Power Transformers Market 2019 Worldwide Opportunities, Market Share, Key Players and Competitive Landscape Prediction To 2024
According to Global Energy Statistical Handbook (2018), there has been an increase in worldwide energy production and consumption during 2009–2017. The developing countries like India, China, and Indonesia have contributed to much of it. There has been research and development in this area that is taking the power transformers market forward. In 2018, ABB launched ABB Ability Power Transformer, the first digitally integrated power transformer. This equipment features with a digitally enabled interface and would be able to leverage a portfolio of smart devices on modular platform.
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A power transformer is a device which is used to transfer electrical energy in an electrical or electronic circuit between generator and primary distribution circuits. This transformer is used in distribution system to accommodate the changes in step-up and step-down voltages. The power transformers market is segmented on the basis of cooling type, power rating, end user, and geography.
The power transformers market is bifurcated on the basis of cooling type into oil-cooled and air-cooled. The oil-cooled power transformers occupy larger share in the market as compared to the air-cooled transformers as their usage is considered safe in high voltage conditions. Since the global voltage transmission network is growing at a rapid pace, the demand for oil-cooled transformers is also likely to grow during the forecast period.
The power transformers market is expected to be driven by increase of transmission and distribution projects and grid connections between countries. For instance, Eastern Africa Interconnector Project, involves construction of a high voltage, 500 kV current transmission line between Kenya and Ethiopia. Additionally, Ethiopia planned to export the excess energy and 95% of the related project has already been completed as of April 2018. Apart from these two countries, several other countries namely Chile, Peru, Columbia, Ecuador, and Bolivia are also looking to integrate their power systems, which are further expected to augment the power security in the Andean region.
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A shift toward the requirement of safe and reliable power coupled with rapid urbanization and investments in new power grids and renewable energy, high electricity demand, and replacement of old units specially in developing countries like India and China, are also expected to bolster the growth of the power transformers market.
Power Transformers Market Competitive Landscape
Some of the major companies operating in the global power transformers market are ABB, Siemens AG, General Electric Company, Bharat Heavy Electricals Limited, Alstom, Toshiba, Mitsubishi Electric Corporation, Hyundai Electric & Energy Systems Co. Ltd., SPX Corporation, and SGB-SMIT GmbH.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.
This post was originally published on Pharmaceutical Industry