A new research report published by Transparency Market Research states that the global large power transformers market is poised to grow at a positive pace in the coming years. The report, titled “Large Power Transformers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”, includes a comprehensive view of the market that has been compiled using credible research resources and accurate analysis techniques.
According to the research report, the global large power transformers market was worth US$18.3 bn in 2013. From 2014 to 2020, the market is expected to grow at a CAGR of 7.80% to reach a figure of US$31 bn by 2020 in terms of revenue. In terms of volume, the demand for large power transformers stood at 11,223 units in 2013 and is expected to reach 18,709 units by 2020, growing at a CAGR of 7.70% from 2014 to 2020.
The stupendous growth of the global large power transformers market will be attributable to the several environmental advantages they render to users at large. Stringent environmental regulations, increasing pressure of global warming, and governmental interventions for low emissions and water conservation are encouraging companies to opt for green transformers. The green revolution has also succeeded in motivating companies such as Alstom and Crompton Greaves Ltd. to develop environment-friendly units. Keeping in line with this demand, Crompton Greaves Ltd. has designed and installed quiet power transformers that can be used in wildlife reserves and other areas where the surroundings cannot be disturbed with noise.
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The global large power transformers market is segmented on the basis of power rating and geography. The power ratings in the global large transformers market are 100 MVA to 500 MVA, 501 MVA to 800 MVA, and 801 MVA to 1200 MVA. Geographically, this market is segmented into Europe, North America, Asia Pacific, and Rest of the World.In terms of power rating, the 100 MVA to 500MVA large power transformers segment is likely to grow at the fastest pace to grab the biggest share in the overall market due to its increasing adoption in utility companies. The application of 801MVA to 1200 MVA power rating transformers will be mainly for HVDC and UHVDC power generation in the Middle East and Asia Pacific due to the increasing energy demands of the emerging economies in these regions in the near future.