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.
Portland, OR -- (SBWIRE) -- 10/02/2017 -- Global power transformer market size is expected to reach $35,353 million by 2022 from $23,019 million in 2015 with a CAGR of 7.07% from 2016 to 2022. Power transformer is a static machine used in transmission network. It helps in the transmission of power from one network to the other without change in frequency.
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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. 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 in grid set ups.
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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