Pune, India -- (SBWire) -- 08/30/2018 --Power Transformer Market Overview:-
Geographically, the global power transformer market has been divided into North America, Europe, Asia Pacific and Rest of the World. Currently. The power transformer market is in the growth stage. This is due to the increase in demand for power, and in cross-border power transmission, global initiatives to use more renewable and non-conventional energy sources, smart grids, & the global need to upgrade transmission grids boost the global power transformer market. The Asia-Pacific region is the leading market for power transformers market and is followed by Europe. The rapid industrial development in the countries such as India and China where there are issues with continuous reliable electricity supply, is driving the market for power transformers. Also R&D and utilization of ultra-high voltage transformer in China and India will drive power transformer market.
Power Transformer Global Market - Competitive Analysis
The global market for power transformer is one of the most technological advance market. To maintain the market position and to drive the market growth, all the major players continuously strive for technological development in their power transformer product variants. The power transformer market consists of numerous global, and local vendors. Several global vendors offer high-quality products at competitive prices than the local vendors. The existing vendors will try to gain more market shares by expanding their product portfolio and introducing innovative products. Owing to technological advancements, the competitive environment among the players in the power transformer market will intensify in the coming years.
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Top Key Players:-
ABB Ltd., (Switzerland), Schneider Electric (France), Siemens AG (Germany), Crompton Greaves Ltd. (India), Mitsubishi Electric Corporation (Japan), Toshiba Corporation (Japan), Bharat Heavy Electricals Limited (India), Hyosung Power & Industrial Solutions (South Korea) and SPX Transformer Solutions, Inc. (U.S.), SGB-SMIT Group (Germany), and Hyundai Electric & Energy Systems Co., Ltd. (South Korea). are some of the key vendors operating in the market.
Power Transformer Market – Segmental Analysis
The global market for power transformer is segmented based on cooling type, power rating and by region.
The cooling types are oil-cooled and air-cooled. Oil has a good thermal conductivity and is segmented into variants like oil natural air natural (ONAN), oil natural air forced (ONAF), oil forced air natural (OFAN), and oil forced air forced (OFAF). Oil-cooled transformers provide better conductivity than the air-cooled transformers and also posses high coefficient of conductivity resulting in natural circulation of oil.
The types of power rating are small power, medium power, and large power. The large power transformer segment is growing at a higher rate than others due to increase in high-voltage direct current (HVDC) transmission projects in many regions across the world. Apart from this, extra high voltage (EHV) and similar projects are being undertaken to reduce transmission losses between large distances. This also drives the growth of large power transformer market.
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Regional Outlook:-
The regional segments of global power transformer market are North America, Europe, Asia Pacific (APAC) and the Rest-of-the-World (RoW).
The APAC power transformer market is predicted to exhibit the highest CAGR during the forecast period. The region continuously updates and upgrades its existing transmission and distribution infrastructure to serve the growing demand for electricity. The emerging nations in the region such as India, Japan, and China contribute to this growth due to extensive power plant capacity additions combined with steady economic growth and the need to improve access to electricity. Another factor being noted is the strengthened grid structure in China, on the back of whom the country has managed to secure the top position in the APAC region. Apart from this, many countries in South Asia are facing challenges such as poor access to energy, energy shortages, and concerns for energy security. To worsen the situation, many nations in the region deal with poor economy, thereby leading to a number of foreign firms investing in infrastructural expansion in the region.
Power Transformer Market 2018 Global Industry Size, Share, Growth, Trends, Business Strategies, 12 Company Profiles and Forecast to 2023