Albany, NY, June 8, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Large Power Transformers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020" the large power transformers market was valued at USD 18.35 billion in 2013, which is expected to reach USD 31.05 Billion by 2020, growing at a CAGR of 7.8% from 2014 to 2020. In terms of volume, the demand for large power transformers was 11,223 units in 2013, which is expected to reach 18,709 units by 2020, growing at a CAGR of 7.7% from 2014 to 2020.
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The market is primarily driven by technologically enhanced products and increasing application of electricity in industries, agriculture, and domestic activities worldwide. Eco-friendly large power transformers are expected to witness high growth during the forecast period compared to old and outdated technology due to their advanced features and environmental safety measures. Moreover, growing initiatives for refurbishment of outdated power grids with the advanced technology in the matured economies is driving the market for large power transformers.
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The large power transformers segment with ratings between 100 MVA to 500MVA is expected to hold the largest share in the global large power transformers market throughout the forecast period. Phase-shifting transformers are rated up to 500 MVA, which are available with non-symmetrical direct or indirect regulation and symmetrical direct or indirect regulation. This segment is expected to witness robust growth during the forecast period due to exponential growth of industrialization and modernization of existing power grids in the emerging countries worldwide.
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Asia Pacific large power transformers market is currently being driven by developing economy such as China, India, Japan, South Korea, Australia and Malaysia among others offering immense opportunities for the large power transformers market. China and India are expected to constantly drive demand for large power transformers due to increasing electrification ratio in these countries.
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Key players in the large power transformers market are ABB Ltd., Alstom SA, Crompton Greaves Ltd., Siemens AG, GE Co, Hyosung Power & Industrial Systems Performance Group, and TBEA, Co., Ltd., among others.
The market has been segmented as follows:
Large Power Transformers Market, by Power Ratings
- 100 MVA to 500 MVA
- 501 MVA to 800 MVA
- 801 MVA to 1200 MVA
Large Power Transformers Market, by Geography:
- North America
- Asia Pacific
- Rest of the World (RoW)
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research