The market is primarily driven by technologically enhanced products and increasing application of electricity in industries, agriculture, and domestic activities worldwide. Eco-friendly large power transformers are expected to witness high growth during the forecast period compared to old and outdated technology due to their advanced features and environmental safety measures. Moreover, growing initiatives for refurbishment of outdated power grids with the advanced technology in the matured economies is driving the market for large power transformers.
The large power transformers segment with ratings between 100 MVA to 500MVA is expected to hold the largest share in the global large power transformers market throughout the forecast period. Phase-shifting transformers are rated up to 500 MVA, which are available with non-symmetrical direct or indirect regulation and symmetrical direct or indirect regulation. This segment is expected to witness robust growth during the forecast period due to exponential growth of industrialization and modernization of existing power grids in the emerging countries worldwide.
Asia Pacific large power transformers market is currently being driven by developing economy such as China, India, Japan, South Korea, Australia and Malaysia among others offering immense opportunities for the large power transformers market. China and India are expected to constantly drive demand for large power transformers due to increasing electrification ratio in these countries.
Key players in the large power transformers market are ABB Ltd., Alstom SA, Crompton Greaves Ltd., Siemens AG, GE Co, Hyosung Power & Industrial Systems Performance Group, and TBEA, Co., Ltd., among others.
The market has been segmented as follows:
- 100 MVA to 500 MVA
- 501 MVA to 800 MVA
- 801 MVA to 1200 MVA
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
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