Large Power Transformer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The market is segmented by Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa)
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
2016 - 2026
Fastest Growing Market:
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The large power transformer market is expected to grow at a CAGR of over 4% during the forecast period of 2020 – 2025. Factors such as rising environmental concerns and increasing demand for electrical energy are expected to be driving the market. The increasing investment in renewable energy resources is expected to help grow the large power transformer market. However, high manufacturing cost, and manufacturing time have somewhat hampered the growth of the market.
Increasing electricity demand, specially in developing countries is expected to help large power transformer market grow. China, and the USA are the two biggest electricity using countries, and both have a huge market for large power transformers.
The increasing demand for electrical energy to sustain global development requires consistent heavy investments in power supply generation. This has helped the market for large power transformers to grow significantly in recent and is expected to do so in forecast period.
Asia Pacific is expected to dominate the market growth with majority of the demand coming from the countries such as the China and India, owing to the factors like economic growth in the emerging nations, increasing demand of residential electricity, and rising industrial activities.
Scope of the Report
The large power transformer market report include:
Middle-East and Africa
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Key Market Trends
Increasing Electricity Demand to Drive the Market
Demand for electricity have been on a general increasing trend, owing to the increasing population and rapid urbanization. A rapid increase in electricity demand have been witnessed in developing countries like China and India, thereby driving the market for large power transformers.
The global electricity production of 20433 TWh in 2008, grew over 30% and reached 26614 TWh in 2018. With rise in population and urbanization, the electricity demand is bound to grow and with it the large power transformer is expected to grow in the forecast period.
The robust economic growth in China reached nearly 7%, and the gross electricity consumption grew by 7.7%, exceeding 7,000 TWh, for the first time in 2018. China has witnessed high rates of demand for electricity, owing to the unprecedented growth of the economy, along with the rapid industrialization and urbanization of the region.
Therefore, the aforementioned factors, are expected to drive the market in forecast period, similar to the trend witnessed in recent years.
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Asia Pacific to Dominate the Market
Asia-Pacific has dominated the large power transformer in 2018 and is expected to continue its dominance in the coming years as well. The region has seen an unprecedented increase during the past few years and is expected to increase further during the forecast period.
Industries, such as automotive, chemical, fertilizers and petrochemical are witnessing steady growth in the region. This has led to an increase in electricity demand, which is expected to offer tremendous growth opportunity for the large transformer market players in the region.
With the rising pollution concerns across the world due to industrialization, especially in Asia-Pacific, the shift towards clean energy generation from renewable energy resources has gained considerable momentum, specially in China which produced 634.2 Terawatt-hours from renewables in 2018. This rise in electricity production from have pushed the governments to build new infrastructure for power transmission, thereby driving the large power transformer market.
Moreover, there has been a rise in usage of smart and efficient electric motors in recent years. Also, the drop in prices of both electric motor and after sales services, are expected to be the major driving factors for electric motor market during the forecast period.
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The large power transformer market is consolidated with major players holding major share of the market. Some of the major companies are ABB Ltd., Siemens AG, Toshiba Corp, Crompton Greaves Ltd., General Electric Co., and Mitsubishi Electric Corporation among others.