According to the latest report released by the world's second largest market research institution named Markets and Markets this month, it shows that this year, the market demand of global distribution transformer is about 12.81 billion US dollars. With the increasing demand for electricity, it’s expected that this data will increase to 17.61 billion US dollars by 2021, during this period, the annual compound growth rate is about 6.57%.
From the power point of view, power transformers include small power transformers (below 60 MVA), medium-sized power transformers (61-600 MVA) and large power transformers (above 600 MVA). Small power transformers are currently the largest market segment in the market, primarily because small transformers can be used in a wider range of industries. However, large-scale power transformers are the fastest-growing market segment, as many countries have begun to focus on reducing power losses while vigorously developing high-voltage transmission technologies, including Ultra High Voltage (UHV), Extra High Voltage (EHV) and High Voltage Direct Current (HVDC) technology etc.
From the regional market point of view, in 2014, the Asia-Pacific region is the largest regional market for power transformers. It’s expected that the Asia-Pacific region will continue to maintain this market position by 2020. Followed by the European market, because Europe is upgrading and renovating the aging infrastructure. At the same time, the Asia-Pacific region is the fastest growing regional market for power transformer, Speeding up the construction of large-scale transmission and distribution infrastructure in China and India and other countries is the main factors to promote the region's growing market demand.
From the enterprise point of view, Switzerland ABB Group, Germany's Siemens, India Crompton Greaves, America’s General Electric and Eaton from Ireland will become the world's leading supplier of distribution transformers.
Some experts analyzed that the increase of electricity demand in China, India and the Middle East will be the main growth driver of the forecast for growth in the world's power transformer market.
In addition, North America and Europe to replace, upgrade the demand for old transformers has become the main driving force of the market. The British power grid has been very backward, only to replace and upgrade the power grid, the situation of interruption of power supply in the country will not happen. Similarly, in other European countries, such as Germany, the continuous renovation of power grids and electronics is undergoing in order to achieve the stable supply of power, some analysts said.
China is one of the fastest growing markets and is now the second largest market in the world. Especially in recent years, the project construction for speeding up transmission electric power from west to east, exchange electric power between north and south, cross-regional interconnection has led to the rapid development of China's transmission and distribution equipment industry. The industry experts say that, from the current market development, China's transformer manufacturing industry will usher in a sustained and stable development period over the next few years.
