The power transformer is a specific type of transformer, which is usually used to receive the low-voltage generator electric power and transmit it across different distribution channels across the power grid network. It forms an essential part of the power grid that helps in the transmission of power from one network to other networks without change in frequency. It operates at peak load and is designed to have maximum efficiency at full load. There are different power ratings of power transformers including auto-transformers, medium power transformers, small power transformers, phase shifting transformers, shunt reactors, HVDC converter transformers, large power transformers, converter transformers and gas-insulated transformers. Power transformers generally find its industrial applications in cement mills, substations, chemical plants, paper, mining, and power generation.
As per analysis, “Global Power Transformer Market” the key companies operating in the global power transformer market include Schneider Electric, ABB Transformers Pvt. Ltd., Bharat Heavy Electricals Ltd., SPX Transformers, Crompton Greaves, Hyundai Electric, General Electric, Mitsubishi Electric, Toshiba Corporation, DAIHEN Corp. and among others. The renowned players of the market have many strategies to remain in the front and it will also assist to create numerous opportunities for the players like mergers & acquisitions, joint ventures, launches of new products, collaboration and partnerships, and others. It emphasizes enhancing the production outputs and shifting the demand in the manufacturing facilities in the developing regions to manage operating costs and in downloading times.
Based on power ratings, power transformer market is bifurcated as large power transformers, medium power transformers and small power transformers. In addition, based on cooling type, market is bifurcated as air-cooled and oil-cooled. Oil-cooled power transformers hold major share in market as compared to air-cooled transformers because their usage is considered safe in high voltage conditions.
The power transformer market is driven by growth of renewable energy sector, followed by modernization of existing power grids, rise in demand in high-growth markets and high demand & initiatives for smart grid development. Apart from this, standardization of products and unwillingness to replace aging infrastructure is a major hindering factor for market. Moreover, increase in investment in T&D infrastructure, HVDC transmission methods for long-distance transmission, deployment of green transformers and growth in cross-border electricity trade are leading opportunities for market. Furthermore, delays in grid expansion projects are key challenge for global power transformer market.
Based on regional analysis, the Asia-Pacific is the leading region in global market owing to growth in economy, increase in efforts to update & upgrade the existing distribution channel and large-scale power plantation in Japan, India, and china. The Europe and North-America regions are expected to exhibit substantial growth rate due to existence of the leading key players coupled with rise in investments in health monitoring to endure the system reliability over the forecast period. It is predicted that future of the global market will be bright as a result of growth in urbanization & industrialization and growth in focus to upgrade the traditional power infrastructure during the forecast period.
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Global Power Transformer Market Future Growth
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