The industry of energy and utilities industry is growing more extensively with the category of power transformer market across the globe. As the power transformer can be distinct as a technology that conveys an inclination to source power as and when need without elapsing to conventional sources. Moreover, the power transformer is a kind of transformer which can be used for transferring electrical energy in any part of the electrical or electronic circuit between the generator and the distribution primary circuits. The power transformer systems can underwrite to ultimate use of generation and grid assets, and support emissions reductions in numerous economic segments. The global power transformer market has been spilt differently in the different aspects of the market such as cooling type, power rating and region. Whereas, on the basis of cooling type, the industry has been divided into oil-cooled transformer and air–cooled transformer meanwhile, oil-cooled transformer section is accounting because of the winding and core occupied in mineral oil, which is a good electrical insulator to chunk the flow of current with the oil for effective heat removal form core and winding.
According to the report analysis, ‘Global Power Transformer Market Research Report – Forecast to 2023’ states that some of the major companies which are currently functioning in this sector more effectively for attaining the huge share across the globe includes ABB Ltd., (Switzerland), Schneider Electric (France), Siemens AG (Germany), Crompton Greaves Ltd. (India), Mitsubishi Electric Corporation (Japan), Toshiba Corporation (Japan), Bharat Heavy Electricals Limited (India), Hyosung Power & Industrial Solutions (South Korea) and SPX Transformer Solutions, Inc. (U.S.), SGB-SMIT Group (Germany), and Hyundai Electric & Energy Systems Co., Ltd. (South Korea) and several others. Moreover, the global power transformer market is accounted to rise and register a CAGR of 8.7% over the near future. The key players are dominating the significant growth with the effective working and projection of new research and development programs. Whereas, with some prominent operators which are extensively support the market of power transformer across the globe grow in distribution and transmission infrastructure investments and growth in renewable energy segment. Meanwhile, the high initial price of such products is the restraining key factor for the market of power transformer.
On the basis of region and with the significant growth in demand, the global power transformer market is spread across the globe which majorly includes North America, Europe, Asia Pacific region and rest of the world. Whereas, the North America and Europe is expected to dominate the major share together across the globe. Not only has this, the Asia Pacific region is also showing their effective efforts for accounting the significant share by adopting advanced technologies and with the efficient strategies and policies. Moreover, based on the power rating, the market has been split into small power, medium power and large power whereas, the small power accounting the market of power transformers as it involves more than three windings, auto-transformer, single phase and low noise generating. Therefore, in the coming years it is expected that the market of power transformer market will grow more significantly across the globe over the decades.
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Ankur Gupta, Head Marketing & Communications