Large power transformer market – forecast 2022–2027
The large power transformer market is expected to register a CAGR of more than 5.2 % during the forecast period (2022-2027).
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The large power transformer market is expected to register a CAGR of more than 5.2 % during the forecast period (2022-2027).
The COVID-19 pandemic negatively impacted the market, as the large power transformer manufacturers struggled to operate due to a lack of cash flow. The lockdown measures impacted the financial health of power distribution companies. For instance, India‘s daily power demand has declined by 25 to 28 % since the beginning of the nationwide lockdown, driven primarily by the factory and office closures in the commercial and industrial sectors. Factors such as rising environmental concerns and increasing demand for electrical energy are expected to drive the market during the forecast period. Increasing investments in the renewable energy sector are expected to boost the large power transformer market.
With the increasing electricity demand, especially in developing countries, the usage of large power transformers in the power generation segment is expected to boost the market. China and the United States are the two biggest electricity-consuming countries, and both have a huge market for large power transformers.
There are many electrification projects in Africa and Asia-Pacific, with several initiatives and significant improvements underway in improving the electrification rate. This factor is expected to create ample opportunities for the market players in the coming years.
Asia-Pacific is expected to dominate the market, with most of the demand coming from China and India due to economic growth, increasing demand for residential electricity, and rising industrial activities.
me of the major players in the market include Hitachi Energy Ltd, Siemens Energy AG, Toshiba Energy Systems & Solutions Corporation, CG Power and Industrial Solutions Limited, and General Electric Company.
Source: Research and Markets