- The key vendors in the global electrical transformer market 2015-2019 are ABB Ltd., Alstom SA, General Electric (GE) and Siemens AG
London, 15 May 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global electrical transformer market 2015-2019. Development of next generation transformers is one of the major trends upcoming in the market. Several vendors are developing advanced transformers with enhanced functionality to consolidate their existing market position. They are incorporating high-grade steel and copper to boost manufacturing of high-end power transformers. The global electrical transformer market 2015-2019 is expected to grow at a CAGR of 5.90% during the forecast period of 2014-2019.
Low cost of operation and increased domestic consumption in China and India have enticed several foreign companies, who are setting up manufacturing bases in these countries. Increased urbanization and rapid economic growth have led to a rise in electricity demand.
Growing industrial activity in these countries has increased electricity consumption. Therefore, these countries will likely invest more into power infrastructure to meet the growing demand. This is expected to fuel the demand for power and distribution transformers, in turn.
“Countries all over the world are moving toward renewable power sources such as wind and solar to meet their carbon emission targets and reduce dependence on fossil fuels,” says Faisal Ghaus, Vice President of Technavio Research.
“The US and China are rapidly increasing their solar and wind power capacity. Germany, Poland, Sweden, Turkey, and the UK are also adding wind power systems into their overall power generation indexes.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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