Power Transformer Market

Power transformer can be described as a technology that provides a preference to source power as and when required without backsliding to conventional energy sources. These energy systems are highly efficient and acts as flexible generation when needed. Power transformer systems can contribute to optimal use of generation and grid assets, and support emissions reductions in several economic sectors.

The global power transformer market is expected to grow at about 8.65% CAGR during the forecast and reach USD 34,510.2 million by 2023. In 2017, the market was led by Asia-Pacific, with a 42.8% share, followed by Europe and North America with shares of 31.1% and 18.9%, respectively.

The power transformer market has been segmented based on cooling type, power rating and region. On the basis of cooling type, oil-cooled transformer accounted for the largest market share of 57.2% in 2017, with a market value of USD 12,067.2 million and is projected to grow at the highest CAGR of 8.98% during the forecast period. Based on power rating, Small Power for the largest market share of 45.5% in 2017, with a market value of USD 9,593.0 million and is projected to grow at the highest CAGR of 8.93% during the forecast period.

• 2023: USD 34,510.2Million CAGR • 8.65%

Key Geographies

• Asia-Pacific: 42.8%

• Europe: 31.1%

• North America: 18.9%

• Rest of the World: 7.2% Key Leading Countries • China • U.S. • India • Japan • Germany

Key Market Drivers

• Rise in transmission and distribution infrastructure investments

• Growth in renewable energy sector Key Market Restraint • High initial costs of power transformer • Service interruption due to the losses

Key Vendors

• ABB Ltd.