Large Power Transformers Market Expected to Reach USD 31.05 Billion in 2020
The large power transformers market was valued at USD 18.35 billion in 2013. The value of the market is expected to reach USD 31.05 Billion by 2020, this represents a CAGR of 7.8% from 2014 to 2020.
The demand for large power transformers was 11,223 units in 2013, the expected volume by 2020 is 18,709 units. This represents a CAGR of 7.7% from 2014 to 2020.
During the forecast period higher growth is expected for eco-friendly large power transformers in comparison to outdated technology due to their advanced features and environmental safety measures.
The large power transformers segment, wich has ratings between 100 MVA to 500MVA, is expected to hold the largest share in the global large power transformers market throughout the forecast period. This segment is expected to grow 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 boosted by developing economy in countries such as China, India, Japan, South Korea, Australia and Malaysia presenting significant opportunities for the large power transformers market. Due to increasing electrification ratio in China and India, these countries are expected to continuosly boost demand for large power transformers.