Power Transformer Industry Poised to Garner Revenues of .4 billion During 201Posted by Swapnil Jadhav on October 29th, 2019 Renewable & non-renewable energies have emerged with promising opportunities in power transmission market. Though high installation cost in infrastructural setups coupled with logistics expenses have hindered the growth of power transformer market, acceptance of smart grid technologies has promised this market with energy efficient results in grid set ups. Transmission lines are upgraded with an attempt to increase the voltage transmission across various networks of power transmission facilities. Transmission loses, remote access monitoring technologies coupled with energy efficient transmission lines are adopted to meet the boiling demand for electricity. Rapid industrialization associated with the growth in industrials establishments and residences have surged the demand for electricity requirements. Power Transformer Market forecasts that the global green building materials market is expected to be ,019 million in 2015, growing at a CAGR of 7.07% from 2016 to 2022 to reach ,353 million by 2022.The low rating power transformer segment has dominated the market in 2015 with more than two-third share, in terms of usage followed by medium and high. Increase in demand for electricity have escalated the expansion of power transmission networks. High carbon emission followed by stringent governmental regulation have escalated the demand for green technologies such as smart grid transmission set ups with considerable reduction of transmission losses primarily associated with wide transmission networks. Furthermore, renewable & non-renewable energies such as wind, hydroelectricity, biomass, nuclear, and geothermal have fueled the drive for green generation coupled with increase to facilitate wide transmission network coverages with minimal effects. Market Dynamics: Drivers: At present, low rating power transformers are widely utilized followed by medium rating and high rating power transformers. Globally, the most preferred mode of power transmission is high-voltage DC (HVDC) and high-voltage AC (HVAC) transmission and hence low rating power transformers dominate the power transformer market. Major drivers for this segment include widening of transmission networks, high electricity demand, and replacement of old units. Furthermore, renewable energy generation is increasing throughout the world and further rise is expected with the world moving towards the green generation. Thus, there is a marked increase in the number of solar and wind energy power plants. Increase in utilization of renewable and non-renewable energy resources drives the demand for power transformers as there is rise in demand for integration of new power plants with transmission networks. Restraints: Power transformers are expensive as compared to conventional distribution transformers. Main materials utilized in transformer manufacturing are copper, steel, and aluminum, and therefore, the cost of the transformer is subjected to raw material price fluctuations coupled with high installation cost and logistics. Furthermore, power transformers are installed with the protective instruments such as Buchholz Relay, Pressure relay, Oil level monitor devices, and winding thermometers. Key findings of the study:
Emerging economies such as China and India have accepted the growth in demand for electricity by upgrading the transmission network with ultra-high voltage technologies. Prominent players in the power transformer industry include ASEA Brown Boveri Group, Crompton Greaves Ltd., General Electric Company, Siemens AG, Schneider Electric SA, Hyundai Heavy Industries Co. Ltd., Mitsubishi Electric Corporation, Tebian Electric Apparatus, Bharat Heavy Electricals Limited, and Toshiba CorporationLAMEA has accounted for approximately one-fourth of the total share in 2015 by volume and holds potential as a lucrative venue for power transformer market. Like it? Share it! More by this author |