The global Power Transformer Market is predicted to grow steadily by 2022. Power transformer is utilized in transmission network to transmit power from one network to the other without change in frequency. It allows transmission of power over long distances at high voltage.
Growing demand for energy around the world coupled with rapid growth in electrical infrastructure projects can propel the market over the forecast period (2017 to 2022). In addition, strict energy efficiency compliance, increasing rate of installation of green transformers, and advancements in smart transformer technologies can further boost the market growth.
Rising need for replacing old transformers and rising demand for power across the globe has increased the need to expand existing power infrastructure. This factor is anticipated to increase the requirement for power transformers. Manufacturers are focusing on manufacturing environment-friendly transformers. These systems have minimal negative impact on the environment and offer several benefits like low maintenance, improved lifecycle costs, and better service lifetime. Also, global initiative for utilizing more renewable and non-conventional energy sources can positively influence the market.
In addition, rising use of smart grid system has also increased the requirement for power transformers to achieve effective transmission of electric power. However, initial high installation cost can restrict the market growth to an extent. Power transformers are more expensive with compared to conventional distribution transformers. Materials such as steel, copper, and aluminum are used in the transformers. The cost of the transformers is subjected to fluctuations in prices of raw material.
Worldwide power transformer market can be segmented on the basis of application and region. As per applications, the market is trifurcated into commercial, residential, and industrial. Geographically, the market can be divided into North America, Europe, and Asia Pacific. Replacement of old infrastructure in North America and Europe is expected to boost the product demand in the coming years. Several initiatives by the European countries for deploying green transformer are expected to boost the market growth in the region.
North America power transformer market is one of the largest markets for power transformers due to constant rise in investments for the renewal of existing electricity infrastructure. Rapid development of infrastructure projects according to the peninsula electrification program in the US may further spur the product demand. In 2017, officials across the U.S. proposed a capital worth USD 100 million to support electricity infrastructure over the rail networks in California.
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Asia Pacific power transformer market is anticipated to emerge as the fastest growing market. Rapid industrialization, urbanization, and increasing rural electrification are some of the major regional drivers. High investments from governments in electrical infrastructure projects will also catapult the demand for power transformers in the region. The ongoing transmission and distribution (T&D) network expansion projects in emerging countries such as India and China is also projected to impel the market over the forecast period.
Key vendors operating in the global power transformer market include ABB, Toshiba, TBEA, Schneider, and GE. The market comprises various groups of international and regional manufacturers. The regional manufacturers offer less expensive and highly customized solutions, which are expected to affect market share of international manufacturers. Most key market players are focusing on development of eco-efficient power transformers that can be energy efficient and grid reliable. New manufacturers may find it difficult to compete with the established international vendors in terms of quality, product features, designs, services, and maintenance.
Recently, ABB introduced digital distribution transformer called TXpert. It is integrated with sensing and monitoring technology that may benefit with less operating and maintenance costs and to manage assets efficiently. It uses connected devices and cloud computing to generate performance data for customers. The collected data from sensors can be stored and analyzed inside the transformer, which denotes how it is functioning.
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Key Applications
• Industrial
• Residential
• Commercial
Key Regions
• North America
• Europe
• Asia Pacific
Key Vendors
• ABB
• GE
• Toshiba
• Schneider
• TBEA
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