The global power transformer market size is expected to reach USD 28.22 billion by 2020, according to a new report by Grand View Research, Inc. Emerging technological advancements along with rising electricity consumption are projected to elevate industry growth over the next five years. Huge investment in power plant infrastructure coupled with increasing demand for smart meters is projected to positively impact demand. Further, several government initiatives for modernizing the existing grids combined with installation of technologically advanced systems is anticipated to drive power transformer market growth.
Increasing awareness regarding low carbon emission due to service expansions in resource-based industries is anticipated to offer prominent growth opportunities for the industry. Advanced features offered by eco-friendly devices are projected to replace traditional transformers, which are not compatible with current technical and environmental requirements. However, pricing pressure on manufacturing companies coupled with fluctuating raw material prices are expected to hamper growth.
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The power transformer market can be classified on the basis of products into 100 MVA to 500 MVA, 501 MVA to 800 MVA, and 801 MVA to 1200 MVA. Increased usage of 100 MVA to 500 MVA products in transmission and distribution network for step-up and step-down application is expected to drive global demand. High capacity product demand in the Middle East and Asia Pacific is estimated to drive revenue.
Asia Pacific is expected to dominate the industry owing to factors such as economic, industrial and social development in the countries such as China and India. Asia Pacific power transformer market is anticipated to grow at a CAGR of over 6.0% from 2014 to 2020. Replacement of aging power infrastructure in North America and Europe is estimated to boost volume sales in these regions. Further, various initiatives undertaken by European nations in order to deploy green transformers are projected to positively impact demand.
Notable players in the industry include GE Co., Alstom SA, Crompton Greaves Ltd, Toshiba Corp., Siemens AG, ABB Ltd, Hyundai Heavy Industries Co. China XD Electric, TBA Co Ltd, and Mitsubishi Electric Co. Companies operating in the power transformer market have to comply with varied regulations related to performance, environment and efficiency.