Global Power Transformers Market 2017-2021: Top Drivers and Forecasts by Technavio

June 7, 2017

#Research--Technavio market research analysts forecast the global power transformers market to grow at a CAGR of more than 7% during the forecast period, according to their latest report.

The market study covers the present scenario and growth prospects of the global power transformers market for 2017-2021. The global power transformers market can be segmented into liquid-immersed and dry-type, based on the type of insulating medium being used. The liquid-immersed segment accounted for more than 73% of the market share in 2016.

This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

Technavio analysts highlight the following three market drivers that are contributing to the growth of the global power transformers market:
- Modernization of existing transformers
- T&D expansion leading to increase in transformer installations
- Expansion in renewable power generation capacity
Modernization of existing transformers

Factors such as the increase in installation of new transformers and the replacement of old transformers with new ones are fueling the growth of the global power transformers market. Much of the T&D infrastructure globally needs renovation, mainly because the existing networks are unable to meet the growth in the demand for power. There is a need to replace the old systems with new ones as well as the need to expand the existing infrastructure.

“Smart grid networks are also being increasingly used in many countries. A smart grid refers to an electricity network that delivers an economical, sustainable, and secure electricity supply by intelligently integrating the actions of all users, whether they are consumers, generators, or those capable of both in an efficient manner,” says Gaurav Mohindru, a lead analyst at Technavio for unit operations research.

The use of innovative products and services along with intelligent metering, monitoring, control, communication, and self-healing technologies enables a smart grid system to perform a variety of roles. The use of smart grid systems has enabled utilities to focus on the installation of more power transformers for the effective transmission of electric power.

T&D expansion leading to increase in transformer installations

APAC is one of the regions that is undergoing far-reaching changes in many ways. Countries including China, Thailand, the Philippines, Vietnam, India, Japan, and Australia, are experiencing substantial economic growth along with industrial development and commercialization. Therefore, the demand for power in these countries is also increasing.

Industrial development has a direct impact on urbanization, which results in increased construction activities in the residential and commercial sectors. India has one of the fastest rates of urban development worldwide due to the rapid population growth and rising disposable incomes. China is also experiencing a similar urbanization trend.

“This has spurred activity among private and public power sector companies in many regions to commence projects of planned network capacity expansion which entails the setting up of several power stations, substations, and distribution stations. This will result in the need for more step-up and step-down power transformers,” says Gaurav.

Expansion in renewable power generation capacity

In 2014, China and the US each accounted for about one-fifth of the global power generation capacity. Most of the significant expansion activities are taking place in renewable energy. To meet stringent carbon emission goals and reduce the dependence on depleting fossil fuel resources, may countries are adopting renewable sources of energy like wind and solar.

Many end-users have embraced alternative forms of energy instead of depending on power generators that operate on fossil fuels. Solar power, wind power, and other forms of renewable energy are becoming increasingly popular among all categories of electricity end-users. In 2016, the total wind power installed across the European Union was 142 GW, as per Global Wind Energy Council (GWEC). Onshore installed capacity was approximate 92% while the remaining was based on offshore facilities.

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Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments like engineering tools, test and measurement, and construction. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.

About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

If you are interested in more information, please contact our media team at [email protected].

Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
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LONDON–(BUSINESS WIRE)–#Research—Technavio
market research analysts forecast the global
power transformers market to grow at a CAGR of more than 7%
during the forecast period, according to their latest report.

The market study covers the present scenario and growth prospects of the
global power
transformers market for 2017-2021. The global
power transformers market can be segmented into liquid-immersed and
dry-type, based on the type of insulating medium being used. The
liquid-immersed segment accounted for more than 73% of the market share
in 2016.

This report is available at a USD 1,000 discount for a limited time
only: View
market snapshot before purchasing

Buy 1 Technavio report and get the second for 50% off. Buy 2
Technavio reports and get the third for free.

Technavio analysts highlight the following three market drivers that are
contributing to the growth of the global power transformers market:

Modernization of existing transformers
T&D expansion leading to increase in transformer installations
Expansion in renewable power generation capacity

Modernization of existing transformers

Factors such as the increase in installation of new transformers and the
replacement of old transformers with new ones are fueling the growth of
the global power transformers market. Much of the T&D infrastructure
globally needs renovation, mainly because the existing networks are
unable to meet the growth in the demand for power. There is a need to
replace the old systems with new ones as well as the need to expand the
existing infrastructure.

“Smart grid networks are also being increasingly used in many
countries. A smart grid refers to an electricity network that delivers
an economical, sustainable, and secure electricity supply by
intelligently integrating the actions of all users, whether they are
consumers, generators, or those capable of both in an efficient manner,” says
Gaurav Mohindru, a lead analyst at Technavio for unit
operations research.

The use of innovative products and services along with intelligent
metering, monitoring, control, communication, and self-healing
technologies enables a smart grid system to perform a variety of roles.
The use of smart grid systems has enabled utilities to focus on the
installation of more power transformers for the effective transmission
of electric power.

T&D expansion leading to increase in transformer installations

APAC is one of the regions that is undergoing far-reaching changes in
many ways. Countries including China, Thailand, the Philippines,
Vietnam, India, Japan, and Australia, are experiencing substantial
economic growth along with industrial development and commercialization.
Therefore, the demand for power in these countries is also increasing.

Industrial development has a direct impact on urbanization, which
results in increased construction activities in the residential and
commercial sectors. India has one of the fastest rates of urban
development worldwide due to the rapid population growth and rising
disposable incomes. China is also experiencing a similar urbanization
trend.

“This has spurred activity among private and public power sector
companies in many regions to commence projects of planned network
capacity expansion which entails the setting up of several power
stations, substations, and distribution stations. This will result in
the need for more step-up and step-down power transformers,” says
Gaurav.

Expansion in renewable power generation capacity

In 2014, China and the US each accounted for about one-fifth of the
global power generation capacity. Most of the significant expansion
activities are taking place in renewable energy. To meet stringent
carbon emission goals and reduce the dependence on depleting fossil fuel
resources, may countries are adopting renewable sources of energy like
wind and solar.

Many end-users have embraced alternative forms of energy instead of
depending on power generators that operate on fossil fuels. Solar power,
wind power, and other forms of renewable energy are becoming
increasingly popular among all categories of electricity end-users. In
2016, the total wind power installed across the European Union was 142
GW, as per Global Wind Energy Council (GWEC). Onshore installed capacity
was approximate 92% while the remaining was based on offshore facilities.

Browse Related Reports:

Become a Technavio
Insights member and access all three of these reports for a
fraction of their original cost. As a Technavio Insights member, you
will have immediate access to new reports as they’re published in
addition to all 6,000+ existing reports covering segments like engineering
tools, test
and measurement, and construction.
This subscription nets you thousands in savings, while staying connected
to Technavio’s constant transforming research library, helping you make
informed business decisions more efficiently.

About Technavio

Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.

If you are interested in more information, please contact our media team
at [email protected].

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US:
+1 630 333 9501
UK: +44 208 123 1770
www.technavio.com