A
recent report by Transparency Market Research puts the compounded
annual growth rate (CAGR) of the global large power transformers
market at 7.8% between 2014 and 2020. The market had an estimated
valuation of US$18.35 billion in 2013 and is projected to rise to
US$31.05 billion by 2020.
As
Industries, Agriculture, and Homes Consume More Electricity, LPTs See
Increment in Demand
The
consumption of electricity has always been high, but with farm
mechanization now becoming common in hitherto underdeveloped agrarian
economies, the agricultural sector has also emerged as a massive
consumer of electricity. Homes, too, are consuming more electricity
than before with the widespread use of electrical appliances and
gadgets. The cumulative effect of these changes has helped boost the
demand for large power transformers that carry power ratings in the
range of 100 megavolt-amperes (MVA) to 1200 MVA.
Browse
Market Research Report of Large Power Transformers Market:
Although
demand for large power transformers is rising, it does not follow the
conventional pattern any more. There is now a greater focus on large
power transformers that run on alternative energy sources; companies
are responding to this need. A case in point would be a large power
transformer by Siemens that runs on vegetable oil – the
transformer, meant for high voltages, was placed into operation in
Germany in 2013. Thus, it is clear to see that while demand will
remain steady, it will be heavily influenced by the changing energy
consumption patterns and regulations.
Large
Power Transformer Companies Still Struggling to Build Immunity
against External Forces
Manufacturing
and installing a large power transformer is both time- and
cost-intensive. But in the larger scheme of things, that’s not the
key concern for companies in the power transformers market. Braving
the volatility in raw material costs is the biggest factor that
market players have to contend with. Copper and electrical steel are
the two basic raw materials that go into the making of large power
transformers; these two materials constitute nearly 50% of the total
cost of such equipment. Both of these commodities have been
vulnerable to the vagaries of the market in recent years.
This
not only challenges the very manufacturing schedules and lead times
of companies in the large power transformers market, but affects the
more basic procurement strategies. The demand for copper as well as
electrical steel has been rising because of higher energy
transmission investments in developing countries and infrastructure
upgrade projects in developed regions. This presents an additional
growth impediment that large power transformer makers are forced to
brave.
Large
Power Transformers Market Swings Eastward
Currently,
the developed countries constitute the largest LPT markets globally;
but their installed base is aging rapidly. This ups the risk of
failure, and hence, the demand for LPT upgrades will remain high in
the traditional markets.
Browse
Press Release of Large Power Transformers Market:
The
future, however, belongs to the Asia Pacific and RoW economies where
new investments are being pumped in to ensure greater energy
security. This makes the RoW and Asia Pacific the most attractive
regions in the global large power transformers market. The increasing
ratio of electrification in countries such as China and India will
drive the market ahead over the next five years.
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