Expansion of renewable energy sector, along with continuous technological advancement in existing power grids, and the growing demand for smart grid development, are the key drivers that are surging the demand of the global power transformer market.
Dublin, Dublin – July 11, 2020 /MarketersMedia/ —
The significant factors contributing to the growth of the global power transformer market include continuous expansion in the renewable energy sector, increasing advancements in existing power grids, rising number of initiatives, and the strong demand for smart grid development. Governments across the globe are implementing various initiatives to support the deployment of smart grid technology, as it decreases the greenhouse gas emission and enables higher energy efficiency. This technology is opening new doors for the development of plug-in hybrid electric vehicles.
As per the power transformer market analysis, the smart grid is an important part of the incorporation of renewable energy into the electrical grid. Various advancements in power transformers will help in addressing the requirement of smart grids. It will also help in enhancing energy security, decreasing greenhouse gas emissions, and provides higher grid utilization. In addition to this, transformers provide the required amount of power needed by the systems. Therefore, the accelerating demand and increasing number of initiatives for the development of the smart grid will further enhance the market growth. On the other hand, the high price of power transformers is a major factor that will hamper the growth of the market.
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On the basis of rating, the small power transformer segment is projected to emerge as the maximum revenue generating segment in the coming years. This is attributed to the increasing adoption of small power transformers across various small industries, and its easy customization option as per the customers’ requirements.
Based on the cooling method, the oil-cooled transformers segment is predicted to witness a higher CAGR during the forecast period due to the increasing adoption of oil-cooled transformers in numerous industries.
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On the basis of the region, North America is predicted to lead the global power transformer market in the next six years. The significant factors boosting the demand of the market include the increasing industrialization and urbanization in this region. On the other hand, the Asia-Pacific region is projected to grow at a higher CAGR during the forecast period. This is attributed to the rapid economic development and the increasing need for reliable power supply in this region as a result of the increasing population rate.
The key players of the global power transformer market are Mitsubishi Electric Corporation, Bharat Heavy Electricals Limited, GE Company, Toshiba Corporation, Crompton Greaves Limited, ABB Ltd, Siemens AG, Hyundai Heavy Industries Co., Ltd, Hyosung Group, and SPX Transformer Solutions, Inc., among others.
The research report on the global power transformer market provides an in-depth analysis of the market revenue based on rating, cooling method, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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