Just Published: "Power Transformer Market - Global Trends & Forecasts to 2020"
New Energy market report from Markets and Markets: "Power Transformer Market - Global Trends & Forecasts to 2020"
[USPRwire, Fri Dec 04 2015] Power Transformer Market by Rating (Small Power Transformer (Up to 60MVA), Medium Power Transformer (61 - 600MVA), Large Power Transformer (Above 600MVA)), by Type of Cooling Method (Oil-Cooled and Air-Cooled), & Region - Global Trends & Forecasts to 2020
Power transformer market is projected to grow at a CAGR of 7.6% during the forecast period
This report forecasts the power transformer market in, terms of value, in USD Million. The market is projected to reach USD 29.9 billion by 2020, from an estimated USD 20.71 billion in 2015, at a CAGR of 7.6% from 2015 to 2020. Growing energy demand coupled with increasing T&D network expansion projects is driving the power transformer market. Regions such as Asia-Pacific and the Middle-East have emerged as attractive prospects for power transformer manufacturers because of the numerous T&D expansion projects being carried out in both regions. Renewable generation sources are also being connected to main power grids, which are further increasing the demand for power transformers.
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Large power transformer segment is projected to grow at the highest CAGR during the forecast period
Large power transformer is a rapidly growing segment of power transformers, owing to its use in high voltage transmission networks. The technological advances in High-Voltage Direct Current (HVDC), UHV (Ultra-high voltage), and EHV (Extra high voltage) transmissions have made it a crucial element in power systems. High voltage transmission lines are being set up to minimize transmission losses and power corridors being made to connect supply and demand centers. These high voltage transmission networks are being used to link renewable sources such as desert solar, offshore wind, geothermal, and hydropower with grid systems and demand centers across the world.
Asia-Pacific is projected to grow at the highest growth rate during the forecast period
Although new T&D network expansions are being carried out in South America, some parts of Europe, and Africa, major T&D network expansion projects are being undertaken in Asia-Pacific, especially in India and China. While Europe and North America are focusing on renewable energy, major generation capacity expansion projects in South Asia have been coal-fired. China had the most number of T&D network expansion projects; the State Grid Corporation of China (SGCC) has recently pushed for approval of a massive USD 250 billion upgrade plan that will link regional grids through 20 HVDC power corridors by 2020..
The overall market size has been determined by forecast techniques based on region-wise T&D capital expenditure along with T&D expansion activities and investments in different regions, which have been validated through primary sources. The primary sources considered for the report included market players from both the supply side as well as from the demand side.
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