Power Transformers Market Size, Share, Trends, Demand and Growth Forecast to 2023

The surging demand of electricity, along with ongoing development in the power generation and distribution infrastructure, in the developing countries is expected to drive the global power transformer market, during the forecast period. Moreover, the replacement market for power transformers is expected to create significant demand, in the developed countries during the forecast period. The increasing awareness concerning the benefits of low carbon emissions and energy conservation capabilities of smart grid, and super grid has also benefited the power transformer market, in the past few years.

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The volatile prices of raw materials used in power transformers, such as crude oil and cold rolled grain oriented steel (CRGO), is expected to hinder the growth of the power transformer market, during the forecast period. Based on the product, the global power transformer market can be broadly classified, as 100MVA to 500 MVA, 501MVA to 800MVA, 801MVA to 1200MVA

Asia Pacific accounted for the largest and fastest growing power transformer market, in 2014. The market leadership of Asia Pacific is attributed to the presence of large power distribution networks, in the developing countries, such as China and India.

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The growing government funding for the expansion of electricity distribution infrastructure in rural and remote areas, in these countries is expected to lay new market opportunities for the growth of the power transformers market, during the forecast period.  A significant growth is also expected from the Middle East and South American region. North America is also experiencing a considerable demand of power transformers post economic slowdown, attributed to the development of new power projects in the U.S.

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Some of the competitors in the Power Transformers Market are Toshiba Corp., Siemens Energy, Mitsubishi Electric Corporation, Hyundai Heavy Industries Co. Ltd., Hyosung Power & Industrial Systems Performance Group., GE Co., Crompton Greaves Ltd., Bharat Heavy Electricals Limited., Alstom SA. and ABB Ltd.

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