Pune, India, May, 2018 /MRFR Press Release/- The Wave & Tidal Energy market is expected to grow at the CAGR of around 17.84% during the period 2018 to 2023.
The phenomenal growth in the industrial sector across the globe is creating a massive power requirement for the proper functioning of the sector. The high dependability of industrial sector towards power is enabling the growth for the power equipment in the sector. The enormous amount of power consumption in the industrial sector with varying load capacity is expected to boost the transformer market during the forecast period. Global initiatives to use more renewable and non-conventional energy sources, smart grids, & the global need to upgrade transmission grids boost the global instrument transformer market. These transformers are widely used by power plants, industrial plants and conventional electric utility companies. The constant need for electricity and the unstable electricity supply situation in most developing countries, will aid in the growth of the instrument transformers market over the forecast period. However, fluctuating price of raw materials and high cost of transformers, are the factors that may hamper the growth of the market.
Most of the African nations are currently witnessing economic growth due to huge foreign investments in developing industrialization sector and expanding energy generation capacity through renewable resources. Africa is expected to hold one the largest share in the Middle East & Africa segment for the transformer due to huge expansion in the energy generation and grid expansion.
The prominent players in the global instrument transformer market include are ABB Group (Switzerland), Siemens Ltd. (Germany), General Electric Company (USA), Crompton Greaves Ltd. (India), Toshiba Corporation (Japan), Hyundai Heavy Industries Co., Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), Hyosung Corporation (South Korea), Bharat Heavy Electricals Limited (India), Rakesh Transformer Industries Pvt. Ltd (India), JSHP Transformers (China), Synergy Transformers (India), Transformers & Rectifiers Ltd (India), PME Power Solutions Limited (India), and SPX Transformer Solutions, Inc. (U.S.A).
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Scope of the Report
This study provides an overview of the global instrument transformer market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global Instrument Transformer market by its material, product, manufacturing process, application and region.
- By Rating
- Distribution Voltage
- Sub-Transmission Voltage
- High Voltage Transmission
- Extra High Voltage Transmission
- By Enclosure Type
- Indoor Transformers
- Outdoor Transformers
- By End-user
- Power Utilities
- Industries & OEMS
- By Region
- North America
- Rest of the World
Market Research Analysis
Based on end-user, instrument transformer market has been segmented into Power Utilities, Industries & OEMS, and Others. Power Utilities accounted for the largest market share. Utility sector defines a category of stocks of utilities such as power generation plants. The sector contains companies such as electric, gas and water firms, and integrated providers. Because utilities require significant infrastructure, these firms require heavy electrical equipment for efficient performance and production of the energy. The global growth in the conventional and non-conventional power plants are creating a huge scope for the transformer market development. Industrial transformer acts as a power transmission and distribution equipment in the utility sector, which step-up or set-down the current voltage as per the end-user requirement.
The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position. Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world.
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