Large Power Transformers Market – Snapshot
Increased demand for electrical energy is forecasted to boost the global large power transformers market. A large power transformer or an LPT refers to a custom-built, large piece of equipment that is considered a vital component of the bulk transmission grid. It is due to the high cost and customized specifications, large power transformers are generally produced for extensive spare inventories nor are interchangeable with each other.
The global large power transformers market is forecasted to observe growth due to growing concern for environment. In addition, widening scope of application is expected to further bolster demand for large power transformers in near future.
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Rising Demand from Several Industry Verticals is Expected to Shoot up Demand
Large power transformers find ample use in the process of power transmission and power generation, various consumer applications, and electro-intensive industrial applications. Applications of large power transformers can be broadly classified into the following
The industrial applications of large power transformers comprise paper and cement mills, substations and power generation, chemical plants, and mining. It also finds ample use in nuclear power plants, thermal power station, and hydel power stations.
Various factors such as rising concern for environment is expected to play an important role in the growth of the global large power transformers market in the years to come.
Global Large Power Transformers Market: Snapshot
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.
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Environmental Benefits Offered by Large Power Transformers to Enhance Market Growth
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 2023. The market is likely to register a promising 7.80% CAGR between 2014 and 2023. 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 2023. The market is estimated to register a 7.70% CAGR between 2014 and 2023.
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.
Asia Pacific to Register Strong Growth in Global Large Power Transformers Market
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.
The global market for large power transformers has been characterized by a high level of fragmentation, along with the presence of a large number of players operating worldwide. The rising focus of the leading players on technological advancements and innovations, which is predicted to enhance the growth of the overall market in the coming few years. In addition to this, the expansion of the product portfolio is expected to support the market growth in the near future. Some of the key players operating in the large power transformers market across the globe are TBEA Co. Ltd., Alstom SA, Siemens AG, Hyosung Power & Industrial Systems Performance Group, ABB Ltd., General Electric Co, Crompton Greaves Ltd., and Hyundai Heavy Industries Ltd.