The key drivers of the market include increasing electricity demand in emerging and developed countries, need for up-gradation of transmission networks and high demand for smart grids.
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Global Transformers market is accounted for $13.7 billion in 2015 and is expected to reach $24.4 billion by 2022 growing at a CAGR of 8.6% from 2015 to 2022..
However, fluctuating prices of raw materials (steel and copper and crude oil) and high installation, logistics & supporting infrastructure cost of transformer will hinder market growth. Increasing awareness regarding low carbon emission is anticipated to offer prominent growth opportunities for the market.
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Asia-Pacific region is growing significantly as China is an attractive destination for power transformer companies with extensive power plant capacity additions, economic growth. European nations are deploying green transformer concept to promote industry growth.
Some of the key players in global Transformers market are ABB Ltd, API Delevan Inc, Bharat Heavy Electricals Ltd, Brush Group, Crompton Greaves Ltd, Datronix Holdings Ltd., Efacec Capital, ERMCO, Excel Electronics Industries, Federal Transformers Co. Llc, First Philippine Electric Corp., General Electric, Hammond Power Solutions, Hitachi LTD, Howard Industries, Hyundai Heavy Industries Co.
Ltd, Ist Power, Kirloskar Electric Ltd., Spx Transformer Solutions, Inc and Mitsubishi Electric Corporation.
100 MVA to 500 MVA
End Users Covered:
Oil and Gas
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Oil-Filled Self-Cooled Transformers
Oil-filled Water-cooled Transformers
Rest of Europe
Rest of Asia Pacific
Rest of the World
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