Power Transformer Market by Rating (Small Power Transformer (Up to 60MVA), Medium Power Transformer (61 - 600MVA), Large Power Transformer (Above 600MVA)), by Type of Cooling Method (Oil-Cooled and Air-Cooled), & Region - Global Trends & Forecasts to 2020

 Published On: Nov, 2015 |    No of Pages: 129 |  Published By: MarketsandMarkets | Format: PDF
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Power transformer market is projected to grow at a CAGR of 7.6% during the forecast period
This report forecasts the power transformer market in, terms of value, in USD Million. The market is projected to reach USD 29.9 billion by 2020, from an estimated USD 20.71 billion in 2015, at a CAGR of 7.6% from 2015 to 2020. Growing energy demand coupled with increasing T&D network expansion projects is driving the power transformer market. Regions such as Asia-Pacific and the Middle-East have emerged as attractive prospects for power transformer manufacturers because of the numerous T&D expansion projects being carried out in both regions. Renewable generation sources are also being connected to main power grids, which are further increasing the demand for power transformers. 

Large power transformer segment is projected to grow at the highest CAGR during the forecast period
Large power transformer is a rapidly growing segment of power transformers, owing to its use in high voltage transmission networks. The technological advances in High-Voltage Direct Current (HVDC), UHV (Ultra-high voltage), and EHV (Extra high voltage) transmissions have made it a crucial element in power systems. High voltage transmission lines are being set up to minimize transmission losses and power corridors being made to connect supply and demand centers. These high voltage transmission networks are being used to link renewable sources such as desert solar, offshore wind, geothermal, and hydropower with grid systems and demand centers across the world.

Asia-Pacific is projected to grow at the highest growth rate during the forecast period
Although new T&D network expansions are being carried out in South America, some parts of Europe, and Africa, major T&D network expansion projects are being undertaken in Asia-Pacific, especially in India and China. While Europe and North America are focusing on renewable energy, major generation capacity expansion projects in South Asia have been coal-fired. China had the most number of T&D network expansion projects; the State Grid Corporation of China (SGCC) has recently pushed for approval of a massive USD 250 billion upgrade plan that will link regional grids through 20 HVDC power corridors by 2020..

The overall market size has been determined by forecast techniques based on region-wise T&D capital expenditure along with T&D expansion activities and investments in different regions, which have been validated through primary sources. The primary sources considered for the report included market players from both the supply side as well as from the demand side.

This report also includes the profiles for leading power transformer manufacturers and providers, such as ABB Ltd. (Switzerland), CG (India), GE (U.S.), Toshiba (Japan), Siemens (Germany), Hyundai (South Korea), Mitsubishi Electric Corporation (Japan), Hyosung Power & Industrial Systems (South Korea), B.H.E.L (India), and SPX Transformers (U.S.).

The power transformer report highlights the current trends and projections that are expected to affect the future development of the industry. The report focuses on both the qualitative and quantitative factors that affect the future prospect of the power transformer usage. This includes drivers, restraints, opportunities, and challenges of the market. Additionally, the company profile section highlights companies that are active in the power transformer market. Moreover, in-depth analysis of the top five companies has been provided in the SWOT and the MnM view sections.
1 INTRODUCTION 13
1.1 OBJECTIVES OF THE STUDY 13
1.2 MARKET DEFINITION 13
1.3 MARKET SCOPE 14
1.3.1 MARKETS COVERED 14
1.3.2 YEARS CONSIDERED FOR THE STUDY 14
1.4 CURRENCY 14
1.5 STAKEHOLDERS 15
2 RESEARCH METHODOLOGY 16
2.1 RESEARCH DATA 16
2.1.1 SECONDARY DATA 17
2.1.1.1 Key data from secondary sources 17
2.1.2 PRIMARY DATA 18
2.1.2.1 Key data from primary sources 18
2.1.2.2 Breakdown of primary interviews 19
2.1.2.3 Key industry insights 19
2.2 MARKET SIZE ESTIMATION 20
2.3 MARKET BREAKDOWN & DATA TRIANGULATION 22
2.4 RESEARCH ASSUMPTIONS & LIMITATIONS 23
2.4.1 ASSUMPTIONS 23
2.4.2 LIMITATIONS 23
3 EXECUTIVE SUMMARY 24
4 PREMIUM INSIGHTS 28
4.1 ATTRACTIVE MARKET OPPORTUNITIES FOR POWER TRANSFORMERS 28
4.2 SMALL POWER TRANSFORMERS ARE ESTIMATED TO DOMINATE THE MARKET DURING THE FORECAST PERIOD 28
4.3 OIL-COOLED POWER TRANSFORMERS LED THE POWER TRANSFORMER MARKET IN 2014 29
4.4 CHINA IS THE LARGEST MARKET FOR POWER TRANSFORMER 30
4.5 TOP SEVEN COUNTRIES IN THE POWER TRANSFORMER MARKET 30
4.6 THE DEMAND FOR OIL-FREE POWER TRANSFORMERS IS PROJECTED TO INCREASE FROM 2015 TO 2020 31


5 MARKET OVERVIEW 32
5.1 INTRODUCTION 33
5.2 MARKET SEGMENTATION 33
5.2.1 BY RATING 33
5.2.2 BY COOLING TYPE 34
5.2.3 BY REGION 34
5.3 MARKET DYNAMICS 35
5.3.1 DRIVERS 36
5.3.1.1 Modernization of existing power grids 36
5.3.1.2 High demand and initiatives for smart grid development 36
5.3.1.3 Growth of the renewable energy sector 36
5.3.1.4 Emerging demand in high-growth markets 37
5.3.2 RESTRAINTS 38
5.3.2.1 Reluctance to replace aging infrastructure 38
5.3.2.2 Standardization of products 38
5.3.3 OPPORTUNITIES 38
5.3.3.1 Deployment of green transformers 38
5.3.3.2 Increasing investments in T&D infrastructure 38
5.3.3.3 Expanding cross-border electricity trade 39
5.3.3.4 HVDC transmission methods for long-distance transmission 39
5.3.4 CHALLENGES 40
5.3.4.1 Delays in grid expansion projects 40
5.4 VALUE CHAIN ANALYSIS 40
5.5 PORTER’S FIVE FORCES ANALYSIS 41
5.5.1 THREAT OF NEW ENTRANTS 41
5.5.2 THREAT OF SUBSTITUTES 42
5.5.3 BARGAINING POWER OF SUPPLIERS 42
5.5.4 BARGAINING POWER OF BUYERS 42
5.5.5 INTENSITY OF COMPETITIVE RIVALRY 43
6 POWER TRANSFORMERS MARKET, BY RATING 44
6.1 INTRODUCTION 45
6.1.1 SMALL POWER TRANSFORMERS 45
6.1.2 MEDIUM POWER TRANSFORMERS 46
6.1.3 LARGE POWER TRANSFORMERS 46
7 POWER TRANSFORMERS MARKET, BY COOLING TYPE 48
7.1 INTRODUCTION 49
7.1.1 OIL-COOLED POWER TRANSFORMERS 49
7.1.2 AIR-COOLED POWER TRANSFORMERS 50

8 POWER TRANSFORMER MARKET, BY REGION 52
8.1 INTRODUCTION 53
8.2 NORTH AMERICA 55
8.2.1 U.S. 57
8.2.2 CANADA 58
8.2.3 MEXICO 59
8.3 EUROPE 59
8.3.1 U.K. 62
8.3.2 GERMANY 62
8.3.3 FRANCE 63
8.3.4 RUSSIA 63
8.3.5 REST OF EUROPE 64
8.4 ASIA-PACIFIC 65
8.4.1 CHINA 68
8.4.2 INDIA 69
8.4.3 AUSTRALIA 69
8.4.4 JAPAN 70
8.4.5 REST OF ASIA-PACIFIC 70
8.5 SOUTH AMERICA 71
8.5.1 BRAZIL 73
8.5.2 ARGENTINA 73
8.5.3 REST OF SOUTH AMERICA 74
8.6 MIDDLE EAST 75
8.6.1 SAUDI ARABIA 77
8.6.2 UAE 78
8.6.3 KUWAIT 78
8.6.4 QATAR 79
8.6.5 REST OF THE MIDDLE EAST 79
8.7 AFRICA 80
8.7.1 SOUTH AFRICA 82
8.7.2 NIGERIA 82
8.7.3 REST OF AFRICA 83
9 COMPETITIVE LANDSCAPE 84
9.1 OVERVIEW 85
9.2 COMPETITIVE SITUATION & TRENDS 86
9.3 CONTRACTS & AGREEMENTS 87
9.4 EXPANSION 88
9.5 NEW PRODUCT DEVELOPMENT 89
9.6 MERGERS & ACQUISITIONS 90

10 COMPANY PROFILES 91
10.1 INTRODUCTION 91
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
10.2 ABB LTD. 92
10.3 SIEMENS AG 95
10.4 GENERAL ELECTRIC COMPANY 98
10.5 CROMPTON GREAVES LIMITED 101
10.6 TOSHIBA CORPORATION 104
10.7 HYUNDAI HEAVY INDUSTRIES CO., LTD. 107
10.8 MITSUBISHI ELECTRIC CORPORATION 109
10.9 HYOSUNG GROUP 111
10.10 BHARAT HEAVY ELECTRICALS LIMITED 113
10.11 SPX TRANSFORMER SOLUTIONS, INC. 115
*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.
11 APPENDIX 117
11.1 INSIGHTS OF INDUSTRY EXPERTS 117
11.2 DISCUSSION GUIDE 118
11.3 OTHER DEVELOPMENTS 120
11.3.1 CONTRACTS & AGREEMENTS 120
11.3.2 EXPANSIONS 123
11.3.3 NEW PRODUCT LAUNCHES 124
11.3.4 JOINT VENTURES 124
11.4 INTRODUCING RT: REAL TIME MARKET INTELLIGENCE 125
11.5 AVAILABLE CUSTOMIZATIONS 126
11.6 RELATED REPORTS 127

LIST OF TABLES

TABLE 1 GLOBAL T&D INFRASTRUCTURE EXPANSION PLANS 39
TABLE 2 GLOBAL POWER TRANSFORMER MARKET, BY RATING, 2013–2020, (USD MILLION) 45
TABLE 3 SMALL POWER TRANSFORMERS (UP TO 60 MVA), BY REGION, 2013–2020, (USD MILLION) 45
TABLE 4 MEDIUM POWER TRANSFORMERS (UP TO 60 - 600 MVA), BY REGION, 2013–2020, (USD MILLION) 46
TABLE 5 LARGE POWER TRANSFORMERS (ABOVE 600 MVA), BY REGION, 2013–2020, (USD MILLION) 47
TABLE 6 GLOBAL POWER TRANSFORMER MARKET, BY COOLING TYPE, 2013–2020, (USD MILLION) 49
TABLE 7 OIL-COOLED POWER TRANSFORMERS, BY REGION, 2013–2020, (USD MILLION) 50
TABLE 8 AIR-COOLED POWER TRANSFORMERS, BY REGION, 2013–2020, (USD MILLION) 51
TABLE 9 POWER TRANSFORMER MARKET SIZE, BY REGION, 2013–2020 (USD BILLION) 54
TABLE 10 NORTH AMERICA: POWER TRANSFORMER MARKET SIZE, BY COUNTRY, 2013–2020 (USD MILLION) 56
TABLE 11 NORTH AMERICA: POWER TRANSFORMER SIZE, BY RATING,2013–2020 (USD MILLION) 56
TABLE 12 NORTH AMERICA: SMALL POWER TRANSFORMER MARKET, BY COUNTRY, 2013–2020 (USD MILLION) 56
TABLE 13 NORTH AMERICA: MEDIUM POWER TRANSFORMER MARKET, BY COUNTRY, 2013–2020 (USD MILLION) 57
TABLE 14 NORTH AMERICA: LARGE POWER TRANSFORMER MARKET, BY COUNTRY, 2013–2020 (USD MILLION) 57
TABLE 15 U.S.: POWER TRANSFORMER MARKET SIZE, BY RATING , 2013–2020 (USD MILLION) 58
TABLE 16 CANADA: POWER TRANSFORMER MARKET SIZE, BY RATING, 2013–2020 (USD MILLION) 58
TABLE 17 MEXICO: POWER TRANSFORMER MARKET SIZE, BY RATING, 2013–2020 (USD MILLION) 59
TABLE 18 EUROPE: POWER TRANSFORMER MARKET SIZE, BY COUNTRY, 2013–2020 (USD MILLION) 60
TABLE 19 EUROPE: POWER TRANSFORMER SIZE, BY RATING, 2013–2020 (USD MILLION) 60
TABLE 20 EUROPE: SMALL POWER TRANSFORMER MARKET, BY COUNTRY, 2013–2020 (USD MILLION) 60
TABLE 21 EUROPE: MEDIUM POWER TRANSFORMER MARKET, BY COUNTRY, 2013–2020 (USD MILLION) 61
TABLE 22 EUROPE: LARGE POWER TRANSFORMER MARKET, BY COUNTRY, 2013–2020 (USD MILLION) 61
TABLE 23 U.K.: POWER TRANSFORMER MARKET SIZE, BY RATING, 2013–2020 (USD MILLION) 62
TABLE 24 GERMANY: POWER TRANSFORMER MARKET SIZE, BY RATING, 2013–2020 (USD MILLION) 62
TABLE 25 FRANCE: POWER TRANSFORMER MARKET SIZE, BY RATING, 2013–2020 (USD MILLION) 63
TABLE 26 RUSSIA: POWER TRANSFORMER MARKET SIZE, BY RATING, 2013–2020 (USD MILLION) 64
TABLE 27 REST OF EUROPE: POWER TRANSFORMER MARKET SIZE, BY RATING, 2013–2020 (USD MILLION) 64
TABLE 28 ASIA-PACIFIC: POWER TRANSFORMER MARKET SIZE, BY COUNTRY,2013–2020 (USD MILLION) 66
TABLE 29 ASIA-PACIFIC: POWER TRANSFORMER SIZE, BY RATING, 2013–2020 (USD MILLION) 66
TABLE 30 ASIA-PACIFIC: SMALL POWER TRANSFORMER MARKET, BY COUNTRY, 2013–2020 (USD MILLION) 67
TABLE 31 ASIA-PACIFIC: MEDIUM POWER TRANSFORMER MARKET, BY COUNTRY, 2013–2020 (USD MILLION) 67
TABLE 32 ASIA-PACIFIC: LARGE POWER TRANSFORMER MARKET, BY COUNTRY, 2013–2020 (USD MILLION) 68
TABLE 33 CHINA: POWER TRANSFORMER MARKET SIZE, BY RATING, 2013–2020 (USD MILLION) 68
TABLE 34 INDIA: POWER TRANSFORMER MARKET SIZE, BY RATING, 2013–2020 (USD MILLION) 69
TABLE 35 AUSTRALIA: POWER TRANSFORMER MARKET SIZE, BY RATING, 2013–2020 (USD MILLION) 69
TABLE 36 JAPAN: POWER TRANSFORMER MARKET SIZE, BY RATING, 2013–2020 (USD MILLION) 70
TABLE 37 REST OF ASIA-PACIFIC: POWER TRANSFORMER MARKET SIZE, BY RATING,2013–2020 (USD MILLION) 70
TABLE 38 SOUTH AMERICA: POWER TRANSFORMER MARKET SIZE, BY COUNTRY, 2013–2020 (USD MILLION) 71
TABLE 39 SOUTH AMERICA: POWER TRANSFORMER SIZE, BY RATING, 2013–2020 (USD MILLION) 71
TABLE 40 SOUTH AMERICA: SMALL POWER TRANSFORMER MARKET, BY COUNTRY, 2013–2020 (USD MILLION) 72
TABLE 41 SOUTH AMERICA: MEDIUM POWER TRANSFORMER MARKET, BY COUNTRY, 2013–2020 (USD MILLION) 72
TABLE 42 SOUTH AMERICA: LARGE POWER TRANSFORMER MARKET, BY COUNTRY, 2013–2020 (USD MILLION) 72
TABLE 43 BRAZIL: POWER TRANSFORMER MARKET SIZE, BY RATING, 2013–2020 (USD MILLION) 73
TABLE 44 ARGENTINA: POWER TRANSFORMER MARKET SIZE, BY RATING, 2013–2020 (USD MILLION) 73
TABLE 45 REST OF SOUTH AMERICA: POWER TRANSFORMER MARKET SIZE, BY RATING, 2013–2020 (USD MILLION) 74
TABLE 46 MIDDLE EAST: POWER TRANSFORMER MARKET SIZE, BY COUNTRY, 2013–2020 (USD MILLION) 75
TABLE 47 MIDDLE EAST: POWER TRANSFORMER SIZE, BY RATING, 2013–2020 (USD MILLION) 75
TABLE 48 MIDDLE EAST: SMALL POWER TRANSFORMER MARKET, BY COUNTRY, 2013–2020 (USD MILLION) 76
TABLE 49 MIDDLE EAST: MEDIUM POWER TRANSFORMER MARKET, BY COUNTRY, 2013–2020 (USD MILLION) 76
TABLE 50 MIDDLE EAST: LARGE POWER TRANSFORMER MARKET, BY COUNTRY, 2013–2020 (USD MILLION) 77
TABLE 51 SAUDI ARABIA: POWER TRANSFORMER MARKET SIZE, BY RATING, 2013–2020 (USD MILLION) 77
TABLE 52 UAE: POWER TRANSFORMER MARKET SIZE, BY RATING, 2013–2020 (USD MILLION) 78
TABLE 53 KUWAIT: POWER TRANSFORMER MARKET SIZE, BY RATING, 2013–2020 (USD MILLION) 78
TABLE 54 QATAR: POWER TRANSFORMER MARKET SIZE, BY RATING, 2013–2020 (USD MILLION) 79
TABLE 55 REST OF MIDDLE EAST: POWER TRANSFORMER MARKET SIZE, BY RATING, 2013–2020 (USD MILLION) 79
TABLE 56 AFRICA: POWER TRANSFORMER MARKET SIZE, BY COUNTRY, 2013–2020 (USD MILLION) 80
TABLE 57 AFRICA: POWER TRANSFORMER SIZE, BY RATING, 2013–2020 (USD MILLION) 80
TABLE 58 AFRICA: SMALL POWER TRANSFORMER MARKET, BY COUNTRY, 2013–2020 (USD MILLION) 81
TABLE 59 AFRICA: MEDIUM POWER TRANSFORMER MARKET, BY COUNTRY, 2013–2020 (USD MILLION) 81
TABLE 60 AFRICA: LARGE POWER TRANSFORMER MARKET, BY COUNTRY, 2013–2020 (USD MILLION) 81
TABLE 61 SOUTH AFRICA: POWER TRANSFORMER MARKET SIZE, BY RATING, 2013–2020 (USD MILLION) 82
TABLE 62 NIGERIA: POWER TRANSFORMER MARKET SIZE, BY RATING, 2013–2020 (USD MILLION) 83
TABLE 63 REST OF AFRICA: POWER TRANSFORMER MARKET SIZE, BY RATING,2013–2020 (USD MILLION) 83
TABLE 64 CONTRACTS & AGREEMENTS, 2015 87
TABLE 65 EXPANSIONS, 2013–2014 88
TABLE 66 NEW PRODUCT DEVELOPMENTS, 2013–2015 89
TABLE 67 MERGERS & ACQUISITIONS, 2014 90

LIST OF FIGURES

FIGURE 1 POWER TRANSFORMER MARKET: RESEARCH DESIGN 16
FIGURE 2 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 20
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 21
FIGURE 4 DATA TRIANGULATION METHODOLOGY 22
FIGURE 5 ASIA-PACIFIC DOMINATED THE POWER TRANSFORMER MARKET IN 2014 25
FIGURE 6 POWER TRANSFORMER MARKET: RATING SNAPSHOT 25
FIGURE 7 ASIA-PACIFIC TO GENERATE THE HIGHEST DEMAND FOR POWER TRANSFORMERS DURING THE FORECAST PERIOD 26
FIGURE 8 THE OIL-FREE POWER TRANSFORMER MARKET IS EXPECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD 26
FIGURE 9 NEW T&D LINE EXPANSION PROJECTS ARE EXPECTED TO DRIVE THE POWER TRANSFORMER MARKET DURING THE FORECAST PERIOD 28
FIGURE 10 POWER TRANSFORMER MARKET SCENARIO: 2015 TO 2020 28
FIGURE 11 OIL-COOLED POWER TRANSFORMERS HELD THE LARGEST MARKET SHARE IN 2014 29
FIGURE 12 CHINA IS EXPECTED TO BE THE FASTEST GROWING MARKET DURING THE FORECAST PERIOD 30
FIGURE 13 CHINA, U.S., & INDIA ARE EXPECTED TO ACQUIRE MORE THAN 30% OF THE TOTAL MARKET SHARE FROM 2015 TO 2020 30
FIGURE 14 THE OIL-FREE POWER TRANSFORMER MARKET IS EXPECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD 31
FIGURE 15 POWER TRANSFORMER MARKET SEGMENTATION: BY RATING 34
FIGURE 16 POWER TRANSFORMER MARKET SEGMENTATION: BY COOLING TYPE 34
FIGURE 17 POWER TRANSFORMER MARKET SEGMENTATION: BY REGION 35
FIGURE 18 REPLACEMENT OF AGING INFRASTRUCTURE TO PROPEL MARKET GROWTH 35
FIGURE 19 SMART GRID INVESTMENTS IN U.S., 2013, (USD BILLION) 36
FIGURE 20 GLOBAL INVESTMENT IN RENEWABLE SECTOR, (USD BILLION) 37
FIGURE 21 GLOBAL ENERGY CONSUMPTION, BY REGIONS, 2013, (MTOE) 37
FIGURE 22 VALUE CHAIN ANALYSIS 40
FIGURE 23 PORTER’S FIVE FORCES ANALYSIS: INTENSITY OF COMPETITIVE RIVALRY IS HIGH IN THE POWER TRANSFORMER MARKET 41
FIGURE 24 REGIONAL SNAPSHOT: RAPID GROWTH MARKETS ARE EMERGING AS NEW HOTSPOTS DURING THE FORECAST PERIOD 53
FIGURE 25 NORTH AMERICA: MARKET SNAPSHOT 55
FIGURE 26 ASIA-PACIFIC: MARKET SNAPSHOT 65
FIGURE 27 COMPANIES ADOPTED CONTRACTS & AGREEMENTS AS THE KEY GROWTH STRATEGY, 2011–2015 85
FIGURE 28 MARKET EVALUATION FRAMEWORK 86
FIGURE 29 BATTLE FOR MARKET SHARE: CONTRACTS & AGREEMENTS IS THE KEY STRATEGY 86
FIGURE 30 REGIONAL REVENUE MIX OF TOP 5 MARKET PLAYERS 91
FIGURE 31 ABB LTD.: COMPANY SNAPSHOT 92
FIGURE 32 ABB LTD.: SWOT ANALYSIS 94
FIGURE 33 SIEMENS AG: COMPANY SNAPSHOT 95
FIGURE 34 SIEMENS AG: SWOT ANALYSIS 97
FIGURE 35 GENERAL ELECTRIC COMPANY: COMPANY SNAPSHOT 98
FIGURE 36 GENERAL ELECTRIC COMPANY: SWOT ANALYSIS 100
FIGURE 37 CROMPTON GREAVES LIMITED: COMPANY SNAPSHOT 101
FIGURE 38 CROMPTON GREAVES LIMITED: SWOT ANALYSIS 103
FIGURE 39 TOSHIBA CORPORATION: COMPANY SNAPSHOT 104
FIGURE 40 TOSHIBA: SWOT ANALYSIS 106
FIGURE 41 HYUNDAI HEAVY INDUSTRIES CO. LTD.: COMPANY SNAPSHOT 107
FIGURE 42 MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT 109
FIGURE 43 HYOSUNG GROUP: COMPANY SNAPSHOT 111
FIGURE 44 BHARAT HEAVY ELECTRICALS LIMITED: COMPANY SNAPSHOT 113
FIGURE 45 SPX TRANSFORMER SOLUTIONS, INC.: COMPANY SNAPSHOT 115

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