The Power Transformer Market Will Usher in Rapid Development
The functional strength and strategy of the power grid have a significant impact on the entire power industry. It will drive the power distribution boost with the implementation of distribution network automation and rural network upgrading. According to industry insiders, the total demand for electrical power transformers and bidding will significantly increase. In China, the need for power transformers is gradually growing, and the application of cutting-edge products is expected to achieve better results in China.
China electrical power transformers have always been the leading equipment for the construction of modern power networks. With the increase in power facility construction investment in recent years, the demand for electrical power transformers has gradually increased. Simultaneously, the construction needs of smart grid projects are also driving a series of power equipment such as electrical power transformers to start the upgrade.
The global demand for power transmission and distribution equipment has shown an overall upward trend in recent years. According to the forecasts of relevant research institutions, multiple factors such as power station expansion, economic growth, and electricity demand in emerging countries will promote the global power transformer market's development. It will increase from 10.3 billion dollars in 2013 to 19.7 billion dollars (approximately RMB 119.1 billion) in 2020, with a compound annual growth rate of 9.6%.
Some experts believe that the growth of power demand in China, India, and the Middle East has become the main growth driver for developing the global power transformer market. Besides, the need to replace and upgrade previous electrical power transformers in North America and Europe has also become the main driving force in the market. In other European countries, such as Germany, the power grid and the electricity industry undergo continuous renovations to achieve a stable supply of power grids.
There are two reasons for the strong growth momentum of the global power transformer market. On the one hand, the upgrading and transformation of traditional electrical power transformers will create a large market portion. The elimination of obsolete products can promote bidding's significant development, and substantial economic benefits will appear. On the other hand, the research and development, manufacturing, sales, application, and maintenance of energy-saving and intelligent electrical power transformers will become mainstream products. Brand-new products will inevitably bring new development opportunities for the industry.
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