The GMI Research expects the power transformers market to expand at a significant rate. From a regional perspective, the Asia-Pacific is projected to grow at a higher due to the increasing economic development and the rising need for reliable power supply in the region driven by the growing population rate.
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Power Transformers Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The rapid technological advancement in existing power grids, the strong demand for smart grid development, the increasing renewable energy sector are the major factors propelling the growth of the global power transformers market share in terms of revenue. Governments worldwide are introducing various initiatives for the deployment of smart grid technology, as it aids in decreasing greenhouse gas emissions and improves the energy efficiency of producing and using electricity in businesses, public institutes, and homes. This technology is important for surging the development of plug-in hybrid electric vehicles. A smart grid is an essential foundation for the integration of renewable energy into the electrical grid. The advancements in power transformers will aid in addressing the requirements of smart grids. It will enhance energy security, decrease greenhouse gas emissions, urban air quality, and offer better grid utilization. According to the power transformers market analysis, transformers offer the needed amount of power required by the systems. Thus, the rising demand and growing initiatives for the development of the smart grid will further pay the way for the growth of the market. On the other hand, the factor hindering the growth of the market include the increased price of power transformers in comparison to conventional transformer.
Rating Segment Drivers
Based on the rating, the market is segmented into small power transformer, medium power transformer, and large power transformer. The small power transformer is predicted to increase at a faster CAGR over the forecast period due to the high adoption of small power transformers across various small industries and its customization option according to the customer's need.
Power Transformers Market’s leading Manufacturers:
ABB Ltd
Siemens AG
GE Company
Toshiba Corporation
Crompton Greaves Limited
Hyundai Heavy Industries Co., Ltd
Mitsubishi Electric Corporation
Bharat Heavy Electricals Limited
Hyosung Group
SPX Transformer Solutions, Inc
Power Transformers Market Segmentation:
Segmentation by Rating:
Small Power Transformer (Up to 60MVA)
Medium Power Transformer (61 – 600MVA)
Large Power Transformer (Above 600MVA)
Segmentation by Cooling Method:
Oil-Cooled
Air-Cooled
Segmentation by Region:
North America
United States of America
Canada
Asia Pacific
China
Japan
India
Rest of APAC
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird's eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.
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