Posted On: 2020-11-03
Thailand power & distribution transformer market is anticipated to witness healthy growth during the forecast period on account of initiatives undertaken by the government to boost the country’s power sector - 6WResearch
The government is working effectively towards the implementation of a stabilized supply of electricity across the country by upgrading its power infrastructure and expanding its grid system, which would lead to an increase in the demand for transformers. Underpinned by several initiatives such as Power Development Plan (PDP), Energy Efficiency Plan (EEP), Alternate Energy Development Plan (AEDP), the country’s power generation and transmission sectors are expected to gain momentum over the coming few years. The PDP plan aims to increase energy generating capacity of the country to around 77 GW by 2036, thereby strengthening the power sector and creating numerous opportunities for electric transformer market over the forecast period. However, ss a result of the corona virus outbreak and nation-wide lockdown, the market is anticipated to witness a temporary downfall during the year 2020.
According to 6WResearch, Thailand power & distribution transformer market size is projected to grow at a CAGR of 5.8% during 2020-26. The Royal Thai government is continuously implementing schemes and programs to improve the power supply in the country. One such plan of the Thai government is Thai Power Development Plan (PDP) which is focused towards increasing the electricity generating capacity of the country from 29,212 megawatts to 65,574 megawatts by the year 2030. Such developments in the electricity generating capacity of the country would create ample demand for power & distribution transformer apparatus over the coming years.
According to Swati Acharya, Research Analyst, 6WResearch, “Liquid type transformers are mostly preferred over dry type as they have longer life expectancy and have better overload capability. Moreover, repairable capability of the liquid type transformer equipment is among the chief advantageous factor that has led to their increased applications, specifically at power generation end.”
“Northern region accounted for majority of market revenue share and is anticipated to register healthy growth over the forecast period on account of rising power plant projects such as South Bangkok Power Plant, Bang Pakong Power Plant, Nam Phong Power Plant projects. Additionally, rising demand for renewable energy sector coupled with the development of coal, gas, LNG, wind and solar power plants would bolster the demand for power & distribution transformer market in the region over the coming years.”, Swati further added.
According to Akshay Kumar, Research Associate, 6WResearch, “Power utilities sector has garnered the major market revenue shares in 2019 and is anticipated to retain its dominance over the coming years on account of widespread utilization of transformers in the distribution and transmission lines of the country. Moreover, the government of the country has aimed to reduce its dependence on import-based energy consumption, leading to the upgradation and expansion of its grid infrastructure. Such factors would surge the demand for transformers in power utilities sector over the coming years.”
Some of the key players in the Thailand power & distribution transformer market are ABB Ltd, General Electric Company, Schneider Electric SE, Mitsubishi Electric Corporation, Toshiba Energy Systems & Solutions Corporation, Siemens AG, Tatung Co., Ltd., Tirathai Public Company Limited and Ekarat Engineering Public Company Limited.
“Thailand power & distribution transformer market (2020-2026)" report provides an in-depth analysis with 23 figures with 13 tables, covered in 88 pages. The report estimates and forecasts the overall Thailand power & distribution transformer market by types, power rating, cooling system, applications and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.