Emerging countries’ extensive power plant capacity additions, economic growth and the need to improve access to electricity, will see the global power transformer market increase from $10.3 billion in 2013 to $19.7 billion in 2020, at a compound annual growth rate of 9.6 per cent, forecasts research and consulting firm GlobalData.
The increase in electricity demand by China, India and the Middle East is the major boost behind the global power transformer market’s forecast growth. Between 2013 and 2020, global electricity consumption is expected to increase from 20,248 terawatt hours (TWh) to 25,415 TWh. Although the global power transformer market is highly fragmented, seven leading companies accounted for more than 50 per cent of its share in 2012. ABB led the market with a 12 per cent share, followed by Tebian Electric Apparatus Stock Co. (TBEA) with 11 per cent, Siemens with 10 per cent and Alstom Grid with 7 per cent.
However, pricing pressures on power transformer companies, along with an increase in raw material costs and the global economic slowdown, could restrain the market in the foreseeable future, GlobalData said.
