Special Transformer Market - Size, Share, Outlook, and Opportunity Analysis, 2018–2026
Posted: May 25, 2019
Special transformers are used for uplifting the voltage from the network to the application level so that current can be maximized. Range of special transformers includes regulating and rectifier transformers, AC arc furnace transformers, series reactors for AC arc furnaces, DC arc furnace transformers, and large drive/converter transformers. These transformers are used in various industries such as chemical, automotive, oil & gas industry, steel industries, and others.
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Increasing demand for high power required for various production processes across industries is a major factor driving growth of the special transformer market
Major factor attributed to growth of the special transformer market is increasing demand for high power in industries such as oil & gas, metal & mining, chemical, steel, and others. For instance, according to the World Oil & Gas review analysis, the consumption of gas in the 2014 was 3,457.06 billion cubic meter and 3,515.56 billion cubic meter in 2015 worldwide. Similarly, the consumption of oil in 2014 was 92, 869 barrel and it increased to 94,709 barrel in 2015 worldwide. These industries require high current voltage during the production process.Special transformer intakes current with low voltage and converts it to high voltage with very low loss of energy. Such benefits result in increasing demand for special transformer in various industries, which in turn contributes to growth of the special transformer market over the forecast period.
Global Special Transformer Market: Key Trends
Growth of the steel industry is one of the major factor contributing to increasing demand for special transformers. For instance, according to a report published by World Steel Organization, December 2017, 1516.0 million tons of steel was produced in 2016 and it increased to 1587.4 million tons in 2017 worldwide. The steel industry uses special transformers that facilitate appropriate supply of current across a wide range of applications, either via on-load or off-load regulation, resulting in process optimization.
Global Special Transformer Market: Restraint
The materials used in special transformers are copper, steel, and aluminium. Increase in prices of raw material inadvertently increases the price of special transformers. This in turn affects growth of the special transformer market over the forecast period. For instance, according to the Coherent Market Insights’ analysis, the price of the steel was US$ 522.94 per metric ton in 2016 and it increased to US$ 618.86 metric ton in 2017.
Global Special Transformer Market: Segment Trends
Among product type, the phase shifting transformer is expected to grow with highest CAGR over the forecast period. Phase-Shifting Transformers (PST) help in protection of lines and transformers from thermal overload, which further helps in improving the stability of transmission system. Furthermore, PST controls flow of power between different networks, for parallel long distance overhead-lines or for parallel cables. Such characteristics of PST optimize energy loss in the electrical system.
Global Special Transformer Market: Regional Insights
The special transformer market in Asia Pacific accounted for the largest market share in 2017 and expected to remain largest over the forecast period. The factor attributed the growth of the market is growing demand for oil & gas in emerging economies such as India and China further leads to increasing number of oil and gas plants in the region. This factor is expected to further increase demand for special transformer in Asia Pacific. For instance, according to India Brand Equity Foundation’s (IBEF) analysis, consumption of oil in India was 3.85 million barrels per day (mbpd) in 2014 and it increased to 4.0 mbpd in 2015. Similarly, the consumption of gas in India was 54.20 billion cubic meter (bcm) in 2017 and is expected to reach 143.08 bcm in 2030.
Global Special Transformer: Competitive Landscape
Major players operating in the global special transformer include, Mitsubishi Electric Corporation, Sunten Electric Equipment Co., Ltd., Siemens Ltd., Alstom, Schneider Electric, ABB, Wolong Electric Group Co.,Ltd., Toshiba India Pvt. Ltd., TBEA India, Baoding Tianwei Group, Wuzhou Transformer Co., Ltd., and Jinan XD Special Transformer Co.,Ltd.
Global Special Transformer Market: Taxonomy
By Product Type
Electric Furnace Transformer
Phase Shifting Transformer
Electric Furnace Power Supply
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About Coherent Market Insights: Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various reco