Power Transformer Market Value to Hit $35 Billion by 2024: Global Market Insights, Inc.
Key industry players operating in the power transformer market include Toshiba, Hyundai Electric, Hyosung, BHEL, Daihen, Kirloskar, Celme, SPX Transformer, Schneider Electric, CG, Eaton, Siemens, Mitsubishi, GE, ABB and Eaton.
SELBYVILLE, Del., Aug. 15, 2019 /PRNewswire/ -- Global Market Insights, Inc., announces a research report on 'Power Transformer Market Trends and Forecast 2017-2024'. The report covers an extensive summary of the core, winding installation, cooling, and insulation landscapes. The study also covers a detailed analysis of the phase, rating, mounting, application, and regional spectrums.
Power transformer market share is slated to amass commendable gains by the end of 2024. The exponential rise in the number of electrification projects across the globe is one of the major factors proliferating industry trends.
Power transformers boast of a widespread application spectrum. In locomotives and trains, power transformers have been extensively used to provide high voltage electric energy. With the use of transformers, it is possible to maintain suitable voltage level in railway catenary conductors.
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Considering the varying requirement of railway electrification systems for various types of transformers, power transformer market players have been working for design optimization and quality enhancement. The launch of a new range of voltage transformers for locomotives and trains is likely to fuel railways power transformer industry shares over the forecast timeframe.
The utility application segment of the power transformer market observed significant growth over the last few years, owing to the presence of a highly regulated electricity scenario. Heavy investment in clean energy technologies to fulfill growing demand for emission-free energy alternatives will turn out to be major factors fueling power transformer industry size from utility applications.
Rapid urbanization and industrialization are the prominent drivers promoting the need for the development of grid networks.
In 2016, 501 to 800 MVA power transformer industry collected USD 7 billion revenue mainly due to an exponential rise in industrialization across the globe. Ongoing investment in the development of high voltage grid infrastructure to accomplish the growing electricity demand will further strengthen industry outlook over the years ahead.
With the advancements in the construction and manufacturing sector such as the emergence of smart buildings, the approach of players in the power transformer market has been changing for the better. The leading power transformer equipment manufacturer, ABB, launched the world's first digitally integrated power transformer in 2018.
Remote monitoring and data analytics are the key features that newly developed power transformer are equipped with. The increasing focus of power transformer equipment manufacturers toward enabling higher utilization and power networks and grid assets will propel the outlook for the power transformer industry over the estimated time period.
Browse key industry insights spread across 690 pages with 1768 market data tables & 16 figures & charts from the report, "Power Transformer Market Forecasts 2017 - 2024" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/power-transformer-market-report
In ship and marine application, water-cooled power transformers have been extensively used mainly to fulfill the requirement of marine and shipbuilding industries for low cooling effect from atmospheric temperature. Surging demand for water-cooled power transformers from offshore, shipbuilding, and process industries are poised to improve overall power transformer market size over the projected timeframe.
Oil insulated power transformer industry landscape is slated to register significant growth rate over the years ahead. The growth is mainly attributed to the escalating use of oil insulated transformers for electrical transmission, electric utilities, and generation stations.
The reliability and high durability associated with the use of oil insulated transformer will further propel product demand noticeably. The leading oil insulated transformer manufacturers like Toshiba have been expanding their regional reach with the launch of a wide range of power transformers.
Players in the oil and gas sector have been increasingly becoming dependent on environment-friendly and cost-effective solutions for power generation and transmission. The oil and gas application sector has been fueling demand for compact and highly flexible switchgear for high voltage switchgear and various other electrification applications.
Considering the proliferating demand for transformers for both on-shore and off-shore applications, companies like ABB and Siemens incorporating rigorous design, testing, and simulation protocol to offer a comprehensive range of protocols. Rapid growth in oil and gas exploration activities across the globe is slated to strengthen the power transformer industry forecast remarkably.
Surging investment in renewable energy projects to fulfill the growing energy demand coupled with increasing availability of smart transformer technologies have been augmenting Germany market size. Rising industrialization and rapid expansion of the automotive industry are the other factors propelling product demand across Germany. Increasing awareness among the Germans about the deployment of sustainable energy solutions will enhance Europe power transformer industry outlook over the forecast timeframe.
Another region that is likely to propel APAC market is China. The region is characterized by a strict regulatory landscape and government bodies often enforce norms pertaining to the installation of a sustainable power infrastructure.
Driven by the robust industrialization across the region and the expanding manufacturing sector, China's power transformer market size will exceed 2,500 units in annual installation by 2024.
Regulatory bodies including the European Commission (EC) have also been contributing majorly toward the growth of the market size for Europe. The EC framed eco-design requirements to regulate minimum energy efficiency level transformer having 1kVA power rating for industrial applications. The initiative of EC is likely to lead energy saving of approximately 16 TWh annually after 2020 that is nearly equal to a reduction in 3.7 million tons of CO2 emission.
What does this report offer?
This power transformer market report covers an in-detail analysis of each and every segment comprising core, winding, installation, application, cooling, insulation, phase, rating, mounting, and region. The research report discusses insights on power transformer industry in terms of various factors, including types, growth drivers of business trends, power transformer data sheet, market segmentation, industry outlook, and global implications characterizing the industry.
The study claims that the core segment of power transformer market is subdivided into closed, shell, and berry. The important ideas encompassed pertaining to the core segment are market share and remunerative forecast of each subsegment over the anticipated duration. The report also elaborates most proliferating trends in core segments of the power transformer industry landscape.
A comprehensive analysis of the application segment of the market is included in the research report. The application segment is mainly segmented into residential & commercial, utility, and industrial. The residential application segment is further divided into hotels, hospitals, apartments, and others. The research report also provides detailed analysis of industrial applications spectrum, which is bifurcated into railways, cement, power, oil & gas, and others.
In terms of the winding, the power transformer market outlook is divided into two-winding and autotransformer. The winding segmentation gives a detailed collection of industry scope, key driving factors and prioritized market definitions.
The study on power transformer provides detailed information about insulation segment which is subdivided into gas, oil, solid, air, and others. The prominent drivers pertaining to the installation segment are remunerative forecast over the projected timeframe, most proliferating trends, and market share of subsegments.
The power transformer industry report also elaborates on the market share of the cooling subsegments to be held currently and by the end of the estimated duration. Several trends illustrating the performance of the cooling segment comprising dry type and oil immersed have also been elaborated on, in the study.
Regionally, the power transformer market report is segmented into North America, Latin America, Asia Pacific, Europe, Middle East Asia and Africa. The regions are further divided based on countrywide consumer base, market contribution, availability of industry players, and many more aspects.
The study report on power transformer market also elaborates subsegments of phase including single and 3-phase. Based on rating, the research document provides market information about diverse types of rating of power transformer covering 100 MVA to 500 MVA, 501 MVA to 800 MVA, and > 800 MVA. The mounting segment of the power transformer industry discussed in the report covers analysis of subsegments including pad, pole, PC/PCB, and others.
The document also provides a detailed industry ecosystem analysis, SWOT analysis, an overview of global trends, market influencers, executive summary, power transformer industry statistics, market segmentation, and industry insights. Power transformer market report mainly includes a collection of important parameters such as power transformer product ranges, industry driving factors, and data sheets.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Power Transformer Market Forecasts to 2024
The Power Transformer Market is expected to achieve over 5% CAGR up to 2024, on account of growing investment toward expansion of transmission networks.
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