The global power transformer market was valued at US$22.789 billion in 2017 and is projected to expand at a CAGR of 8.45% over the forecast period to reach US$37.086 billion by 2023. Power Transformers are electrical devices used to change the voltage of electricity flowing in the circuit. They can either be used to increase the voltage or decrease the voltage, also known as stepping up and stepping down. India and China from the Asia Pacific region hold the largest market share in the global power transformer market. Renewable energy additions and rising innovations in existing power grid are the key market drivers whereas the higher costs of power transformers in comparison to conventional distribution transformers and the cost of the transformer as subjected to raw material price fluctuations coupled with high installation cost and logistics are the restraints of the global power transformer market.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical region. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the power transformer value chain. Last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the global power transformer market.
Major industry players profiled as part of the report are Siemens AG, Alstom, China XD Group, Kirloskar Electric Company and JSHP Transformer among others.
The global power transformer market has been analyzed through following segments:
By Cooling Type
Oil-Cooled Power Transformers
Air-Cooled Power Transformers
Europe Middle East and Africa