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.
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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.