In a recent published report, Kenneth Research has updated the market report for Power Transformer Market S for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Power Transformer Market S products.
The Power Transformer Market is anticipated to grow at a notable CAGR over the forecast period on the back of the growing demand for renewable energy from several end user industries, which according to the statistics by the International Renewable Energy Agency (IRENA), reached 2,532,866MW in the year 2019 from 1,223,533MW from the year 2010. Renewable energy is used nowadays in almost each and every industry on the back of the growing concern for the environment and the stringent norms by the government for environmental pollution.
Power transformer can be defined as a technology that delivers a preference to source power as and when required without lapsing to conventional energy sources. These energy systems are extremely efficient and acts as flexible generation when needed. Power transformer systems can contribute to ideal use of generation and grid assets, and support emissions reductions in numerous economic sectors. The global power transformer market is expected to grow and register a CAGR of 8.65% over the forecast period. Some of the prominent drivers supporting the growth of global power transformer market are rise in transmission and distribution infrastructure investments and growth in renewable energy sector. However, high initial costs of power transformeris the restraining factor for the power transformer market.
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For the study, the global power transformer market has been segmented based on cooling type, power rating and region. Based on the cooling type, the market has been segmented into oil-cooled transformer and air-cooled transformer. Among them, oil-cooled transformer segment is dominating due to the winding and core are immersed in mineral oil, which is a good electrical insulator to block the current flow through the oil for efficient heat removal from the windings and core. Based on the power rating, the market has been segmented into small power, medium power and large power. Among them, small power dominating the market transformers as it includes more than three windings, single phase, auto-transformer, special cooling, and low noise generating. On the basis of region, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
Key Players
The key players of the Global Power Transformer Market are ABB Ltd., (Switzerland), Schneider Electric (France), Siemens AG (Germany), Crompton Greaves Ltd. (India), Mitsubishi Electric Corporation (Japan), Toshiba Corporation (Japan), Bharat Heavy Electricals Limited (India), Hyosung Power & Industrial Solutions (South Korea) and SPX Transformer Solutions, Inc. (U.S.), SGB-SMIT Group (Germany), and Hyundai Electric & Energy Systems Co., Ltd. (South Korea).
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various of Global Power Transformer Market Analysis & Forecast, 2017 – 2023
• To provide a detailed analysis of the market structure along with a forecast for the next six years in various segments and sub-segments of the global power transformer market
• To analyze the global power transformer market based on various tools such as Supply Chain Analysis, and Porter’s Five Forces Analysis
• To provide historical and forecast revenue of the market segments and sub-segments with respect to regions and their respective key countries
• To provide country-level analysis of the market with respect to the current market size and prospects
• To provide country-level analysis of the market for segments by cooling type, power rating, and region
• To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
• To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the power transformer market
Target Audience
• Manufactures
• Research Institute & education institute
• Power industry
• Energy and utilities
• Transmission and distribution industry
• Health, safety, and environmental organizations
Key Findings
• The global power transformer market is estimated to reach USD 34,510.2 million by 2023.
• By cooling type, oil-cooled transformer accounted for the largest market share of 57.2% in 2017, with a market value of USD 12,067.2 million and is projected to grow at the highest CAGR of 8.98% during the forecast period.
• Based on power rating, small power for the largest market share of 45.5% in 2017, with a market value of USD 9,593.0 million and is projected to grow at the highest CAGR of 8.93% during the forecast period.
• Geographically, Asia Pacific has been projected to have the largest market share of 42.8% in the global power transformer market.
Regional and Country Analysis of global power transformer market Estimation and Forecast
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Geographically, Asia Pacific is the fastest growing region for global power transformer market. The region is need to update and upgrade its existing transmission and distribution infrastructure to serve the growing demand for electricity will lead to a growth of the transformer market over the forecast period. In the emerging economies of Asia-Pacific, extensive power plant capacity additions, economic growth, and the need to improve access to electricity are driving grid extension in power transformer market.
Furthermore, the increased investment and spending in the transmission and distribution sector due to fullfilment of electricity in rural areas is the driving force for power transformer market. Asia Pacific has one of the fastest growing developing economy in terms of power and infrastsructure and there have been various government programs to bring technological advancement and allocate budget for developments in this particular sector.
The reports also cover country-level analysis:
North America
• U.S.
• Canada
Europe
• Germany
• U.K
• Russia
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
Rest of the World
• Latin America
• Middle East
• Africa
About Us
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
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