The growth in globalization has caused an upsurge in the demand for electricity and major investments have been witnessed in the infrastructural set ups for power transformers. Low rating power transformers have excelled in this market with wide utilization in high voltage DC (HVDC) and high voltage AC (HVAC) transmission systems. Medium and high rating power transformers have majorly been utilized in high & ultra-high voltage power transmissions. Upgradation of transmission network have resulted in reducing the variable effects of transmission losses and has improved wide bands of electricity coverages. Adoption of smart grid technologies have facilitated the remote access monitoring of grid instruments by reducing the response period of fluctuating power supply. C02 emissions coupled with ecological measures have favored the maximum utilization of renewable & non-renewable energies with diversity in power transmission network. Underwater & underground power transformer installations benefit from geothermal and tidal power plants. In addition, highly efficient transmission lines against conventional lines have maximized the scope of energy saving and have induced economical expenses.
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According to a new report published by Allied Market Research, titled, Asia-Pacific Power Transformer (<100 MVA) Market by Country: Opportunity Analysis and Industry Forecast, 2017-2023, the Asia-Pacific power transformer (<100 MVA) market was valued at $5,210 million in 2016, and is projected to reach at $8,990 million by 2023, registering a CAGR of 8.1% from 2017 to 2023.
Power transformers, critical part of power infrastructure, are expected to witness significant growth in the coming years. This is due to the demand for electricity throughout the Asia-Pacific is on a consistent increase. Moreover, the region is moving toward green energy as there is an increase in utilization of renewable and non-conventional energy resources, such as wind, solar, and hydel energy. To meet the growth in demand for electricity, widening of transmission networks is taking place. These factors are expected to contribute significantly to the growth of the Asia-Pacific power transformer (<100 MVA) market. Some of the restraints associated with the Asia-Pacific power transformer market are high price of power transformers as well as associated costs, such as land, infrastructure, logistics, and protective instruments. Also, there is lack of consistent demand for high rating segment of power transformers. These costs can be mitigated with lenient government regulations and innovations in manufacturing of power transformers.
The Asia-Pacific power transformer (<100 MVA) market holds a substantial scope for growth. Demand for electricity, advancements in transmission lines as well as replacement of old units provide growth opportunities for this market. High cost is a major limitation for purchasing and installation of power transformers. However, no power system is complete without power transformers, and hence a lot of governments provide subsidies in various forms. Most of this market is grabbed by low rating power transformers because of their utilization in widely used medium and high-voltage transmission networks. The power transformer market is dominated by few key players. However, increase in electricity demand provides sufficient incentives for new players once they overcome the technological barriers.
Utilization of renewable and non-conventional energy sources, and need for up-gradation of transmission networks boosts the Asia-Pacific power transformer (<100 MVA) market.
Key Findings of the Asia-pacific Power Transformer (<100 Mva) Market:
- China is expected to continue to lead the market throughout 2016 to 2023, followed by India
- The power transformer (<100 MVA) market in Australia is projected to register the highest growth from 2016 to 2023
- The Asia-Pacific power transformer (<100 MVA) market is projected at a CAGR of 8.1% from 2017 to 2023
- Japan was the fourth largest revenue contributor of the Asia-Pacific power transformer (<100 MVA) market in 2016
- Hong Kong is projected to register the second highest growth rate from 2016 to 2023
China and India collectively contributed more than 45% to the market revenue in 2016. In the same year, Japan contributed approximately one-eighth of the market share.
The prominent players profiled in this report 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 Corporation.
