Global power transformer market to grow at a CAGR of 5.7% during the period 2016-2024 – Planet Market Reports

Global Power Transformer Market
Market Overview
Rising electricity consumption across the globe has significantly accelerated the growth of power transformer market especially in developing countries. The emerging markets in Latin America and Asia have a major influence on the growth of transformers market and currently dominating the demand for power transformers. The rapid build-out in the Asian countries such as India, China and other emerging countries has created a boom period for power transformers during the first decade of 21st century. Further, the government initiative in developed regions for modernizing the existing grids coupled with installation of advanced and new power transformers is likely to drive the power transformer market growth.
Goldstein Research analyst forecast the global power transformer market to grow at a CAGR of 5.7% during the period 2016-2024. Further, the global power transformer market is predicted to reach USD 34.6 billion by the end of forecast period.
Covered in this global power transformer market report

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The report covers the present ground scenario and the future growth prospects of the global power transformer market for 2016-2024 along with the total sales of power transformers products in every region. We calculated the market size and revenue share on the basis of revenue generated from the sales of power transformer to various end user industries across the globe.

Europe UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe {Market Share % , Market Size USD Billion , Sales Million Units }
Middle East and Africa GCC Countries, North Africa, South Africa and Rest of Middle East & Africa {Market Share % , Market Size USD Billion , Sales Million Units }
Latin America Brazil, Mexico and Rest of Latin America {Market Share % , Market Size USD Billion , Sales Million Units }
Asia Pacific China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific {Market Share % , Market Size USD Billion , Sales Million Units }
Rest of the World{Market Share % , Market Size USD Billion , Sales Million Units }
On the basis of insulation type liquid type or oil immersed power transformers dominated the global power transformer market with more than 70% market share in 2016. The segment is projected to remain dominant over the forecast period, with CAGR of 8.0% over the forecast period.

According to our global power transformer market study on the basis of extensive primary and secondary research, one of the major trend that driving the growth of power transformers market is the huge investments over the up gradation of outdated and inadequate power transmission and distribution infrastructure. For instance, North American utilities are making significant investments to replace, upgrade their existing power generation and distribution infrastructure, majorly driven by the need to improve reliability and capacity of North American power transmission and distribution network.

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According to the report, major driver in global power transformers market is the development of new power generation and distribution infrastructure as the conventional power generation facilities such as coal and nuclear generation are retiring and new renewable power generation plants are setting up across the globe. Construction of new power generating plants and rising expenditures over energy sector is likely to impel the demand for power transformers around the world. According to Bloomberg New Energy Finance BNEF, solar and wind energy will make up for more than 34% of electricity generation by 2024 across the globe.
Further, the report states that one challenge in global power transformer market is presence of local players. Local players usually uses cheaper raw material so that can provide their products at very much competitive prices which hinders the growth of quality products in the market. Major market players are also facing challenges from environmental concerns and to increase the efficiency and durability of the power transformers to meet the strengthening electricity demand across the globe.
Geographically, Asia Pacific region dominated the global power transformers market, accounted for more than 26% revenue share in global market owing to huge government expenditure over energy sector and rapid urbanization. Asia Pacific region is closely followed by the North America with market size of USD 5.4 billion 2016, which is expected to grow at a CAGR of 5.1% over the forecast period.

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The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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Key questions answered in this global power transformers market report
What is the total market size by 2024 and what would be the expected growth rate of sales
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