Global Transformers Market - Analysis by Power Rating, Cooling Type, Transformer Type, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global transformers market is likely to grow at a significant rate, owing to augmentation in power infrastructure promulgated by surge in demand of electricity. The electricity demand is expected to increase on account of expanding commercial and industrial establishments, and increasing usage of electrical appliances. The development of new power infrastructure and overhaul of existing ones is likely to drive the demand for transformers in the near future. The power-starved countries in Nigeria are focusing on building power generation facilities in the coming years. In addition, the country has planned to build USD 5.8 billion hydropower plant in 2018. Such projects are expected to drive the demand for transformers in the near future. The developed regions across the globe are expected to witness an increasing need for the replacement of transformers, which are on the verge of completion of their service life. Among the developing regions, the widespread development of industrial infrastructure and high rate of urbanization, majorly in the Asia-Pacific and Middle East & Africa countries, is expected to provide huge opportunity to transformers market in the near future.
Increasing Number of T&D Infrastructure is driving the Transformers Market
The expansion of transmission and distribution (T & D) infrastructure and grid interconnection is one of the major drivers for transformers market. Globally, the focus has increased on imparting grid stability and reliability, which has led to investments in the transmission and distribution sector. As a result, the expansion in the T&D infrastructure is expected to drive the transformers market during the forecast period, as well. Globally, the T&D projects are being developed owing to rising consumption of electricity pertaining to on-grid connections. In addition, the on-grid connections are increasing as remote consumers are getting integrated with the power network. Moreover, the developing regions are witnessing widespread connection of power consumers, which are getting online with the grid network.
Asia-Pacific to Dominate the Market Growth
Asia-Pacific is the largest and fastest-growing market, primarily driven by the T&D developments and industrial growth in Southeast Asia, China, and India. The factors that attribute to the growth include the increasing upgradation of power and distribution infrastructure, replacement of aging equipment, and the increasing development in heavy industries, and renewable energy. In addition, the growing need to expand and upgrade the existing T&D infrastructure to serve the growing demand for electricity is expected to lead to a positive growth of the transformers market during the forecast period. Extensive power plant capacity additions, economic growth, and the need to improve access to electricity, particularly in the emerging nations of Asia-Pacific (APAC), are expected to further drive grid expansion and the transformers market.
Key Developments in the Market
April 2018: ABB Ltd. launched the world’s first digitally integrated power transformer at the 2018 Hanover Fair, in Germany, which has enhanced reliability and efficiency
The major players include - Siemens AG, ABB Ltd., General Electric Company, Crompton Greaves Limited, Mitsubishi Electric Corporation, Hyundai Heavy Industries Co. Ltd., Toshiba Corporation, Hyosung Group, Bharat Heavy Electricals Limited, SPX Transformer Solutions, Inc., Schneider Electric, among others.
Reasons to Purchase This Report
Current and future transformers market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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