Power transformers connect electrical networks or systems of different voltages to allow power exchange between them. Power transformers are used for power generation, power transmission, electro-intensive industrial applications, and consumer applications. The demand for power transformers is expected to continually grow due to increasing electrification in emerging as well as developed economies.
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Favorable government regulations for production of green energy are also expected to fuel the growth of the large power transformers market over the forecast period. Global environmental concerns highlight the need for lower emissions and water conservation in both existing and new power plants. As a result, leading companies such as Alstom have developed and introduced green transformers for environmentally delicate zones. Similarly, Crompton Greaves Ltd. designed, produced, and installed extremely low noise power transformers for environmentally critical regions.
Asia Pacific occupied the largest market share in 2013, which can be attributed to growing energy demands coupled with technological advancements in this region. Rest of the World economies such as the Middle East is expected to steadily expand their power infrastructures, attracting intense competition from global as well as regional market players.
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Large power transformers between the power ratings of 100 MVA and 500 MVA are expected to exhibit the fastest growth till 2020, in terms of revenue from 2014 to 2020. This growth is attributed to the fact that 100 MVA and 500 MVA rating transformers are the most widely used by utilities around the globe. Further, large power transformers between the power ratings of 801 MVA and 1200 MVA are expected to be used for HVDC and UHVDC power generation in the Asia Pacific and Middle East regions on account of rising energy demands in these regions in the near future.
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The global large power transformers market has been segmented by power rating into 100 MVA to 500 MVA power transformers, 501 MVA to 800 MVA power transformers, and 801 MVA to 1200 MVA power transformers. The key industry participants include ABB Ltd., Alstom SA, Crompton Greaves Ltd., Siemens AG, GE Co, Hyosung Power & Industrial Systems Performance Group, Hyundai Heavy Industries Ltd. and TBEA Co. Ltd. among others.
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