In the year 2013, the global Power Transformer Market comprised of over 11,300 units and is estimated to grow at a CAGR of 5.9% over the forecast period. Market is valued at $ 18 million as of 2013. Increase in the demand for electricity in the rapidly developing nations along with those who are already developed coupled with increase in the amount of investments in infrastructure is expected to drive the market over the next few years. Smart meters which are the result of high demand and supportive initiatives are anticipated to positively impact the market. Government obligations to install advanced power transformers and to modernise existing grids to minimize the losses and enhance efficiency will also positively impact the power transformer market globally.
Transformers with advanced features and having eco-friendly qualities are expected to replace the traditional transformers which are not compatible with current environmental and technical requirements. Cross-border electricity trade is being increased by the nations which are developed at the same time integrating wind and other renewable energies which push the existing networks to their limits. These conditions lead to frequent short-circuits which can also be considered as one of the major factor responsible for power transformer installation.
Increasing awareness about reduction in the pollutants-emission and protection of environment is driving the development of smart grid and super grid. Furthermore, replacement of Polychlorinated Biphenyls (PCB), service expansion in resource-based industries and growth in green initiative awareness is expected to fuel the market over next few years.
Read more: Power Transformer Market to Witness Steady Growth Based on High Demand for Electricity & Rising Investments in Infrastructure Projects Till 2020