Large Power Transformers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 01/23/2017 -- Power transformers connect electrical networks or systems of different voltages to allow power exchange between them. Power transformers are used for power generation, power transmission, electro-intensive industrial applications, and consumer applications. The demand for power transformers is expected to continually increase due to increasing electrification ratio in emerging as well as mature economies.
The continual enhancement of technology and progressive research and development initiatives are driving the market for large power transformers with improved features and specifications considering the regional and global environmental regulations.
Favorable government regulations for production of green energy and power are also expected to fuel the growth of the power transformers market over the forecast period. Global environmental concerns highlight the need for lower emissions and water conservation in both existing and new power plants. As a result, leading companies such as Alstom have developed and introduced green transformers for environmentally delicate zones.
Similarly, Crompton Greaves Ltd. designed, produced, and installed extremely low noise power transformers for environmentally critical regions. Such innovative and environmentally friendly products are expected to witness strong demand in the future due to rising environmental concerns. Therefore, the degree of competition is analyzed to grow from medium to high over the forecast period.
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Based on the geographical segmentation of the global large power transformers market, Asia Pacific region occupied the largest market share in 2013, which can be attributed to rising energy demands coupled with technological advancements in this region. The Asia Pacific region is expected to account for majority of the global growth over the forecast period.
However, this region has a large unorganised sector and the market in this region is highly fragmented with the presence of many local players. Rest of the World economies such as the Middle East and Africa are expected to steadily expand their power infrastructures, attracting intense competition from global as well as regional market players.
Mature economies in North America and Europe regions are expected to observe steady growth owing to the various modernization and upgradation initiatives. The countries in these regions are undertaking such initiatives to boost the power generation in order to meet rising demands.
The global large power transformers market has been segmented by power rating into 100 MVA to 500 MVA large power transformers, 501 MVA to 800 MVA large power transformers, and 801 MVA to 1200 MVA large power transformers. Large power transformers between the power ratings range of 100 MVA and 500 MVA are expected to exhibit the fastest growth until 2019, with an estimated CAGR of 8.0% in terms of revenue from 2013 to 2019. This growth is attributed to the fact that lower rating transformers are the most widely used by utilities around the globe.
High Voltage Direct Current (HVDC) transformers fall under the 501 MVA to 800 MVA large power transformers segment. HVDC transformers are either built as single-phase or three-phase units, depending on voltage, power and transportation considerations. The 501 MVA to 800 MVA large power transformers segment is expected to witness a steady growth in the next six years.
Furthermore, the large power transformers between the power ratings of 801 MVA and 1200 MVA are expected to be used for HVDC and UHVDC power generation in the Asia Pacific and Middle East regions on account of rising energy demands in these regions over the forecast period.