed segments and sub-segment of the market are explained below:
Above 400 kV
By End Use:
Residential & Commercial
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Power Transformer Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
The global market is forecast to witness a rapid growth, owing to increasing demand for technological advancements from end-users. Moreover, increasing investments in research and development activities, launches, partnerships, and other strategic initiatives will benefit the market. Furthermore, the growing focus of authorities towards increasing urbanization and industrialization is forecast to drive the market growth.
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COVID-19 Impact Analysis
The COVID-19 pandemic has affected almost every industry. The market witnessed a significant decline in investments, mainly in the energy and power sector. According to the estimations by the International Energy Agency, investments in the energy and power domain are projected to decrease by 10% in 2020 as compared to the pre-pandemic statistics. This indicate the condition of global marketplace along with severe challenges faced during pandemic.
Asia-Pacific market is forecast to emerge as rapidly growing region in global market, owing to governments’ initiatives towards increasing urbanization and growing population leading to increasing demand of energy-based products and services. Also, North America is forecast to grow rapidly because of high energy consumption in the region and technological advancements across the sector. Energy consumption has been increasing in the region, mainly in the US; the primary energy consumption is segmented on the basis of nuclear electric power, petroleum, coal, renewable energy, and natural gas. The petroleum and natural gas segment is dominating the overall sector. In the mix of energy sources, petroleum accounts for around 35% of the overall consumption, whereas natural gas accounts for 34%.
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What is the key information extracted from the report?
Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
The report offers the present scenario and future growth prospects Market in various geographical regions.
The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
The SWOT analysis is conducted along with Porter’s Five Force analysis.
The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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