Power Transformers Power Projects to Boost Transformer Market to 14 Billion Dollars by 2020
The value of the global power transformers market will increase from US $ 11.3 billion in 2015 to US $ 14 billion by 2020, driven by nine major markets of the US, China, India, Saudi Arabia, Brazil, Japan, Germany, Canada and the UK, according to research and consulting firm Global Data.
The company’s latest report states that growth will primarily be driven by extensive power plant capacity additions, economic growth, and the need to improve access to electricity in emerging economies, such as Asia-Pacific and the Middle East.
Senior Analyst, Global Data, Siddhartha Raina covering power says, “China is an attractive destination for power transformer companies, firstly because of the size of the grid, which is the largest in the world, and secondly thanks to substantial investment in the expansion and upgrade of the country’s grid infrastructure. Furthermore, Saudi Arabia is planning large-scale investment, amounting to a total of around US $ 100 billion, which is to be spent within the next 10 years on doubling domestic power generation from the current level of 40,000 MW to 80,000 MW.”
The analyst adds that while there have been comparatively few new power transformer installations in North America and Europe, aging equipment and grids provide major opportunities for
companies in the power transformer replacement segment.