Report: Global Transformer Market Will Exceed $90 Billion by 2026
A recent study from Global Market Insights, a global market research and management consulting company, shows the value of the global transformer market will exceed $90 billion by 2026.
The company has a market report dedicated to the global transformers market. Ankit Gupta, a research manager at Global Market Insights, recently answered some questions from POWER about the study.
POWER: What is the background and methodology for the study?
Gupta: The study has been carried out considering the following key data points:
The study will provide actual global transformer market size (in terms of volume [units] and revenue [USD]) for 2015, 2016, 2017, 2018 and 2019 along with forecast values for 2020, 2021, 2022, 2023, 2024, 2025 and 2026 for each segment and sub-segment across each country and region under the described scope.
Volume estimates are attributed to annual shipment/trade/installation of transformers based on their capacity and technology across each country and region.
Categorization based on cooling, insulation, installation, application and similar segments included in the study have been analyzed based on the capacity, end use, rating and installation of respective transformer technologies across each country and region.
Revenue estimates are analyzed based through aggregating unit deployment with average per unit prices provided by leading industry players based on the capacity of the transformers.
Annual revenue realization by key industry participants in reference to the aggregated market penetration of the players have been scrutinized to review/validate the calculated revenue as above.
The analysis has been carried out and validated through secondary and primary research initiatives which include analysis of government/public publications, corporate presentations/reports, regulatory mandates/protocols, pre, current and post industry trends and outlook. Moreover, data validation has been taken under consideration through primary/direct interviews with sales representatives, corporate decision makers, technology/product providers and similar associated industry representatives.
POWER: What is your group’s definition of a sustainable energy system?
Gupta: As per our understanding and depiction, sustainable energy systems can be segregated as either renewable systems and also as an energy efficient electricity environment/ecosystem depending on the state or application of the terminology. However, the final study clearly demarcates the basic analogy behind the utilization of the term “sustainable energy system” wherever mentioned.
POWER: What transformer manufacturers are at the top of the market?
Gupta: Some of the key market participants across the global transformer industry include ABB, Siemens, GE, and Schneider ,representing most of the industry market penetration. However, regional market participants including Voltamp, BHEL, SPX, and similar manufacturers represent a strong regional industry hold.
POWER: What countries and businesses are driving the global transformer market?
Gupta: The overall transformer industry has positively been influenced across the globe, however, Asia Pacific, Middle East & Africa regions are set to witness strong long-term growth prospects. Moreover, transformers find applications across a wide range of residential, commercial, industrial and utility aided deployments varying from critical transmission network arrangements, renewable electricity supply infrastructure to small microgrid installations which in turn will play a key role in industry growth.
POWER: What are the major takeaways from the study?
Gupta: Major takeaways from the study can be summarized as below:
The study provides a 360-degree analysis of the historic, ongoing, and upcoming industry trends through quantitative as well as a detailed qualitative portfolio for each country and region included in the scope of study which include technological up gradations, regulatory changes, competitive bench marking, company strategic analysis, detailed competitor profiling, PESTLE & Porters landscape, product price trend, and various associated data points that tend to explain the entire ecosystem of the overall transformer industry.
—POWER staff (@POWERmagazine).