According to a market research report made available by Hexa Research, the global power transformer market is expected to grow at a nearly 6.1 % CAGR during 2016 to 2024.
Growing demand for electricity in developing and developed nations with rapid economic development and need for 24/7 power supply is expected to be the key driving factor for the growth of the market.
Additionally, government initiatives for modernizing existing power grid and installing advanced transformers for minimizing losses and improving energy efficiency are expected to raise the demand.
The aging equipment is not compatible with current technical and environmental requirements. Hence, there is a growing demand for more environment-friendly products.
However, the prices of raw materials such as aluminum, oil, steel and copper have been irregular over the years and are likely to slow down the growth of the market.
The power transformer market of Asia Pacific is likely to witness major gains over the next few years owing to growing need for reliable and uninterrupted power supply and massive economic development in this region.
North America driven by the U.S. is anticipated to grow at an elevated rate owing to increase modernization and urbanization in the region. In European nations several initiatives have been adopted for installing green transformer are expected to boost the demand growth of the region in future.
The companies dominating power transformer market share include Toshiba Corp, Crompton Greaves Ltd, GE Co., ABB Ltd, Alstom SA, and Siemens AG.
Source: Hexa Research