USA, California: According to a new study conducted by Grand View Research, Inc., the global power transformer market is expected to reach $ 28.22 billion by 2020 due to growing energy demand.
According to the report Power Transformers Market Analysis By Product (100 MVA to 500 MVA, 501 MVA to 800 MVA, 801 MVA to 1200 MVA) And Segment Forecasts To 2020, Asia Pacific is expected to boost regional demand due to increasing investment in power plant infrastructure, while the market in North America and Europe is expected to be driven by need for replacing aging equipment.
Smart grid and super grid development are expected to provide an opportunity for market participants. Volatility in prices of key raw materials such as steel and copper is expected to be a barrier for industry growth, reports Digital Journal.
Global power transformers shipments were estimated to be 11,352 units in 2013, and are expected to reach 16,994 units by 2020, growing at a CAGR of 5.9 % from 2014 to 2020. 100 MVA to 500 MVA power transformers are expected to continue dominating global demand, and accounted for over 73 % of the overall market volume in 2013.
Asia Pacific accounted for over 40% of the market in 2013 and it is expected to grow at the fastest CAGR of 6.6 % in terms of revenue from 2014 to 2020. Key players mentioned include ABB Ltd., Alstom SA, General Electric, Siemens Energy and Toshiba Corp.. New product development and innovation in order to meet regulatory requirements and address growing demand are among the key strategies employed for market expansion.
Source: Digital Journal