The global power transformers market is expected to reach USD 18.55 billion by 2020, according to a new study by Grand View Research, Inc. Growing energy demand, on a global level, is expected to be the key driving force for the power transformers market over the next six years. Favorable regulatory scenario for the development of low noise and environmentally friendly transformers is also expected to drive the market over the forecast period.
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Increasing investment in power plant infrastructure in developing markets of Asia Pacific is expected to boost regional demand. The market in North America and Europe is expected to primarily be driven by need for replacing aging equipment. Smart grid and super grid development initiatives are expected to be a considerable opportunity for market participants. Volatility in prices of key raw materials such as steel and copper is expected to be a barrier for industry growth.
Further key findings from the study suggest:
- Global power transformers shipments were estimated to be 11,352 units in 2013, and are expected to reach 16,994 units by 2020, growing at a CAGR of 5.9% from 2014 to 2020.
- Power transformers with a rating of 100 MVA to 500 MVA are expected to continue dominating global demand, and accounted for over 73% of the overall market volume in 2013. It is also expected to be the fastest growing segment, at an estimated CAGR of 6.4% in terms of revenue from 2014 to 2020.
- Asia Pacific accounted for over 40% of the market in 2013; it is also expected to grow at the fastest CAGR of 6.6% in terms of revenue from 2014 to 2020. Growing population as well as increasing demand for electricity is expected to fuel the market in this region over the forecast period.
- Companies operating in the market include ABB Ltd., Alstom SA, General Electric, Siemens Energy and Toshiba Corp. among others. New product development and innovation in order to meet regulatory requirements and address growing demand are among the key strategies employed for market expansion.
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For the purpose of this study, Grand View Research has segmented the global power transformers market on the basis of product and region:
• Power Transformers Product Outlook (Volume, Unit Shipments and Revenue, USD Billion; 2012 – 2020)
• 100 MVA to 500 MVA
• 501 MVA to 800 MVA
• 801 MVA to 1200 MVA
• Power Transformers Regional Outlook (Volume, Unit Shipments and Revenue, USD Billion; 2012 – 2020)
• North America
• Asia Pacific
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information, visit: http://www.grandviewresearch.com/
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