Energy & Green Renewable Technology Market News

Global power transformer market size is expected to reach $35,353 million by 2022 with a CAGR of 7.07% according to new research report

Global power transformer market size is expected to reach $35,353 million by 2022 from $23,019 million in 2015 with a CAGR of 7.07% from 2016 to 2022. Power transformer is a static machine used in transmission network.

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 It helps in the transmission of power from one network to the other without change in frequency. These transformers operate at high or peak load and have maximum efficiency at full load.

Power transformers allow transmission of power over long distances at high voltages thus minimizing the transmission loss. Power transformer market is currently in growth stage in cases of large transformers.

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Increase in demand for power, cross border power transmission, global initiative to utilize more renewable and non-conventional energy sources, smart grids, and global need to upgrade transmission networks boosts the global power transformer market.

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Power transformer market growth is directly related to the growing demand for electricity, advancements in transmission lines, and replacement of old transformer units across the world. High cost is a major limitation for purchasing and installation of power transformers.

However, no power system is complete without power transformers and hence a lot of governments provide subsidies in various forms. Increase in demand for electricity drives the power transformer market.

As power sector is the key indicator of economic growth, countries invest in strengthening their power infrastructure and meet the growth in demand for electricity. Power transformers form a critical part of a power grid.

With the increase in awareness related to CO2 emissions, the adoption of smart grids is expected to grow. Currently, the “Go Green” revolution drives the demand for smart grids across the globe.

Segment Review

In 2015, low rating power transformers are the biggest constituents of the power transformer market. These transformers account for the 69.09% followed by medium rating and high rating power transformers.

Major reason for such a high share of low rating power transformers is wide utilization of medium and high voltages for transmission of power. High rating power transformers are increasingly utilized in ultra-high-voltage transmission networks.

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