The growth in electricity demand in China, India and the Middle East has become the main growth driver for the growth of the global power transformer market. During 2013-2020, global electricity consumption is expected to increase from 20,248 TWh to 25,415 TWh.
Although the global power transformer market is highly fragmented, the market share of the seven leading companies in 2012 is still over 50%. Among them, ABB leads the market, accounting for 12%; followed by TBEA, which accounts for 11%; Siemens and Alstom Power Grid respectively 10% and 7%.
Sowmyavadhana Srinivasan, senior analyst for Global Data Power, said: "The growth of global electricity demand will drive the construction of new power plants, and the new power station will help improve grid connectivity to ensure that electricity demand is met."
In addition, the need to replace and upgrade old transformers in North America and Europe has also become the main driving force in the market. “The UK power grid is already very backward. Only when the grid is replaced and upgraded, the country will not have a power outage. Similarly, in other European countries, such as Germany, the grid and electronics are undergoing continuous renovation to achieve grid stability. Supply," Srinivasan said.
However, pricing pressures, rising raw material costs and a global economic slowdown for power transformer companies will curb the future power transformer market.
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