Large Power Transformers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020
Albany, NY -- (SBWIRE) -- 09/28/2015 -- The rapid rise in demand for energy in the global arena has propelled the global large power transformers market to a great extent. Teeming with opportunities, the market stood at US$18.35 billion in 2013 and is expected to expand at a CAGR of 7.8% from 2014 to 2020, reaching an expected value of US$31.05 billion by 2020.
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Additionally, favored by government regulations and fueled by the renewal and upgradation of existing networks in developed economies, the market entertained demand for 11,223 units of large power transformers in 2013 and expects to attain a target of 18,709 units by 2020, rising at a CAGR of 7.7% between 2014 and 2020. However, instability in the cost of raw materials is likely to create a hindrance in the market growth.
Large Power Transformers with 100 MVA to 500 MVA to Report Fastest Growth
Based on power ratings, the markets for large power transformers having power ratings between 100 MVA to 500 MVA, 501 MVA to 800 MVA, and 801 MVA to 1200 MVA are the key market segments of the global industry.The market for large power transformers with 100 MVA to 500 MVA power ratings are likely to register the fastest growth over the period of 2014-2020, in terms of revenue. The widespread usage of 100 MVA and 500 MVA power transformers by utilities across the globe is the main growth driver of this market.Furthermore, the power transformers having power ratings between 801 MVA and 1200 MVA are projected to be employed in HVDC and UHVDC power generators in Asia Pacific and the Middle East.
Asia Pacific to Maintain Dominance on account of Continuous Demand for Energy
The large power transformers market in Asia Pacific led the global industry in 2013, on account of the raised demand for energy and the technical developments that took place in this region. At present, economies such as Australia, China, Japan, India, South Korea, and Malaysia are presenting the large power transformers market with immense opportunities, backed by their continual demand for energy, wherein China and India are projected to significantly fuel the market owing to the rising electrification in these nation.Developing countries in the Rest of the World regional segment are likely to expand their power infrastructures at a slower but continuous pace, creating a competitive marketplace for global as well as regional players operating in the large power transformers industry.
ABB, Siemens, and Alstom Lead Competitive Global Power Transformers Market
The leading players in the global large power transformers market are ABB Ltd., Siemens Energy, and Alstom SA, wherein Siemenes topped the list with 21 transformer production units across the globe in 2011. Meanwhile, ABB had 20 and Alstom possessed 13 global units, respectively, in the same year. In terms of annual production capacity, ABB led with approx. 200,000 MVA in 2011 and Alstom Grid followed with a 130,000 MVA annual production capacity. Other prominent players are Crompton Greaves Ltd., GE Co., Hyundai Heavy Industries Co. Ltd., Hyosung Power & Industrial Systems, Tebian Electric Apparatus Co. Ltd., SGB-SMIT International GmbH., and China XD Electric Co. Ltd.
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