Global Power Transformers Market Growing
According to Transparency Market Research, the power transformers market was valued at USD 17.12 billion in 2012, and is expected to reach USD 28.69 billion by 2019, growing at a CAGR of 7.7 percent from 2013 to 2019. In terms of volume, the demand for power transformers was 10,474 units in 2012, which is expected to reach 17,283 units by 2019, growing at a CAGR of 7.5 percent from 2013 to 2019.
Increase in demand for energy on a global scale is expected to drive the power transformers market over the next few years. In addition, need for upgrading aging equipment is estimated to be a critical success factor for profitability of industry participants. Growing awareness regarding the importance of low carbon emissions and the need for energy conservation has led to the development of smart grids and super grids. This is expected to be a significant opportunity for market growth over the forecast period. Volatility in the prices of raw materials such as Cold Rolled Grain Oriented (CRGO) steel and crude oil is expected to act as a restraint to the industry in the coming years.
Power transformers of rating between 100 MVA and 500 MVA dominated the market, and accounted for 68.2 percent of the overall revenue share in 2012. Although the unit cost of these power transformers is lower than that of those with higher power rating, they are expected to generate higher revenue on account of greater demand. Asia Pacific held the largest share, and the market in this region was valued at USD 6.85 billion in 2012. It is also expected to be the fastest growing region, with an estimated CAGR of 8.2 percent from 2013 to 2019.
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 industrial applications include mining, paper and cement mills, chemical plants, substations and power generation.
The commercial applications include hospitals, universities, hotels, offices and airports among others. This market research study analyzes the power transformer market on a global level, and provides estimates in terms of volume (Unit shipment) and revenue (USD Billion) from 2013 to 2019. It recognizes the drivers and restraints affecting the industry and analyzes their impact over the forecast period. Moreover, it identifies the significant opportunities for market growth in the coming years.
The report segments the market on the basis of geography into North America, Europe, Asia Pacific, and Rest of the World (RoW), and estimated in terms of volume (Unit shipment) and revenue (USD Billion). In addition, the report segments the market based on power rating into 100 MVA to 500 MVA power transformers, 501 MVA to 800 MVA power transformers and 801 MVA to 1200 MVA power transformers. Each power rating segment has also been estimated on the basis of geography in terms of volume (Unit shipment) and revenue (USD Billion).
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 industrial applications include mining, paper and cement mills, chemical plants, substations and power generation.
The commercial applications include hospitals, universities, hotels, offices and airports among others. This market research study analyzes the power transformer market on a global level, and provides estimates in terms of volume (Unit shipment) and revenue (USD Billion) from 2013 to 2019. It recognizes the drivers and restraints affecting the industry and analyzes their impact over the forecast period. Moreover, it identifies the significant opportunities for market growth in the coming years.
The report segments the market on the basis of geography into North America, Europe, Asia Pacific, and Rest of the World (RoW), and estimated in terms of volume (Unit shipment) and revenue (USD Billion). In addition, the report segments the market based on power rating into 100 MVA to 500 MVA power transformers, 501 MVA to 800 MVA power transformers and 801 MVA to 1200 MVA power transformers. Each power rating segment has also been estimated on the basis of geography in terms of volume (Unit shipment) and revenue (USD Billion).
