Global Power Transformers Market Value Will Reach $14 billion by 2020

Date: 2015-10-19

The value of the global power transformers market will increase from $11.3 billion in 2015 to $14 billion by 2020, driven by the nine major markets of the US, China, India, Saudi Arabia, Brazil, Japan, Germany, Canada and the UK. This growth will primarily be driven by extensive power plant capacity additions, economic growth, and the need to improve access to electricity in emerging economies, such as Asia-Pacific and the Middle East. A number of regional companies, such as Bharat Heavy Electricals in India and Mitsubishi Electrical Corporation in Japan, are involved in the domestic manufacture of medium and large power transformers. While these companies have a high understanding of their local market conditions and extensive experience, global GDP growth slowing as a result of the financial crisis will continually affect the power transformer market as investment in infrastructure development projects declines.

China is an attractive destination for power transformer companies, firstly because of the size of the grid, which is the largest in the world, and secondly thanks to substantial investment in the expansion and upgrade of the country’s grid infrastructure. Furthermore, Saudi Arabia is planning large-scale investment, amounting to a total of around $100 billion, which is to be spent within the next 10 years on doubling domestic power generation from the current level of 40,000 MW to 80,000 Megawatts (MW). The European Union’s plans to strengthen individual countries’ power grids and establish a pan-European grid will also be a strong driver for the market, as it involves substantial investment in power transformers.

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