With urbanization, growing population, and increasing per capita income particularly in emerging countries, coupled with technological advancements in the electronic equipment industry, the demand for power is increasing, and requirements for the electricity are changing. This has forced utility companies to renovate and transform their existing transmission network and also expand the transmission and distribution network. The expansion and renovation of the transmission and distribution network and growing construction and industrial sectors are expected to drive the demand for medium voltage transformer during the forecast period.
Transforming Transmission Network to Drive the Market
The selection of medium voltage transformer depends on the requirements of transmission and distribution network, and end user’s electronic equipment requirements. Due to the growth and technological advancements in the electronic equipment industry, the electricity requirements of the residential and industrial sectors are changing. The aging old transmission network was not built to meet these requirements, and hence with changing electricity requirements, the efficiency of the transmission network is decreasing. Transmission losses consume about 8% of electricity generation globally. The transmission and distribution network globally is witnessing a transformation aimed at reducing transmission losses by increasing use of smart grid technology and renovation of an aging transmission network. This transformation in transmission network requires replacement of the electric components including medium voltage transformer, which in turn is expected to drive the market during the forecast period.
Asia-Pacific Region to Lead the Market
During 2006-16, the share of Asia-Pacific in total global power generation has increased from 33.7% to 43.9%. China, India, Indonesia, and South Korea are the major drivers of the power generation growth. The power generation growth is a result of increasing power demand supported by the growing industrial sector, growing population, urbanization, and increasing middle class in the region, particularly in the emerging countries. Many of the emerging countries, despite increasing power generation capacity, cannot meet the domestic electricity demands. Therefore, many new power plants are being built in the region. Also, the power transmission network in the region is inadequate, and as a result, many rural areas still lack the access to the power grid. In order to connect new power plants and the rural population to the power grid, large transmission and distribution infrastructure projects are expected in the region. Additionally, the region is witnessing a significant growth in the construction and industrial sectors. These two sectors are some of the major consumers of the medium voltage transformers. Due to expanding transmission and distribution network and growing construction and industrial sectors, the Asia-Pacific region is expected to lead the market during the forecast period.
The UAE Market to Register Significant Growth during the Forecast Period
Dubai is hosting the World Expo event, to be held in 2020. The construction projects related to Expo 2020 gained complete momentum during 2017. Dubai is considered one of the most stable markets in the region. Expo 2020 is expected help attract more Foreign Direct Investment, particularly in the construction sector. It is estimated that Expo 2020 project will create about 300,000 direct jobs and hence, a large influx of immigrants is expected to fill the required workforce, which in turn is expected to drive the demand for residential construction projects. Another driver for the construction market in the country is oil price recovery. Government spending dominates the construction industry in the country. Majority of UAE’s revenue comes from the upstream oil & gas industry. As a result, after the oil price crisis in mid-2014, the spending on the construction sector in the country declined. But after the recovery in oil prices during 2016-17, the construction industry gained positive momentum. The recovery in oil prices and the positive effects of Expo 2020 project are expected to drive the residential and commercial construction sector in the country, which in turn is expected to drive the medium voltage transformer demand in the construction industry, during the forecast period.
Key Developments in the Market
- September 2017: ABB announced the decision to acquire GE Industrial Solutions, which expands ABB’s existing presence, while divesting a non-core segment of the GE portfolio. GE Industrial Solutions will become a part of ABB’s Electrification Products (EP) division. This will provide ABB with a unique global portfolio and very comprehensive offering for global customers. The USD 2.6 billion acquisition improves ABB’s position in electrification and provides it with the much-needed relationships and an installed equipment base in North America, ABB’s biggest market.
Major Players: - ABB, Schneider Electric, General Electric, CG Power and Industrial Solutions Limited, Emerson Electric Co., Hammond Power Solutions, Mitsubishi Electric Corporation, Siemens Industry Inc., Eaton, SMA Solar Technology AG, Kirloskar Electric Company, among others.
Reasons to Purchase this Report
- Current and future medium voltage transformer market outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in excel)
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1. Executive Summary
2. Research Methodology
3. Market Overview
3.2 Market Size and Demand Forecast until 2023
3.3 Recent Trends and Developments
3.4 Government Policies and Regulations
4. Market Dynamics
5. Value Chain Analysis
6. Industry Attractiveness - Porter’s Five Force Analysis
6.1 Bargaining Power of Suppliers
6.2 Bargaining Power of Consumers
6.3 Threat of New Entrants
6.4 Threat of Substitutes
6.5 Intensity of Competitive Rivalry
7. Market Segmentation and Analysis (Overview, Market Size, and Demand Forecast until 2023)
7.1 By Type
7.1.1 Liquid Filled
7.1.2 Dry Type Transformer
7.2 By Mounting
7.2.1 Pad Mounted Transformer
7.2.2 Pole Mounted Transformer
7.3 By Application
8. Regional Market Analysis (Overview, Market Size, and Demand Forecast until 2023)
8.1 North America
8.1.1 United States
8.2.4 Rest of Asia-Pacific
8.3.4 Rest of Europe
8.4 Middle East
8.4.1 Saudi Arabia
8.4.4 Rest of Middle East
8.5.1 South Africa
8.5.4 Rest of Africa
8.6 South America
8.6.3 Rest of South America
9. Key Company Analysis* (Overview, Products & Services, Financials**, Recent Development, and Analyst View)
9.2 Schneider Electric
9.3 General Electric Company
9.4 CG Power and Industrial Solutions Limited
9.5 Emerson Electric Co.
9.6 Hammond Power Solutions
9.7 Mitsubishi Electric Corporation
9.8 Siemens Industry Inc.
9.10 SMA Solar Technology AG
9.11 Kirloskar Electric Company
10. Competitive Landscape
10.1 Mergers and Acquisitions
10.2 Joint Ventures, Collaborations, and Agreements
10.3 Strategies Adopted by Leading Players
11.1 Contact Us
*List not Exhaustive
**Subject to availability on public domain