Power Transformer Market size will Grow at nearly 6% CAGR till 2024A Chapter by David JonesPower Transformer Market Share, Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa ResearchThe global power transformer market
was projected over USD 11, 295 units in 2015. It would grow at nearly 6.1
percent CAGR during 2016 to 2024. The market, with regards to size, was over
USD 18 billion in 2015. It finds usage across mining, chemical plants, etc.
Wider demand for these transformers from the aforementioned applications should
drive the market in the forecast period (2016 to 2024).
Demand for electricity from
developing & developed nations coupled with higher infrastructural spending
is likely to be the key market propeller. Supportive ‘smart grid’ policies have
furthered the demand for smart meters, thus promoting market sales. Moreover,
regulations for the installation of sophisticated ‘power transformers’ can
raise market demand in the near future.
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In addition, improvisations in existing power grids
for enhancement of ‘energy efficiency’ and reduction of ‘losses’ may assist
market demand. Conventional transformers are unsuitable for meeting technical
& ecological demands. They could be substituted with bio-friendly products
due to their innovative & safety features.
Developed regions are witnessing growth in
cross-border electricity business, incorporating wind & other renewable
energies. This boosts the ‘load flow’ on aging systems, thus driving market
growth. Load amplification and huge supply & transmission losses raise the
demand for sub-stations. Owing to consistent power supply demand and fiscal
expansion in some nations, power demand is estimated to experience a healthy
CAGR in the coming years.
Volatility in feedstock costs may hinder the pace of
the worldwide power transformer market. The market is categorized into products
and geographies. In terms of products, 100 MVA to 500 MVA output power occupied
around 68 percent shares in 2015 and dominates. It was anticipated to undergo
profits at nearly 6.4 percent CAGR over the next few years.
This segment’s adoption across transmission &
supply networks for step-up and step-down applications increases its demand.
801 MVA to 1, 200 MVA is likely to grow at more than 5 percent CAGR from 2015
to 2022. The same can be attributed to escalating energy demand from Brazil,
India, China, & other emergent countries.
With respect to geographies, Asia Pacific stood worth
USD 7 billion in 2015. It is expected to be lucrative till 2024. The North
American power transformer market will be propelled by industrialization in the
United States.
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