A new research report on global power transformer market by Global Market Insights forecasts the power transformer market size will exceed $34.6 billion by 2022.
This means the market will grow at 5.9% over coming few years, according to the report.
100 MVA to 500 MVA output power leads the global power transformer market, which accounted for about 68% of the total industry share in 2015, with gains estimated at 6.2% over the next few years.
Increasing electrification ratio in emerging economies such as China, India, Brazil, and Russia is expected to drive global power transformer market size.
However, unstable raw material prices are likely to challenge power transformer market demand over the next six years.
Asia Pacific leads the regional demand with total share of 36.56% in 2014.
According to the report, six chief manufacturers accounted more than 60% of power transformer market share in 2014. Major participants include ABB Ltd, Alstom, Siemens Energy, Toshiba Corp, GE and Crompton Greaves, among others.
Source: Global Market Insights