DUBLIN--(BUSINESS WIRE)--The "Large Power Transformer Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The large power transformer market is expected to register a CAGR of more than 5.2% during the forecast period (2022-2027). Factors such as rising environmental concerns and increasing demand for electrical energy are expected to drive the market during the forecast period. Increasing investments in the renewable energy sector are expected to boost the large power transformer market. However, manufacturing costs and the high lead time required for producing large power transformers are likely to hamper the market's growth.
Key Highlights
- With the increasing electricity demand, especially in developing countries, the usage of large power transformers in the power generation segment is expected to boost the market. China and the United States are the two biggest electricity-consuming countries, and both have a huge market for large power transformers.
- There are many electrification projects in Africa and Asia-Pacific, with several initiatives and significant improvements underway in improving the electrification rate. This factor is expected to create ample opportunities for the market players in the coming years.
- Asia-Pacific is expected to dominate the market, with most of the demand coming from China and India due to economic growth, increasing demand for residential electricity, and rising industrial activities.
Key Market Trends
Power Generation Segment to Dominate the Market
- With the growing number of industries, business expansions, and the developing service sector, the power demand is increasing Y-o-Y. According to the International Energy Agency (IEA), the global demand for energy may witness about a 60% increase by 2030. Additionally, the increasing population has been continuously adding to the demand for power, leading to increasing power generation projects.
- Moreover, the global power generation reached 26823.2 TWh in 2020, growing by over 9.52% compared to 24270.5 TWh generated in 2015. Also, the electricity demand has been increasing due to the increasing population and rapid urbanization. Developing countries like China and India witnessed an increase in electricity demand, which may drive the market for large power transformers during the forecast period.
- Developed countries are replacing old transformers to ensure a continuous and efficient supply of electricity. This trend is expected to increase during the forecast period. In the coming years, eco-friendly large power transformers are expected to witness significant growth due to their environmental viability and advanced features.
- Transformers play a major role in power storage and transmission in renewable-based electricity generation, i.e., from 33 kilovolt (kV) to 275 kV, which is done by a large power transformer that has a 120 megavolt-ampere (MVA) rating.
- Therefore, due to these factors, the usage of large power transformers in the power generation segment is expected to dominate the market during the forecast period.
Key Topics Covered:
1 INTRODUCTION
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Companies Mentioned
- Hitachi Energy Ltd
- CG Power and Industrial Solutions Limited
- General Electric Company
- Hyosung Power & Industrial Systems Performance Group
- Hyundai Heavy Industries Co. Ltd
- Mitsubishi Electric Corporation
- SGB-SMIT International GmbH
- Siemens Energy AG
- SPX Corporation
- Toshiba Energy Systems & Solutions Corporation
For more information about this report visit https://www.researchandmarkets.com/r/rgrqb5
