Innovation of existing power grids, rising demand for energy, positive regulatory scenario and increasing demand for smart transformers are some key factors fostering the market growth. However, factors such as fluctuation in the prices of components, standardization issues and lack of skilled manpower are restricting the market growth.
According to Publisher, the Global Power Transformers market is estimated at $21.56 billion in 2016 and is expected to reach $38.23 billion by 2023 growing at a CAGR of 8.5% from 2016 to 2023.
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Amongst Rating, 100 MVA to 500 MVA segment is projected to lead the industry over the forecast period due to its diverse usage in distribution and transmission network for the step-down and step-up application.By Cooling Type, oil-cooled power transformer segment is anticipated to register a larger market share.
The growth for this segment is attributed to the fact that oil-cooled power transformers are considered safer while dealing high voltage applications. Asia-Pacific held the largest market share and is likely to dominate the market.
The growth for this region is mainly due to the improving infrastructure and surge in government investments to boost the installed capacity across the countries including India and China power transformer market.
Some of the key players in the market include Toshiba Corporation, SPX Corporation, Siemens AG, SGB-SMIT International GmbH., Mitsubishi Electric Corporation, Hyundai Heavy Industries Co. Ltd., Hyosung Power & Industrial Systems Performance Group, General Electric Co, Crompton Greaves Ltd., Bharat Heavy Electricals Limited, ASEA Brown Boveri Group, Alstom SA and ABB Ltd.
Cooling Types Covered:
-Oil-Cooled Power Transformers
-Air-Cooled Power Transformers
-High (801 MVA to 1200 MVA)
-Medium (501 MVA to 800 MVA)
-Low (100 MVA to 500 MVA)
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- Rest of Europe
- New Zealand
- Rest of Asia Pacific
-Rest of the World
- Middle East
- South Africa
9.1 Toshiba Corporation
9.2 SPX Corporation
9.3 Siemens AG
9.4 SGB-SMIT International GmbH.
9.5 Mitsubishi Electric Corporation
9.6 Hyundai Heavy Industries Co. Ltd.
9.7 Hyosung Power & Industrial Systems Performance Group
9.8 General Electric Co
9.9 Crompton Greaves Ltd.
9.10 Bharat Heavy Electricals Limited
9.11 ASEA Brown Boveri Group
9.12 Alstom SA
9.13 ABB Ltd.
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