Power transformers create a connection between electrical systems or networks of different voltages and further allow power exchange between them. Power transformers are extensively used for power transmission, power generation, electro-intensive industrial applications, and consumer applications. The rising electrification ratio in developing economies and developed economies is predicted to enhance the growth of the global large power transformers market in the next few years.
According to the market research study by Transparency Market Research, in 2013, the global market for large power transformers was worth US$18.3 bn and is predicted to reach a value of US$18.3 bn by the end of 2020. The market is likely to register a promising 7.80% CAGR between 2014 and 2020. Furthermore, on the basis of volume, in 2013, the market stood at 11,223 units and is likely to reach 18,709 units by the end of 2020. The market is estimated to register a 7.70% CAGR between 2014 and 2020.
The favorable government rules and regulations for the production of green energy and power is considered as one of the major factors estimated to enhance the growth of the global large power transformers market in the coming few years.
The rising environmental concerns related to the need for lower emissions and water conservation in both new and existing power plants is further predicted to accelerate the growth of the market in the near future. In addition to this, the growing focus on innovations and the advent of environmentally friendly products is estimated to support the growth of the market and generate potential growth opportunities for the market players in the next few years.
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From a region outlook, the global large power transformers market has been categorized into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. In the last few years, Asia Pacific led the market with a significant share and this region is expected to maintain its dominance in the coming few years.
The increasing energy demand and the growing focus on technological advancements are the key factors that are predicted to enhance the growth of the Asia Pacific market in the near future.
In addition to this, the presence of several new players is another major factor that is likely to accelerate the growth of the market in the coming few years. Furthermore, the Middle East and Africa is predicted to register a promising growth rate in the near future. Furthermore, Europe and North America are likely to observe a steady growth in the coming years, thanks to the rising upgradation initiatives.