Albany, NY -- (SBWIRE) -- 04/20/2017 -- According to Transparency Market Research, the global market for large power transformers is dominated by companies such as ABB Ltd., GE, Alstom SA, Hyundai Heavy Industries Co. Ltd., Hyosung Power & Industrial Systems Performance Group, Crompton Greaves Ltd., Tebian Electric Apparatus Co. Ltd., Siemens Energy, China XD Electric Co. Ltd., and SGB-SMIT International GmbH.
Increasing Demand for Energy Drives Global Large Power Transformers Market
The major driver for the global large power transformers market is the increasing demand for energy. The increasing global population and the rapid industrialization in emerging regions of the world have raised the global demand for energy significantly in the last few decades. The high rate of urbanization in dynamic economies such as China and India has also benefitted the global large power transformers market, as it has helped create the demand for advanced urban infrastructure, necessitating the use of large power transformers.
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"Success in adapting to environmental regulations aimed at keeping the environmental footprint of power transformers restricted to a minimum has been vital for the global large power transformers market," according to a lead analyst at Transparency Market Research.
Governments across the world have started paying close attention to the environmental impact of the energy sector. Accordingly, the conventional designs of power transformers have had to be modified in order to be environmentally viable. The development of "green" power transformers and low-noise power transformers for use in environmentally sensitive areas is a major step for the global large power electronics industry in adapting to the changing dynamics of the energy sector.
"While the market for large power transformers in developing countries has been driven by the high volume of new development, the market in developed regions owes its sustained success to the solid commitment shown by governments to improving and building upon existing infrastructure," opines TMR's lead analyst.
Steady Rate of Technological Advancement in North America Provides Impetus to Large Power Transformers Market
The North America market is undergoing a slow revival, as ways to incorporate alternative energy generation into the conventional power grid are being sought and the demand for smart city infrastructure is rising. Though both are slow changes expected to be rolled out across the region in a staggered fashion, they have provided the large power transformers industry a steady sales outlet.
However, the Asia Pacific market for large power transformers accounted for the largest share in the global market in 2013 and is likely to remain a dominant regional player through the forecast period.
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By product type, the widespread use of large power transformers with a rating of 100 MVA to 500 MVA by utilities companies has made it the dominant segment of the global large power transformers market.
This information comes from 'Large Power Transformers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020,' a market study released recently by Transparency Market Research. According to the report, the global large power transformers market was valued at US$18.3 bn in 2013. Rising at a steady CAGR of 7.80% from 2014 to 2022, the market's valuation is expected to rise to more than US$31 bn.