Jan 25, 2021: Industry Insights
In
the year 2013, the global power transformer market comprised of over 11,300
units and is estimated to grow at a CAGR of 5.9% over the forecast period.
Market is valued at $ 18 million as of 2013. Increase in the demand for
electricity in the rapidly developing nations along with those who are already
developed coupled with increase in the amount of investments in infrastructure
is expected to drive the market over the next few years. Smart meters which are
the result of high demand and supportive initiatives are anticipated to
positively impact the market. Government obligations to install advanced power
transformers and to modernise existing grids to minimize the losses and enhance
efficiency will also positively impact the power transformer market globally.
Transformers
with advanced features and having eco-friendly qualities are expected to
replace the traditional transformers which are not compatible with current
environmental and technical requirements. Cross-border electricity trade is
being increased by the nations which are developed at the same time integrating
wind and other renewable energies which push the existing networks to their
limits. These conditions lead to frequent short-circuits which can also be considered
as one of the major factor responsible for power transformer installation.
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Increasing
awareness about reduction in the pollutants-emission and protection of
environment is driving the development of smart grid and super grid.
Furthermore, replacement of Polychlorinated Biphenyls (PCB), service expansion
in resource-based industries and growth in green initiative awareness is
expected to fuel the market over next few years.
However
the ever changing prices of raw materials such as copper and steel and crude
oil in the global market along with pressurization by manufacturers can act as
a restraint over the forecast period.
Product Insights
Major
product segments include 100 MVA to 500 MVA, 501 MVA to 800 MVA and 801 MVA to
1200 MVA. The products from the range 100 MVA to 500 MVA are expected to
dominate the market due to its uneven usage in transmission and distribution
network for step-up and step-down applications.
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HVDC
and UHVDC power generation make use of 801 MVA to 1200 MVA which is expected to
witness growth due to increasing demand from regions such as Middle East and
Asia-Pacific
Regional Insights
40%
of the total revenue generated from power transformers was from the region of
Asia-Pacific in the year 2103 and is forecasted to acquire significant gains
over the next five years due to the rapid economic developments and need of
nations for uninterrupted power supply.
Due
to increasing modernization and industrialization, North American region will
be the emerging market over the next few years. Numerous environmental
protection initiatives undertaken by the European nations to implement green
transformers will drive the market over the forecast period.
Competitive Insights
Major
players such as Alstom SA, Siemens AG, ABB Ltd., Crompton Greaves Ltd., Toshiba
Corp and GE Co., dominate the power transformer market. Improvement in the
production capacities and increase in the product life are few strategies that
are being adopted by these players to maintain their significant share. HVDC,
shunt reactors, light and phase shifting variants are provided by various firms
to enrich their product portfolio.
Transformers
with low noise operation and online monitoring have been developed by Alstom
for environmentally critical zones. Autotransformer, substation and auxiliary,
general setup are included in GE portfolio. In order to provide smart grid
solutions, Crompton Greaves completed a contract with Saudi Electricity Company
(SEC) worth $ 3.6 million.
Number
of environmental protection agencies are enforcing nations to reduce the
emissions to protect the environment. Key players are expected to abide by
certain regulations related to environment, performance and efficiency. Many of
the major firms are investing in research and development to reduce emissions
and improve efficiency. Partnerships and acquisitions are also undertaken to
expand the businesses.
Market Segment:
Power transformer Product Outlook (Volume, Unit
Shipments and Revenue, USD Billion; 2012 - 2020)
• 100 MVA to 500 MVA
• 501 MVA to 800 MVA
• 800 MVA to 1200 MVA
Power transformer Regional Outlook (Volume, Unit
Shipment and Revenue, USD Billion; 2012 - 2020)
• North America
• Europe
• Asia Pacific
•
RoW
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