The global market for power and distribution transformers is projected to cross USD51.2 billion revenues in 2019, according to TechSci Research report.
Asia-Pacific will emerge as the major as well as fastest growing market across the globe with major contribution from China and India, affirms the report.
However, major contribution in market revenues will originate from Asia-Pacific and North America.
Rapid economic growth and the economic boom in developing countries like China and India are leading factors in Asia-Pacific market.
ABB, Siemens and Alstom Grid are predicted to dominate the market, holding over 36 percent share in revenues in 2019.
Key driving factors of revenue growth in global market will be raising global population, increasing power demand, expansion of power generation infrastructure, development in power transmission network including implementation of smart grid & super grid.
Recently, smart transformers having advanced online monitoring system for remote evaluation and detection of latent defects have been developed by companies also.
Increasing power consumption directly impacts transformer installations across the globe, said, Karan Chechi, research director, TechSci Research.
Existing as well as upcoming power projects are further creating significant demand for new installations of power and distribution transformers, particularly within developing nations in Asia-Pacific, South America and Africa, says Chechi.
Of all the transformer types, volume sales of low power output distribution transformers currently exceed that of power transformers. Green power transformers will contribute towards revenue growth in power & distribution transformers market across the globe due to rising adoption, explains Chechi.
Sabeena Wahid
editor@greentechlead.com