Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- According to a new research report published by Transparency Market Research (TMR), titled "Large Power Transformers Market - Global power Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020", the global large transformers market was valued at US$18.35 billion in 2013. TMR states that the market will expand at a CAGR of 7.8% from 2014 to 2020 to reach US$31.05 billion by 2020. By volume, the demand for large power transformers will reach 18,709 units by 2020, increasing from 11,223 units in 2013 at a 7.7% CAGR from 2014 to 2020.The report states that easy availability of technologically improved products and increasing use of electricity in agriculture, industrial production, and domestic use is primarily driving the large power transformers market.
Browse the full Large Power Transformers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020 report at http://www.transparencymarketresearch.com/power-transformer-market.html
In the coming years, environment-friendly large power transformers will observe substantial growth due to their environmental viability and advanced related features, according to TMR analysts. Global environmental considerations take into account the need for low emissions and water conservation for both new and existing power plants. To cater to such needs, leading companies such as Alstom have launched green transformers for environmentally sensitive areas. Likewise, Crompton Greaves Ltd. has developed and installed quiet power transformers for usage in wildlife reserves and other environmentally sensitive regions, to reduce noise pollution.
Moreover, in matured economies, state-run initiatives for upgrade of outdated power grids with advanced equipment are contributing significantly to the demand for large power transformers.However, factors such as volatility of raw material prices are some of the economic restraints that the market is challenged by.By power rating, 100 MVA to 500MVA large power transformers are expected to account for the largest market share for the forecast period owing to widespread use of the same by utility companies worldwide.Large power transformers with power ratings in the range of 801MVA to 1200 MVA will be used for UHVDC and HVDC power generation in Asia Pacific and the Middle East. This is attributed to the rising energy needs of developing economies in these regions in the years to come.
Browse Press Release of Large Power Transformers Market:
In 2013, Asia Pacific registered the largest share in the global large power transformers market due to increasing energy needs combined with technological advancement in the region. Developing economies such as China, Malaysia, and India offer immense opportunities for the overall market for large power transformers. India and China are anticipated to have consistent demand for large power transformers owing to the rising electrification ratio in these countries.The Rest of the World (RoW) region, led by economies in the Middle East, are expecting stable expansion of their power infrastructures, thus attracting stiff competition from regional as well as global market participants.The key players operating in the global large power transformers market are ABB Ltd., Crompton Greaves Ltd., GE Co, Hyundai Heavy Industries Ltd., Alstom SA, Siemens AG, and TBEA Co. Ltd.
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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Source:Transparency Market Research