LONDON, Oct. 15, 2015 /PRNewswire/ -- The Global Transformers market is accounted for $12.71 billion in 2014 with a CAGR of 8.53% it is expected to reach $24.47 billion by 2022. The key drivers of the market include increasing electricity demand in emerging and developed countries with increasing investment in infrastructure. High demand and supportive initiatives for smart grid development have resulted in need for smart meters, which is projected to positively impact growth in near future. Moreover, government initiatives for installing technologically advanced power transformer and modernizing the existing power grids are projected to positively impact demand.
Moreover, factors such as growing urbanization globally are likely to create rising demand for comparatively expensive gas-insulated transformers. However, fluctuating prices of raw materials including steel, copper and crude oil in the international market along with pricing pressure on manufacturing companies are restraining the market growth. The power transformer industry is highly regulated and several regulations related to efficiency, and performance has to be fulfilled by key players.
100 MVA to 500 MVA products are estimated to dominate the industry due to its varied usage in distribution and transmission network for step-up and step-down application. 501 MVA to 1200 MVA variants find applications for Ultra High-Voltage Direct Current (UHVDC) and High-voltage direct current (HVDC) power generation and is expected to witness considerable growth owing to increasing energy demands from developing regions including Asia Pacific and Middle East.
North America is projected to progress as an emerging market due to the increasing modernization and industrialization in this region. Various initiatives adopted by the European nations for deploying green transformer are anticipated to positively elevate industry growth. Asia Pacific registered the largest share accounting for around 40% of the global market due to increasing energy needs and technological advancements in the region. On the other hand, Chinese transformers are gaining huge popularity in the international markets, a trend that gained quick momentum during the recent economic downturn. Developing economies such as India, China, and Malaysia offer vast opportunities for large power transformers.
Global Transformers market is segmented by product, by end-user and by geography. Based on product, market is segmented into 100 to 500 MVA AND 501 MVA TO 1,200 MVA. Based on end-user, market is classified into industrial, commercial and power utilities. Based on geography, market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific is expected to hold its major share till 2022, led by the recovering economic conditions and increase in demand.
The Key players in the market include, Siemens, GE, ABB, Mitsubishi Electric, Alstom Grid, Layer Electronics, SPX Transformer, Toshiba, Ruhstrat and Ormazabal.
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