Renewable & non-renewable energies have emerged with promising opportunities in power transmission market. Though high installation cost in infrastructural setups coupled with logistics expenses have hindered the growth of power transformer market, acceptance of smart grid technologies has promised this market with energy efficient results.
Power Transformer Market Report, published by Allied Market Research, forecasts that the global green building materials market is expected to be $23,019 million in 2015, growing at a CAGR of 7.07% from 2016 to 2022 to reach $37,353 million by 2022.The low rating power transformer segment has dominated the market in 2015 with more than two-third share, in terms of usage followed by medium and high.
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Increase in demand for electricity have escalated the expansion of power transmission networks. High carbon emission followed by stringent governmental regulation have escalated the demand for green technologies such as smart grid transmission set ups with considerable reduction of transmission losses primarily associated with wide transmission networks.
Furthermore, renewable & non-renewable energies such as wind, hydroelectricity, biomass, nuclear, and geothermal have fueled the drive for green generation coupled with increaseTo facilitate wide transmission network coverages with minimal effects of
Renewable & non-renewable energies have emerged with promising opportunities in power transmission market.
Transmission lines are upgraded with an attempt to increase the voltage transmission across various networks of power transmission facilities.transmissionloses, remote access monitoring technologies coupled with energy efficient transmission lines are adopted to meet the boiling demand for electricity. Rapid industrialization associated with the growth in industrials establishments and residences have surged the demand for electricity requirements.
Key findings of the study:
- Asia-Pacific is expected to continue to lead the market during the forecast period followed by North America.
- Medium rating power transformers are expected to grow with a CAGR of 6.5% during the forecast period.
- North America and Asia-Pacific together account for more than two-thirds of the total share in 2015, in terms of electrification rates.
- In Europe, Germany is expected to grow with a CAGR of 6.35% during 2016-2022
- Middle-East is anticipated to grow with a CAGR of 7.11% during 2016-2022.
Emerging economies such as China and India have accepted the growth in demand for electricity by upgrading the transmission network with ultra-high voltage technologies. Prominent players in the power transformer industry include ASEA Brown Boveri Group, Crompton Greaves Ltd., General Electric Company, Siemens AG, Schneider Electric SA, Hyundai Heavy Industries Co.
Ltd., Mitsubishi Electric Corporation, Tebian Electric Apparatus, Bharat Heavy Electricals Limited, and Toshiba CorporationLAMEA has accounted for approximately one-fourth of the total share in 2015 by volume and holds potential as a lucrative venue for power transformer market.
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