The power transformer acts as an electric device that transfers energy between two or more circuits via electromagnetic induction. Power transformers are used to increase or decrease the voltage before transmitting electrical energy from one place to another through wires. By increasing the voltage of electric power via step-up transformers, enabling cost-effective transmission of electric power and distribution by avoiding the heat loss. Consequently, power transformers have shaped the electrical energy supply industry, allowing generations to be located remotely from points of demand. Increasing demand for electrical energy driven by emerging economies, extensive power plant capacities along with the economic growth are some of the key drivers driving the demand for power transformers globally.
With the increasing demand for energy from developed and developing countries, the electricity transmission and distribution companies need to find new ways to reduce the transmission losses along with the reduced cost. The power transformer companies need to find new ways to increase productivity along with the reduced cost, which in turn increases the adoption of high voltage transmission technologies such as EHV, UHV, and HVDC Power Transformers. Owing to the above-mentioned facts, the global market for power transformers is anticipated to grow at a significant CAGR over the forecast period.
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Power Transformer Market Â Market Dynamics
Several aspects are influencing the growth of power transformers. Due to the rapid increase in the electricity demand governments of emerging economies are not only focusing on raising production capacities but also emphasizing on transmission & distribution infrastructure. Increasing government support has boosted the adoption of renewable sources of power across the residential and industrial sectors, which is expected to drive the power transformers market. The electrical energy sector is expected to present several growth opportunities for power transformer manufacturers in the coming years.
Intense Competition in the Market May Create Entry Barriers for New Players
Frequent technology updates are expected to encourage power transformer manufacturers to further innovate and enhance product designs, which may increase the competition in the market. Favorable policies and lucrative opportunities are encouraging new players to enter the global power transformers market. Leading power transformers manufacturers are employing innovative technologies to differentiate their products from others, and consolidate their position in the global market. Highly competitive scenario in the global power transformers market continues to make it challenging for new entrants to expand their business.
Challenges in Improving Power Transformers Efficiency May Impede Market Growth
Even though no electric device can be 100% efficient, maximizing the output and performance remains a challenging task, and power transformers are no exception. Complexity in the designing process continues to be one of the major challenges in power transformers. High cost associated with the high power consumption of power transformers, larger size and complexity in design may undermine the market potential.
However, pricing pressures on power transformers manufacturer, along with rising raw material costs and the global economic slowdown, could hinder the market growth in the foreseeable future. Owing to the above facts. This is anticipated to auger well for the growth of the global power transformer market.
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Power Transformers Market Â Regional Analysis
The power transformers market can be segmented into seven regions: North America, Latin America, Europe, CIS & Russia, Japan, APEJ (Asia Pacific except Japan) and the Middle East and Africa. Owing to high energy demand from the emerging geographies like China and India, the APEJ is expected to hold maximum share in global power transformers market
Power Transformer Market Â Key Segments
The power transformers market can be segmented on the basis of rating, which further includes small power transformer, medium power transformer and high power transformer. The small power transformer ranges upto 60 MVA, medium power transformers ranges from 61 Â 600 MVA and the large power transformers ranges above 600 MVA where MVA stand for Mega Volts Ampere. On the basis of cooling type, the power transformer market can be segmented as liquid cooled and air cooled. Oil cooled power transformers are anticipated to dominate the global power transformer market.
Power Transformer Market Â Key Manufacturers
ABB Transformers Pte Ltd, Siemens, Schneider Electric, Toshiba Corp., Bharat Heavy Electricals Limited, Kirlosker, SPX Transformer, Celme, DAIHEN Corporation, Hyosung, Hyundai Electric, Mitsubishi Electric, Crompton Greaves and General Electric are some of the key players of the power transformer market.
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