Burnaby, British Columbia, Canada, October 09, 2015 --(PR.com
)-- According to a recently released TechSci Research report, “Global Power & Distribution Transformers Market Forecast & Opportunities, 2020,” power and distribution transformers market globally is projected to register a CAGR of 5.7% during 2015-20. The market is expected to witness a tremendous growth on account of rising government projects, for power generation through various conventional sources of energy like coal, oil and gas, integration of renewable energy to the existing grid, and replacement of aging power infrastructure. For the purpose of meeting growing power demand, power generation capacity of existing power plants is increased along with the construction of new power plants that can supply electricity to industries and residential consumers. Rapid industrialisation in the Asia Pacific region, along with a shift in the manufacturing hub from the North America and Europe region to the Asia Pacific region has led to the growth of the transformers market in the region.
Over the past few years, transformers have undergone radical changes and now utilities are showing increased interest in energy efficient transformers due to its benefits and wide acceptance in market, as these reduce the transformers loss and increases net savings for the utilities companies (globally transformers loss account for three percent of overall electricity generated). In 2014, China accounted for the highest electricity consumption globally and recorded the highest market share in the distribution and transformers market having 15% market share of the overall transformers market. Companies like, ABB, Tebian Electric Apparatus Stock Co. (TBEA), Siemens and GE are major suppliers of power and distribution transformers globally.
Major factors that are driving the adoption of smart transformers is growth in smart grids that respond to the power requirement generated from load centre and has increased the requirement of smart transformers as they provide advantages like voltage optimization, high efficiency, superior power quality, high flexibility and lower maintenance costs. Adoption of renewable sources of energy for power generation is in rise and their overall share in the global energy mix will increase the share of smart transformers as they provide multiple outputs and work on wide frequency range. Remote places where the cost of installation of power grids can be expensive, it becomes comparatively less expensive for Government to deploy renewable sources of energy for electricity generation and increase the electrification rate along with growth in the market of distribution transformers.
“Global, power and distribution transformer market is at growing stage. Government projects, like power plants based upon non-renewable sources of energy like coal, oil and gas, along with integrated renewable energy facilities like wind and solar for electricity generation, is driving the global power and distribution transformers market. Power transformers with rating of above 500 MVA is expected to continue its dominance in the global power and distribution transformers market in the coming years as countries are constructing power plants with power generation capacity in terms of thousands of megawatts. Growing demand for energy efficient transformers and replacement of ageing infrastructure in power industry is driving the future of the Global Power and Distribution Transformers market,” said Mr. Sanat Kumar, Vice President with TechSci Energy – a division of TechSci Research, global management consulting firm.