Transformer Report Chapter Summaries · 2019-02-20 · Transformer Report Chapter Summaries 1 EXECUTIVE SUMMARY Chapter 1 - THE POWER AND DISTRIBUTION TRANSFORMER MARKET Total demand

Transformer Report Chapter Summaries

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EXECUTIVE SUMMARY

Chapter 1 - THE POWER AND DISTRIBUTION TRANSFORMER MARKET

Total demand for power and distribution transformers in 2018 is summarised with cagr in real and nominal

values, in MVA capacity, and in real and nominal price per unit, for 2018 and forecast to 2025. For all

transformers, GSU transformers, power transformers, distribution transformers.

Chapter 2 - THE GROWTH OF THE WORLD’S TRANSFORMER FLEEET, COMPARISON OF SEVEN

STATPLAN SURVEYS, EDITIONS 1 - 7

A comparison of data of the growth of the transformer stock as measured in the last seven StatPlan

Transformer Surveys- analysis EHV HV GSU/utility PTs/industry DTs/MV GSU/utility DTs/industry DTs.

Chapter 3 - TRANSFORMER MARKET, GSU, POWER AND DISTRIBUTION, INDUSTRIAL

The classifications of transformers - GSU, LPT, MPT power, SPT power, pad mounted DT, pole top DT,

industrial.

Chapter 4 – NORTH AMERICAN TRANSFORMER MARKET

Analysis of demand and transformer stock by category; GSU, power transformers and distribution

transformers. Detailed shipment data for distribution transformers in the US is only available for the years

2009 by transformer type. Market drivers and utility investment are outlined. The manufacturing industry

is analysed in detail by transformer category; LPT, power, medium power transformers, liquid and dry type

MV transformers, LV dry type. Purchase influences and delivery channels are analysed. Efficiency are

outlined.

Chapter 5 - EUROPEAN TRANSFORMER MARKETS

The European market for power and distribution transformers in estimated at ex-factory cost, for

generator transformers, transmission power transformers and distribution transformers for every country.

Regional overview of the European utility system is provided, with details of utilizes and network structure,

including voltage analysis. Efficiency measures are outlined. The changing network landscape of

Distributed Power and Smart Transformers are outlined. Over the last five years, the EU power sector has

been hit by a “perfect storm” of macroeconomic and industry-specific factors that have led to overcapacity

and low prices. MPS and market drivers are analysed. As a result, the region’s large publicly traded utilities

have, on average, lost half of their market capitalisation since 2008, destroying around EUR 500 billion of

shareholder value. Tis is outlined and analysed in detail focusing on the major utilizes affected. The

chapter contains detailed marketing sections for the major countries in Europe; France, Germany, Italy,

Spain, United Kingdom and Turkey, analysis of manufacturing facilities, especially the global leaders - ABB,

Siemens, Alstom, Schneider, Legrand.

Chapter 6 - CIS TRANSFORMER MARKET


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The CIS market for power and distribution transformers in estimated at ex-factory cost, for generator

transformers, transmission power transformers and distribution transformers for every country. The

chapter contains a separate report on the major CIS country, Russia.

Chapter 7 - MIDDLE EAST AND AFRICA TRANSFORMER MARKETS

The Middle Eastern and African markets for power and distribution transformers in estimated at ex-factory

cost, for generator transformers, transmission power transformers and distribution transformers for every

country. Individual sections on Iran, Saudi Arabia and UAE.

Chapter 8 - ASIA PACIFIC TRANSFORMER MARKETS

The Asia Pacific markets for power and distribution transformers in estimated at ex-factory cost, for

generator transformers, transmission power transformers and distribution transformers for every country.

Separate detailed sections are included for China, India, Japan, Korea, Indonesia, Taiwan and Thailand. An

interesting analysis is provided of investment as a % of GDP, which shows clearly the dominance of the

Asian countries and MENA with implications for markets.

Chapter 9 - LAC TRANSFORMER MARKETS

The LAC markets for power and distribution transformers in estimated at ex-factory cost, for generator

transformers, transmission power transformers and distribution transformers for every country. The two

largest market, Brazil and Mexico are analysed individually.

Chapter 10 – THE VALUE CHAIN – FROM MATERIALS TO CAPEX

The cost of any product such as transformers or switchgear can be measured in a number of ways, from

being a piece of unworked metal, to its final installation in working order and finally as a constituent of

capital expenditure. Different price levels are important in this supply chain. These are defined and

analysed with % ratios for each step in the sequence. The value chain differs for different routes to market

and is a fundamental issue for channel strategy.

Chapter 11 – THE UTILITY LANDSCAPE

Customer list - utility landscape with transmission and distribution companies listed for 204 countries with

hundreds of utilities named.

Chapter 12 – TRANSFORMERS SALES AT RETAIL PRICE AND INSTALLED COST

Demand by region is summarised at retail price and installed coast.

Chapter 13 - UTILITY, GSU & INDUSTRIAL POWER AND DISTRIBUTION TRANSFORMER INSTALLED

CAPACITY, NUMBERS AND AVERAGE DISTRIBUTION TRANSFORMER KVA PER UNIT

A detail set of tables of Generator, Utility and Industrial Power and Distribution transformer capacity

(MVA), numbers of units and kVA/unit for distribution transformers, by country and ownership, for 2017.


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Chapter 14 - NETWORK TRANSFORMER LAYOUT

In the T&D industry, GSU, power network and distribution network transformers are one of the major

components of equipment, in addition to switchgear, cables and other items of equipment. Transformers

are needed at all stages in an electrical supply system when the voltage level changes, either up or down

and the transport of power goes through several stages between generation and final delivery to the

consumer. These stages vary according to the design of the system. The chapter outlines the various

stages of the power networks in detail and identifies where the different types of transformers are

positioned, flagging regional differences in practice, with regional summaries.

Chapter 15 - THE LONG-TERM DEMAND CYCLE 1900-2050

Global installed transformer capacity has risen every year throughout the last and current centuries, from

22 GVA in 1900 to 45,188 GVA in 2016. The growth has been linear and it will continue as such until 2050.

At face value the steady rise in installed capacity suggests that annual demand for power and distribution

transformers will rise steadily every year on a linear path, but this is not the case. It was such an assumption

as this which led to unsustainable surpluses of production capacity in the electro-technical industry in the

1990s and the demise of many hitherto respected and successful companies. Over 200 transformer

factories were closed between 1970 and 2000. Figures plot installed transformer capacity and annual

demand based on replacement cycles of 40 years for power transformers and 30 years for distribution

transformers. The long-term demand cycle of new and renewal does not equate to short term

expenditure. At present, if replacement had been carried out as needed demand would be going down.

However, replacement has been delayed for years, especially in the transmission sector and short-term

market is increasing. The long- term demand cycle is a tool for long-term planning, while the short-term

expenditure projections are for immediate sales and marketing purposes.

Chapter 16 - TRANSFORMER:GENERATOR RATIOS - MVA:MW

The ratio of transformer capacity to generating capacity is a useful statistic because generating capacity is

comprehensively recorded whereas transformer capacity is less well documented. This enables us not only

to confirm snapshots of transformation capacity at any point in time but also to plot long term trends and

demand cycles for transformers based on the historical data for generating capacity. Power transformers

have along service lives, often 40 years or more, with some still in service aged 60-80 years and even a few

100 years old. It is therefore essential to plot long term installed capacity. There are variations between

countries, which are the result of different network designs and voltage classes. The ratios are given for

every country at four stages; GSU, power network, distribution network and total generator transformer

capacity.

Chapter 17 - SMART TRANSFORMERS

Challenges such as the aging power grid, increasing energy demands, spiraling cost of generating electricity

and its cost on the environment all point toward the need for a grid that can produce and distribute energy

more efficiently and reliably. The smart grid is being developed to deal with these problems. Transformers


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serve as a hub for collection and distribution of energy and are a key component of a successful transition

to a smart grid. The smart grid concept ties together all aspects of the power system, from the plug in the

wall at a house or office to a factory, to the distribution system, to power plants of all kinds. For the smart

grid to work efficiently, there will be a need for smart transformers. As part of the distribution network,

there are millions of transformers in the world; unfortunately, very few have any intelligence or

communication capabilities that meet advanced metering infrastructure (AMI) standards or are parts of

an advanced sensor infrastructure (ASI) network.

Chapter 18 - N-1 STANDARD, N-2 AND 2N, REDUNDANCY AND REPLACEMENT

Redundancy is a crucial consideration in infrastructure design and has major implications for market size

calculations. The following factors are reviewed; the impact of network failure, transformer failure,

industrial reliability, network reliability, N-1 and the networks, contingency planning for network failure

and electricity distribution.

Chapter 19 - PRICE TRENDS AND FACTORS DRIVING TRANSFORMER PRICES

In recent years, the prices of electrotechnical products have been volatile due to variations in many factors

which affect them. Price trends are reviewed with commentary on PPI - Producer Price Index, industry

trends, production capacity, and the manufacturing input cost composition. A review of electrical steel

production and capacity is included.

Chapter 20 - CENTRAL AND DISTRIBUTED GENERATION

The Grid Edge is already impacting on the transformer mix and two aspects will impact on the transformer

stock; increases in distributed power and in renewables. The non-hydro renewable capacity consists

mainly of wind power and solar PV, which have grown rapidly in the last two decades. They will affect

transformers because the power generated enters the grid at different points and at different voltages.

Chapter 21 - MEPS - MINIMUM ENERGY PERFORMANCE STANDARDS

Losses in transmission and distribution networks constitute the single biggest loss in any electricity system.

Approximately 70% of the losses in electricity networks occur in the distribution network with conductor

accounting for 42% of these losses and transformers about 30%. Transformers operate 24 hours/day, 365

days per year and have very long lifetimes, typically 40-50 years for power transformers and around 30

years for distribution transformers. Energy consumption during its service life is the dominant factor in

their life-cycle assessment environmental impact. The increased use of electronic equipment can lead to

increased harmonic currents and higher losses in transformers. Transformers are already efficient pieces

of equipment, with efficiency in the range of 95 to 99 The issue is discussed and details of mandatory

efficiency standards around the world supplied. MEPS Aer outlined for each major country.


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Chapter 22 - HIGH EFFICIENCY TRANSFORMERS

Development of a new technology - amorphous core transformers. Amorphous core transformers

(AMTs) significantly reduce no-load losses by using an amorphous alloy for the iron core, on which the

transformer windings that carry the electricity are coiled. The technology and market penetration is

outlined by region and major country.

Chapter 23 - TRANSFORMER PRODUCTION CAPACITY

Manufacturers of larger power transformers are easier to identify and their production capacity is either

published or can be estimated. Most countries have numbers of small local producers of distribution

transformers which are sold to local distribution utilities and are poorly documented. Some large countries

have a lot of these companies, notably China, India, Europe and the United States. China, Europe and the

United States have large numbers of distribution utilities, India fewer. The chapter surveys the global

situation with detailed reports for the major countries.

Chapter 24 - GLOBAL MARKET SHARE POWER AND DISTRIBUTION TRANSFORMERS, VALUE, 2017

Global market shares for the major transformer manufacturers.

Chapter 25 - LOGISTICS

Power transformers, especially GSU and quad boosters, are among the largest and heaviest pieces of

equipment that must be transported, sometimes over long distances. Because of their size and the small

numbers in service there are only a few manufacturers of the largest units in the world, thereby

necessitating long and complex logistics. This is increasingly mentioned by vendors as a major cost and a

consideration in locating manufacturing sites. It is not our purpose to provide a detailed survey of logistics

in this report but to give a flavour of what is an increasingly important issue of the complexities of delivery

of large, heavy equipment. The chapter contains some graphic illustrations of logistical problems and

mishaps, which demonstrate the difficulties that planners face more effectively than any descriptions.

Chapter 26- ELECTRIFICATION

The impact of increased electrification on future markets is described with its advantages in terms of

electrical goods and aspirations, which vary according to the sophistication of the electrical market in a

country. Factors driving the increase in numbers of electrical connections are assessed with tables of

electrification levels for every country, from 1950 to 2050.

METHODOLOGY

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EXECUTIVE SUMMARY ................................................................................................................................................... 19

1.THE POWER AND DISTRIBUTION TRANSFORMER MARKET ........................................................................................ 37

2.THE GROWTH OF THE WORLD’S TRANSFORMER FLEEET SEVEN STATPLAN SURVEYS ............................................... 39

3.TRANSFORMER TYPES - GSU, POWER AND DISTRIBUTION, INDUSTRIAL TRANSFORMERS ....................................... 41

Power transformers ............................................................................................................................................... 41

Large Power Transformers (LPT) ............................................................................................................................ 41

Classification according to application ................................................................................................................... 43

Generator step-up transformers (GSU).................................................................................................................. 43

System intertie (interconnecting) transformers. ................................................................................................... 44

Distribution Transformers ...................................................................................................................................... 44

Pad mounted distribution transformers ................................................................................................................ 45

Industrial transformers .......................................................................................................................................... 46

4.NORTH AMERICAN TRANSFORMER MARKET.............................................................................................................. 47

Transformer stock .................................................................................................................................................. 48

Composition of demand ......................................................................................................................................... 49

The utility market in the United States .................................................................................................................. 50

Transformer market drivers ................................................................................................................................... 51

Utility investment ................................................................................................................................................... 52

Manufacturing industry review - facilities ............................................................................................................. 53

Power transformers ............................................................................................................................................... 53

USA plant ................................................................................................................................................................ 54

NAFTA suppliers in Canada and Mexico ................................................................................................................. 54

Large power transformers (LPT) ............................................................................................................................. 54

Medium power transformers ................................................................................................................................. 57

Distribution transformers ....................................................................................................................................... 57

MV distribution transformer .................................................................................................................................. 57

Liquid-immersed .................................................................................................................................................... 57

Dry type .................................................................................................................................................................. 57

LV distribution transformers .................................................................................................................................. 58

Dry type .................................................................................................................................................................. 58

Amorphous core transformer manufacturers........................................................................................................ 58

Canadian manufacturers ........................................................................................................................................ 58

Purchase considerations and delivery channels .................................................................................................... 59

National Electrical Manufacturers Association (NEMA) ......................................................................................... 59

CEE- Consortium for Energy Efficiency ................................................................................................................... 60

MEPS standards ...................................................................................................................................................... 60

Canadian standards ................................................................................................................................................ 60

5.EUROPEAN TRANSFORMER MARKETS ........................................................................................................................ 61

Regional overview of the European utility system................................................................................................. 64

Transformer voltages in the utility network and industry ..................................................................................... 64

Voltage differences in the European distribution networks .................................................................................. 65

High efficiency transformers .................................................................................................................................. 67

A changing network landscape - distributed power - smart transformers ............................................................ 67

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European utility crisis ..............................................................................................................................................68

Transformer market Drivers ...................................................................................................................................69

MEPS Standards ......................................................................................................................................................70

European transformer manufacturing industry review ..........................................................................................70

FRANCE ...................................................................................................................................................................73

Annual demand power and distribution transformers ...........................................................................................73

Transformer stock ...................................................................................................................................................73

Market drivers .........................................................................................................................................................73

Market leaders – Alstom, Schneider, development in France ................................................................................73

Transformer manufacturers....................................................................................................................................75

GERMANY ................................................................................................................................................................76



Market drivers .........................................................................................................................................................76

Market leader - Siemens .........................................................................................................................................76

SGB- SMIT ................................................................................................................................................................77

German utility crisis ................................................................................................................................................77


ITALY ........................................................................................................................................................................79



Market drivers .........................................................................................................................................................79


SPAIN .......................................................................................................................................................................80



Market drivers .........................................................................................................................................................80


SWITZERLAND .........................................................................................................................................................81



ABB ..........................................................................................................................................................................81

UNITED KINGDOM ..................................................................................................................................................83



Market drivers .........................................................................................................................................................83


TURKEY ....................................................................................................................................................................85



Market drivers .........................................................................................................................................................85


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6.CIS TRANSFORMER MARKET ....................................................................................................................................... 87

RUSSIA .................................................................................................................................................................... 88

Annual demand power and distribution transformers .......................................................................................... 88


The Russian power system ..................................................................................................................................... 88

Market drivers ........................................................................................................................................................ 89

Russian transformer manufacturers ...................................................................................................................... 89

Ukrainian transformer manufacturer .................................................................................................................... 90

7.MIDDLE EAST AND AFRICA TRANSFORMER MARKETS ............................................................................................... 91

IRAN ....................................................................................................................................................................... 94


Transformer manufacturers ................................................................................................................................... 94

SAUDI ARABIA ........................................................................................................................................................ 96



UAE ......................................................................................................................................................................... 98



8.ASIA PACIFIC TRANSFORMER MARKETS ..................................................................................................................... 100

Investment as a % of GDP ...................................................................................................................................... 104

CHINA ..................................................................................................................................................................... 106



UHV AC and HVDC transformer markets in China ................................................................................................. 106

Chinese suppliers and foreign suppliers ................................................................................................................ 108

UHV market participants ........................................................................................................................................ 109

International firms in China’s UHV Market ............................................................................................................ 110

Power and distribution transformers ≥ 220 kV ≤ UHV........................................................................................... 110

Power and distribution transformers ≤ 220 kV ...................................................................................................... 111

Distribution transformers for MV and LV distribution ........................................................................................... 111

Market drivers ........................................................................................................................................................ 112

MEPS Standards ..................................................................................................................................................... 113

The structure of the Chinese power sector ........................................................................................................... 113

Manufacturing industry review.............................................................................................................................. 115

JAPAN ..................................................................................................................................................................... 118



Market drivers ........................................................................................................................................................ 118

MEPS Standards ..................................................................................................................................................... 118


Overseas production .............................................................................................................................................. 120

INDIA ...................................................................................................................................................................... 122


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Transformer stock ................................................................................................................................................... 122

Electrification .......................................................................................................................................................... 122

Captive generation .................................................................................................................................................. 123

Market drivers ........................................................................................................................................................ 123

MEPS Standards ...................................................................................................................................................... 124

Manufacturing industry review .............................................................................................................................. 124

Capacity and utilisation ........................................................................................................................................... 124

INDONESIA .............................................................................................................................................................. 128

Annual demand power and distribution transformers........................................................................................... 128


Market drivers ........................................................................................................................................................ 128


KOREA ..................................................................................................................................................................... 130



Market drivers ........................................................................................................................................................ 130


TAIWAN ................................................................................................................................................................... 132



Market drivers ........................................................................................................................................................ 132


THAILAND................................................................................................................................................................ 134



Market drivers ........................................................................................................................................................ 134


9.LAC TRANSFORMER MARKETS ..................................................................................................................................... 136

BRAZIL ..................................................................................................................................................................... 139



Market drivers ........................................................................................................................................................ 139

Manufacturing industry review .............................................................................................................................. 140

MEXICO ................................................................................................................................................................... 141



Market drivers ........................................................................................................................................................ 142

MEPS Standards ...................................................................................................................................................... 142


10.THE VALUE CHAIN - FROM MATERIALS TO CAPEX .................................................................................................... 143

The value chain at 6 levels ...................................................................................................................................... 143

Sales channels ......................................................................................................................................................... 145

Utilities .................................................................................................................................................................... 145

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Manufacturers’ direct sales .................................................................................................................................... 145

Distributor sales ...................................................................................................................................................... 145

Industry ................................................................................................................................................................... 145

Raw material inputs ................................................................................................................................................ 146

11. THE UTILITY LANDSCAPE........................................................................................................................................... 147

12. TRANSFORMER SALES AT RETAIL PRICE AND INSTALLED COST ............................................................................... 152

13. GSU, UTILITY & INDUSTRIAL POWER AND DISTRIBUTION TRANSFORMER INSTALLED CAPACITY, NUMBERS AND AVER-

AGE DISTRIBUTION TRANSFORMER KVA PER UNIT ........................................................................................................ 153

14. NETWORK TRANSFORMER LAYOUT ......................................................................................................................... 165

THE TRANSFORMATION PROCESS .......................................................................................................................... 165

Stage 1 .................................................................................................................................................................... 165

Stage 2 .................................................................................................................................................................... 165

Stage 3 .................................................................................................................................................................... 165

Stage 4 .................................................................................................................................................................... 165

Network configurations for distribution - Radial, Loop and Network systems ...................................................... 167

Industry ................................................................................................................................................................... 168

Review of regional utility network practices - The link from medium voltage to low voltage .............................. 169

North America ........................................................................................................................................................ 169

Japan ....................................................................................................................................................................... 170

Europe .................................................................................................................................................................... 170

Types of transformer .............................................................................................................................................. 171

Liquid dielectric transformers ................................................................................................................................ 172

Dry-type transformers ............................................................................................................................................ 173

Gas filled transformers ........................................................................................................................................... 173

Evolution of power transformers by size and capacity .......................................................................................... 173

Ownership of power and distribution transformers .............................................................................................. 174

Ownership of GSU transformers ............................................................................................................................ 175

15. THE LONG-TERM DEMAND CYCLE 1900-2050 .......................................................................................................... 176

INSTALLED CAPACITY VERSUS DEMAND ................................................................................................................ 176

The China Factor ..................................................................................................................................................... 179

16. TRANSFORMER:GENERATOR RATIOS - MVA:MW .................................................................................................... 182

17. SMART TRANSFORMERS ........................................................................................................................................... 190

Smart transformers and the smart grid .................................................................................................................. 190

Basic characteristics of smart transformers ........................................................................................................... 192

The basic technical requirements of smart transformers ...................................................................................... 192

Intelligent transformer substations ........................................................................................................................ 192

Smart transformer in current infrastructure .......................................................................................................... 193

Dissolved gas analysis (DGA) .................................................................................................................................. 193

18. N-1 STANDARD, N-2 AND 2N, REDUNDANCY AND REPLACEMENT .......................................................................... 194

Network failure ....................................................................................................................................................... 194

Transformer failure ................................................................................................................................................. 194

Industrial reliability ................................................................................................................................................. 194

Levels of redundancy .............................................................................................................................................. 195

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Network reliability .................................................................................................................................................. 196

N-1 and the networks ............................................................................................................................................. 196

Reliability standards SAIFI and SAIDI ...................................................................................................................... 197

Electricity transmission .......................................................................................................................................... 198

Large power transformers (LPTs) ........................................................................................................................... 198

Transformer/generator ratios and redundancy ..................................................................................................... 199

Generation.............................................................................................................................................................. 199

Transmission ........................................................................................................................................................... 199

Distribution ............................................................................................................................................................. 199

19. PRICE TRENDS AND FACTORS DRIVING TRANSFORMER PRICES .............................................................................. 201

PPI - Producer Price Index ...................................................................................................................................... 201

USA ......................................................................................................................................................................... 201

EU ........................................................................................................................................................................... 202

China ....................................................................................................................................................................... 202

Japan ....................................................................................................................................................................... 203

Factors impacting on manufacturing cost and selling price of transformers ........................................................ 203

Manufacturing cost ................................................................................................................................................ 203

Selling price ............................................................................................................................................................ 203

Cost of materials .................................................................................................................................................... 204

The core - electrical steel ....................................................................................................................................... 204

Amorphous steel .................................................................................................................................................... 205

The coil - windings - copper and aluminium .......................................................................................................... 206

Advantages of copper windings ............................................................................................................................. 206

Disadvantages of copper windings ......................................................................................................................... 206

Advantages of aluminium windings ....................................................................................................................... 206

Disadvantages of aluminium windings ................................................................................................................... 206

Transformer oil ....................................................................................................................................................... 207

Fluctuations in commodity prices .......................................................................................................................... 207

Demand for transformers, market and industry trends ........................................................................................ 209

Production capacity and utilisation ........................................................................................................................ 209

20. CENTRAL AND DISTRIBUTED GENERATION .............................................................................................................. 210

Trends in the generation mix ................................................................................................................................. 210

The impact of generation developments on transformation technology .............................................................. 210

Decentralised power .............................................................................................................................................. 213

Czech Republic........................................................................................................................................................ 214

Germany ................................................................................................................................................................. 215

Italy ......................................................................................................................................................................... 217

Spain ....................................................................................................................................................................... 218

21. MEPS - MINIMUM ENERGY PERFORMANCE STANDARDS ....................................................................................... 220

MEPS (Minimum Energy Performance Standards) ................................................................................................ 221

United States .......................................................................................................................................................... 222

Efficiency regulations ............................................................................................................................................. 223

Canada .................................................................................................................................................................... 223

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Brazil ....................................................................................................................................................................... 224

Mexico .................................................................................................................................................................... 225

European Union ...................................................................................................................................................... 225

The European Norms EN50588-1:2014 and EU No 548/2014 apply. ..................................................................... 227

Australia and New Zealand ..................................................................................................................................... 227

Israel ....................................................................................................................................................................... 227

Vietnam................................................................................................................................................................... 228

Japan ....................................................................................................................................................................... 228

China ....................................................................................................................................................................... 229

Korea ....................................................................................................................................................................... 230

India ........................................................................................................................................................................ 230

Summary of efficiency standards ........................................................................................................................... 231

22. HIGH EFFICIENCY TRANSFORMERS ........................................................................................................................... 234

Development of a new technology - amorphous core transformers ..................................................................... 234

The market for AMTs .............................................................................................................................................. 235

AMT manufacturers ................................................................................................................................................ 235

Amorphous metal ribbon manufacturers ............................................................................................................... 236

Amorphous metal transformers - AMTs ................................................................................................................. 236

Japan ....................................................................................................................................................................... 236

China ....................................................................................................................................................................... 236

United States .......................................................................................................................................................... 236

India ........................................................................................................................................................................ 237

Taiwan ..................................................................................................................................................................... 237

Other ....................................................................................................................................................................... 238

HTS –high temperature superconductor transformers .......................................................................................... 238

23. TRANSFORMER PRODUCTION CAPACITY ................................................................................................................. 239

MANUFACTURING CAPACITY, GLOBAL AND BY REGION ........................................................................................ 239

Capacity utilisation.................................................................................................................................................. 241

North America (United States, Canada) ................................................................................................................. 241

Europe ..................................................................................................................................................................... 242

CIS ........................................................................................................................................................................... 242

Mexico .................................................................................................................................................................... 242

Latin America (excluding Mexico) ........................................................................................................................... 243

China ....................................................................................................................................................................... 243

India ........................................................................................................................................................................ 245

Korea ....................................................................................................................................................................... 246

Africa ....................................................................................................................................................................... 246

South Africa ............................................................................................................................................................ 247

24. GLOBAL MARKET SHARE POWER AND DISTRIBUTION TRANSFORMERS.................................................................. 248

25. LOGISTICS .................................................................................................................................................................. 249

1.Design of transformers ........................................................................................................................................ 249

2.Preparation of a Transformer .............................................................................................................................. 249

3.Faults or damages to transformers ..................................................................................................................... 250

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4.Voyage Assessment .............................................................................................................................................250

5.Transport execution .............................................................................................................................................251

6.Handling ...............................................................................................................................................................251

7.Securing................................................................................................................................................................251

Rail transport ..........................................................................................................................................................252

North America .........................................................................................................................................................252

Europe .....................................................................................................................................................................252

Africa .......................................................................................................................................................................253

Asia Pacific ..............................................................................................................................................................253

Road transport ........................................................................................................................................................254

Rear wheel drive .....................................................................................................................................................256

Clearance ................................................................................................................................................................258

Alternative solutions ...............................................................................................................................................259

26. ELECTRIFICATION ......................................................................................................................................................261

Sub-Saharan Africa ..................................................................................................................................................266

Asia ..........................................................................................................................................................................266

MENA ......................................................................................................................................................................266

Latin America ..........................................................................................................................................................266

Europe .....................................................................................................................................................................267

CIS ...........................................................................................................................................................................267

North America .........................................................................................................................................................267

The impact of electrification on the electrical supply industry ..............................................................................267

METHODOLOGY ..............................................................................................................................................................269

Short term demand forecast...................................................................................................................................269

Long term demand cycle .........................................................................................................................................269

Demand cycles and the market ..............................................................................................................................270

StatPlan Energy Databases .....................................................................................................................................270

Transformation capacity .........................................................................................................................................271

Review of the transformer databases.....................................................................................................................273

1.Utility/industry ownership ...................................................................................................................................273

2.The proportion of GSU/transmission PTs ............................................................................................................274

3.Redundancy. ........................................................................................................................................................274

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Figures

Figure 1: Annual growth of the transformer market in volume and value, 2018-2025 37

Figure 2: The global transformer fleet 2012-2017, generator and transformer capacity 39

Figure 3: The global transformer fleet by transformer type, 2012-2017 39

Figure 4: LPT, 265 MVA, 525 kV 42

Figure 5: MPT 60 MVA, 275 kV. 42

Figure 6: SPT with 12.5 MVA with OLTC ( On-Load Tap Changer) 43

Figure 7: An 800 kV UHVDC converter transformer by ABB 43

Figure 8: Oil-filled distribution transformer, 44

Figure 9: Dry-type distribution transformer 44

Figure 10: Pad-mounted distribution transformer 45

Figure 11: A pole top distribution transformer 45

Figure 12: Ratio of distribution transformers to generating capacity, installed base 1960-2016 48

Figure 13: Imports of power transformers (Oil filled ≥ 10 MVA), into the United States from

Canada, Mexico and Korea 2000-2017 $ value 56

Figure 14: Distribution voltages in Europe (EU 27) 66

Figure 15: Market capitalisation of seleced European utilities 69

Figure 16: Investment as a % of GDP, selected countries and economic groupings, 1980-20 104

Figure 17: Market shares for UHV AC and HVDC transformers in China 109

Figure 18: Market shares of leading transformer manufacturers for

SGCC’s HV, MV and LV tenders 111

Figure 19: Production, consumption and exports of distribution transformers in

China, 2006-2017 112

Figure 20: Structure of the Chinese electric power industry 114

Figure 21: An example of an electricity network 166

Figure 22: The UK electrical power transmission and distribution system 167

Figure 23: The traditional centralised electricity system compared with distributed power 168

Figure 24: Evolution of transformers in voltage kV and capacity MVA 174

Figure 25: Proportion of capacity (MVA) generator, utility and private industry ownership

of power and distribution transformers by region, 2018 175

Figure 26: Installed capacity of power and distribution transformers, GVA, 1900 - 2050 176

Figure 27: Global installed transformation capacity and demand, GVA, 1900 - 2050 177

Figure 28: The cycle of demand, new and replacement capacity, GVA, 1900 - 2050 178

Figure 29: Global utility transformation capacity installed base by region, GVA, 1900 - 2050 179

Figure 30: Demand for power and distribution transformers, China and the World,

GVA, 1900 - 2050 180

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Figure 31: Regional variation in long term demand, 1900 - 2050 ......................................................... 181

Figure 32: Conventional grid with unidirectional power flow .................................................................. 191

Figure 33: Active distribution grid with intelligent transformer substations .......................................... 191

Figure 34: Producer Price Indeces for power and distribution transformers in the United States

1967 to 2018........................................................................................................................... 201

Figure 35: EU 28 Producer Price Index for industrial manufactures 2012 to Q2 - 2018 ..................... 202

Figure 36: China Producer Price Index for industrial goods 2009 to 2018, 2009 = 100 .................... 202

Figure 37: Japan Producer Price Index for electrical machinery and equipment 1996 to 2018 ......... 203

Figure 38: The manufacturing processes for CRGO and CNRGO ............................................................ 205

Figure 39: Copper prices 1970 to 2020 .................................................................................................. 208

Figure 40: Aluminium prices 1970 to 2020 ............................................................................................ 208

Figure 41: Transformer commodity price index 2009 to 2018 .............................................................. 209

Figure 42: Global generating capacity mix, 1990 - 2050........................................................................ 210

Figure 43: Global generating capacity mix by energy source, 1990 - 2050 .......................................... 211

Figure 44: Capacity and generation by each energy source as percent of total, 1990 - 2013 ............ 212

Figure 45: Capacity and generation by each energy source as percent of total, 1990 - 2013 ............ 213

Figure 46: The vast majority of countries have yet to take such action. ................................................ 221

Figure 47: Global market share power and distribution transformers, $ value, 2018 ......................... 248

Figure 48: Two Schnabel cars unloaded .................................................................................................. 253

Figure 49: Schnabel car with load ............................................................................................................ 254

Figure 50: The largest load ever transported by road in the United Kingdom ....................................... 255

Figure 51: Goldhofer heavy duty load ....................................................................................................... 256

Figure 52: Goldhofer rear wheel drive vehicle ......................................................................................... 256

Figure 53: The trailer approaches a narrow turning ................................................................................ 257

Figure 54: The trailer’s rear wheels begin the turn .................................................................................. 257

Figure 55: The trailer has turned the corner ............................................................................................ 257

Figure 56: Overhead obstructions ............................................................................................................ 259

Figure 57: Transformer off the road ......................................................................................................... 260

Figure 58: Share of people without electricity access for developing countries, 2016 ........................ 261

Figure 59: World electrification - % of households with electricity, 1900 - 2050 .................................. 262

Figure 60: World electrification – number and % of households with electricity, 1900 - 2050 ........... 263

Figure 61: Selected major countries - % of households with electricity, 1900 - 2050 .......................... 264

Figure 62: Selected major countries – Number of households with electricity, 1900 - 2050 .............. 264

Figure 63: Regional totals of electrified households 2010 to 2050 ...................................................... 265

Figure 64: Additions of electrified households in each decade by region, 2010 to 2050 .................... 266

Figure 65: Diagram of new plus total replacement capacity ................................................................... 270

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Tables

Table 1: Transformer demand, GVA and $ in real and nominal values, 2018-25 ................................... 37

Table 2: World transformer demand forecast, 2018-2025, GVA .............................................................. 38

Table 3: World transformer demand forecast at ex-factory cost, 2018-2025, $ nominal ..................... 38

Table 4: World transformer demand forecast, ........................................................................................... 38

Table 5: World transformer demand forecast at ex-factory cost, .............................................................. 38

Table 6: The global transformer fleet by transformer type, 2012-2017, ................................................. 40

Table 7: North America, total transformer sales forecast at ex-factory cost, 2018-2025, $ nominal .... 47

Table 8: North America, power and distribution transformer sales forecast, 2018-2025, MVA ........... 47

Table 9: North America, power transformer sales forecast, 2018-2025, MVA capacity ......................... 47

Table 10: North America, distribution transformer sales forecast, 2018-2025, MVA capacity .............. 47

Table 11: US power and distribution transformer stock, 2018 ................................................................. 48

Table 12: Detailed shipment data for power and distribution transformers in the US, 2009 ................ 49

Table 13: Market shares of Power Transformer Producers in the United States, 2015 ......................... 54

Table 14: Europe, total transformer sales forecast at ex-factory cost, 2018-2025, $ nominal ............. 61

Table 15: Europe, total transformer sales, 2018-2025, MVA ................................................................... 62

Table 16: Europe, power transformer sales, 2018-2025, MVA ................................................................ 63

Table 17: Europe, distribution transformer sales, 2018-2025, MVA ....................................................... 64

Table 18: French power and distribution transformer stock, 2018 .......................................................... 73

Table 19: German power and distribution transformer stock, 2018 ........................................................ 76

Table 20: Italian power and distribution transformer stock, 2017 ........................................................... 79

Table 21: Spanish power and distribution transformer stock, 2018 ........................................................ 80

Table 22: Swiss power and distribution transformer stock, 2018 ............................................................ 81

Table 23: UK power and distribution transformer stock, 2018 ................................................................ 83

Table 24: Turkish power and distribution transformer stock, 2018 ......................................................... 85

Table 25: CIS, total transformer sales forecast at ex-factory cost, 2018-2025, $ nominal ................... 87

Table 26: CIS, total transformer sales, 2018-2025, MVA ......................................................................... 87

Table 27: CIS, power transformer sales, 2018-2025, MVA ...................................................................... 87

Table 28: CIS distribution transformer sales, 2018-2025, MVA ............................................................... 87

Table 29: Russian power and distribution transformer stock, 2018 ........................................................ 88

Table 30: MENA, total transformer sales forecast at ex-factory cost, 2018-2025, $ nominal .............. 91

Table 31: MENA, total transformer sales, 2018-2025, MVA ..................................................................... 92

Table 32: MENA, power transformer sales, 2018-2025, MVA .................................................................. 92

Table 33: MENA, distribution transformer sales, 2018-2025, MVA ......................................................... 93

Table 34: Iranian power and distribution transformer stock, 2018.......................................................... 94

Table 35: Saudi Arabian power and distribution transformer stock, 2018 .............................................. 96

Table 36: UAE power and distribution transformer stock, 2018............................................................... 98

Table 37: Asia Pacific, total transformer sales forecast at ex-factory cost, 2018-2025, $ nominal ... 100

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Table 38: Asia Pacific, total transformer sales, 2018-2025, MVA .......................................................... 101

Table 39: Asia Pacific, power transformer sales, 2018-2025, MVA ....................................................... 102

Table 40: Asia Pacific, distribution transformer sales, 2018-2025, MVA .............................................. 103

Table 41: Chinese power and distribution transformer stock, 2018 ...................................................... 106

Table 42: The operational UHV circuits in China in 2017 ........................................................................ 107

Table 43: UHV circuits under construction in China in 2017 .................................................................. 108

Table 44: Key Technologies for UHV AC systems ..................................................................................... 110

Table 45: Key technologies for UVH DC systems ..................................................................................... 110

Table 46: Japanese power and distribution transformer stock, 2018 .................................................... 118

Table 47: Transformer manufacturers in Japan ....................................................................................... 120

Table 48: Indian power and distribution transformer stock, 2018 ......................................................... 122

Table 49: Indian transformer production capacity GVA ........................................................................... 125

Table 50: Transformer manufacturers in India......................................................................................... 127

Table 51: Indonesian power and distribution transformer stock, 2018 ................................................. 128

Table 52: Korean power and distribution transformer stock, 2018 ....................................................... 130

Table 53: Taiwanese power and distribution transformer stock, 2018 .................................................. 132

Table 54: Thai power and distribution transformer stock, 2018 ............................................................ 134

Table 55: LAC, total transformer sales forecast at ex-factory cost, 2018-2025, $ nominal ................ 136

Table 56: LAC, total transformer sales, 2018-2025, MVA....................................................................... 137

Table 57: LAC, power transformer sales, 2018-2025, MVA .................................................................... 137

Table 58: LAC, distribution transformer sales, 2018-2025, MVA ........................................................... 138

Table 59: Brazilian power and distribution transformer stock, 2018 ..................................................... 139

Table 60: Mexican power and distribution transformer stock, 2018 ..................................................... 141

Table 61: Costs and mark-up from Bill of Materials to Capex ................................................................. 144

Table 62: Electricity transmission and distribution companies of the world. ......................................... 147

Table 63: Transformer demand at ex-factory and installed cost by region, 2018-2025, $ .................. 152

Table 64: Generator, Utility and Industrial Power and Distribution transformer capacity (MVA) by

country and ownership, World, 2018 ....................................................................................... 153

Table 65: Number and average capacity in kVA of Distribution transformers by country and

ownership, World, 2018 ............................................................................................................ 153


country and ownership, North America, 2018 ......................................................................... 153

Table 67: Number and average capacity in kVA of Distribution transformers by country and

ownership North America, 2018 .............................................................................................. 153


country and ownership, Europe, 2018 ..................................................................................... 154

Table 69: Number and average capacity in kVA of distribution transformers by country and

ownership, Europe, 2018 ......................................................................................................... 155

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country and ownership, CIS, 2018 ............................................................................................ 156


ownership, CIS, 2018 ................................................................................................................ 156


country and ownership, Middle East and North Africa, 2018 ................................................ 157


ownership, Middle East and North Africa, 2018 ..................................................................... 158


country and ownership, Asia Pacific, 2018 ............................................................................. 159


ownership, Asia Pacific, 2018 .................................................................................................. 160


country and ownership, Sub-Saharan Africa, 2018 ................................................................ 161


ownership Africa, 2017 ............................................................................................................. 162


country and ownership, LAC, 2018 .......................................................................................... 163

Table 79: Number and average capacity in kVA of distribution transformers by country and o

ownership, LAC, 2018 ............................................................................................................... 164

Table 80: Average consumers per LV distribution transformer in selected countries, 2018............... 171

Table 81: Ratios of transformation capacity (MVA) to generating capacity (MW), World, 2018 ........... 182

Table 82: Ratios of transformation capacity (MVA) to generating capacity (MW), Europe, 2018 ......... 183

Table 83: Ratios of transformation capacity (MVA) to generating capacity (MW), CIS, 2018 ............... 184

Table 84: Ratios of transformation capacity (MVA) to generating capacity (MW), Middle East

and North Africa, 2018 ............................................................................................................. 185

Table 85: Ratios of transformation capacity (MVA) to generating capacity (MW),

Sub-Saharan Africa, 2018 ........................................................................................................ 186

Table 86: Ratios of transformation capacity (MVA) to generating capacity (MW), Asia Pacific, 2018.. 188


North America, 2018 ................................................................................................................ 189


Latin America, 2018 ................................................................................................................. 189

Table 89: Cost of materials. ...................................................................................................................... 204

Table 90: Voltage level of for connection to the grid, German rules ....................................................... 214

Table 91: Grid voltage connection by installation size for solar PV in Czech Republic, 2012............... 215

Table 92: Grid voltage connection by installation size for solar PV in Germany, 2012 ......................... 215

Table 93: Grid voltage connection by installation size for solar PV in Italy, 2012 ................................. 217

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Table 94: Grid voltage connection by installation size for solar PV in Spain, 2012 ............................... 218

Table 95: Network losses by region .......................................................................................................... 220

Table 96: A summary of liquid filled distribution transformer efficiency programmes .......................... 232

Table 97:Summary of dry-type distribution transformer efficiency programmes ................................... 233

Table 98: Manufacturers of energy efficient transformers in China, 2013 ............................................ 237

Table 99: World production capacity for transformers, GVA, 2019 ........................................................ 240

Table 100: Global leaders’ production capacity power and distribution transformers, GVA, 2019 ..... 240

Table 101: CIS, production capacity power and distribution transformers, GVA, 2013 ........................ 242

Table 102: China, domestic production capacity power and distribution transformers, GVA, 2019.... 244

Table 103: India, production capacity power and distribution transformers, GVA, 2007 - 2019 ......... 246

Table 104: Population and electrical parameters of South Asia and Sub-Saharan Africa .................... 267

Transformer Report Sample Pages

20

1. THE POWER AND DISTRIBUTION TRANSFORMER

MARKET

Total demand for power and distribution transformers in 2017 is estimated at XXX GVA, rising by a cagr of

XX% to XXX GVA in 2022. The value in 2017 is $XX billion at ex-factory cost, increasing in nominal values

by a cagr of XX% to $XX billion in 2022.

Growth in nominal terms will be fastest in India at XX% and China at XX%, followed by the Middle East at

XX% and Africa at XX%, LAC XX%. The CIS will follow with XX%, North America with XX%, and Europe with

XX%. The high Indian growth is due to a combination of a spurt of investment and high predicted inflation.

Over the five-year period power transformers will achieve capacity growth of XX% a year and distribution

transformers XX%.

The value per MVA will increase by a cagr of XX% in real terms up to 2022 and $XX% in nominal terms.

Table 1: Power and distribution transformer demand, MVA and $ in real and nominal values

2018 2019 2020 2021 2022 2023 2024 2025 cagr

Value nominal $ million

Value real $ million

Total GVA

$/MVA nominal

$/MVA real

With surplus production capacity and falling metal prices, transformer prices…………………………………….


21

NORTH AMERICAN TRANSFORMER MARKET

MARKET REVIEW

The United States market for power and distribution transformers is predicted to grow at a cagr of XX% in

nominal value from $XX billion in 2017 to $XX billion in 2022. Demand for power transformers will remain

strong because of the need for modernisation and replacement of aging assets. Distribution transformer

demand will be healthy with an increasing population and the construction market on a path of sustainable

growth.

Consumption of transformers in the United States has fluctuated over the last 30 years and has not risen

constantly. Notably, the figures for 2009 were depressed as was the case in most countries, due to the

financial crisis. In volume terms demand has risen since then but in value growth has been held back by

declining commodity prices and excess production capacity around the world.

Transformer stock

There are plentiful statistics about distribution transformers in the United States, including historical tables

which enable us to plot the development of the distribution transformer stock over time in numbers and

capacity and so to chart the development of transformers in size. There is a lack of information for power

transformers.

Table 2: US power and distribution transformer stock, 2018

MVA Number

PTs

DTs

Sources: DOE, various reports, StatPlan estimates

There are over XXXXX generators and XXXXXX power transformers in the United States.


22

EUROPEAN TRANSFORMER MARKETS

The European market for power and distribution transformers in 2018 is estimated at $XX billion, rising to

$XX billion in 2025. Real growth of transformer demand in Europe will average XX% compared with

nominal growth of XX%.

Table 3: Europe, total transformer sales forecast at ex-factory cost, 2018-2025, $ nominal million

All transformers 2018 2019 2020 2021 2022 2023 2024 2025 cagr

Albania

Austria

Belgium

Bulgaria

Croatia

Czech Republic

Denmark

Finland

France

Germany

Greece

Hungary

Ireland

Italy

Luxembourg

Netherlands

Norway

Poland

Portugal

Romania

Slovakia

Slovenia

Spain

Sweden

Switzerland

Turkey

UK

Europe


23

THE VALUE CHAIN - FROM MATERIALS TO CAPEX

The cost of any product such as transformers or switchgear can be measured in a number of ways, from

being a piece of unworked metal, to its final installation in working order and finally as a constituent of

capital expenditure. Different price levels are important in this supply chain, and the point of interest in

the chain depends on the business to which the value is being applied. The value chain starts with the

input of raw materials, such as cold rolled steel, GOES, copper, aluminium etc. These inputs typically

constitute from 60-80% of the manufacturing cost of a finished product.

The value chain at 6 levels

1. BOM, bill of materials - Metal producers and refiners are concerned about the prices they can get for

their output in its basic form, ingots, rods, plates etc. For the equipment manufacturers this price

translates into the BOM (bill of materials) as a cost of production.

2. Manufactured cost - Adding the cost of fabricating the materials into finished products produces the

manufactured cost.

3. Factory gate price (MSP) - The addition of non-manufacturing costs such as sales and finance costs

brings it up to the factory gate price or manufacturer’s selling price. This does not include any transport

cost. (Note: factory gate price is sometimes quoted with manufacturer’s profit and sometimes not.)

4. Buyer’s price (equivalent to RSP) - Products such as electrical equipment is almost always sold with

a multi-channel strategy. Power and distribution transformers are a good example; there are usually

two sales channels. Power and large distribution transformers are bespoke items, each one

manufactured to a unique design for a unique purpose. They

……………………………………………………………………………………………...


24

CHINA

Annual demand power and distribution transformers

In 2017, sales of power transformers amounted to XXX GVA and distribution transformers XXX GVA.

Annual expenditure on power and distribution transformers in China is estimated at $XX billion in 2017,

rising at a nominal cagr of XX% to $XX billion in 2022.

Transformer stock

Table 4: Chinese power and distribution transformer stock, 2018

MVA Number

PTs GSU

Utility

Industry

Total PTs

DTs GSU

Utility

Industry

Total DTs

PTs + DTs

Sources: Electricity Council, SGCC, StatPlan estimates

XX% of transformers are purchased by utilities and generators and XX% by industry. China has

strengthened super-high and ultra-high voltage power grid construction in recent years, but ≥ 500 kV

power transformers only occupy a small share in the power transformer market, while ≤ 220 kV power

transformers are dominant. The transmission voltages start at 35 kV and over in China, although a small

amount of distribution is at 35 kV. The average capacity of distribution transformers in China is 200 kVA

and.

UHV AC and HVDC transformer markets in China

UHV AC and UHV DC transmission voltages in China are 1,000 kV AC and 800 kV DC, respectively. UHV AC

and DC has been pioneered and lines built in Russia and the CIS, Japan, USA, Italy, Canada, Brazil, China

and other countries. A comprehensive review in 2009 of UHV AC and DC development in China and other

countries, concluded that, although UHV transmission was technically feasible, there was no transmission

system at the voltages of 1,000 kV AC in operation. 800 kV DC and above were being operated.

At a time of rapid economic development there is an imbalance in the geographical distribution of Chinese

energy resources and loads. More than ⅔ of the coal resources are in the North and North West of China

and more than ¾ of the exploitable hydro capacity in the South West, including Sichuan, Yunnan and Tibet.

However, more than ⅔ of energy demand is in the relatively developed Central and Eastern regions, and

the important energy generating bases are all 800–3,000 km from the load centres. This means that there

………………………….


25

THE LONG-TERM DEMAND CYCLE 1900-2050

INSTALLED CAPACITY

Global installed transformer capacity has risen every year throughout the last and current centuries,

from XXX GVA in 1900 to XXXX GVA in 2017. The growth has been linear and it will continue as such until

it……………………….

Growth of installed transformer capacity is linear, but demand for equipment is cyclical.

Figure 1: Global installed transformation capacity and demand 1900 - 2050, GVA


26

PRICE TRENDS AND FACTORS DRIVING TRANSFORMER

PRICES

The prices of electrical equipment have been volatile over the years and will continue to be so. Many

factors contribute to this. The principal factors influencing transformer prices are:

• Demand for transformers.

• Production capacity.

• Input prices of raw materials

• The economic and financial climate.

• Inflation.

•

PPI - Producer Price Index

The principal producing countries for power and distribution transformers are the EU, (especially

Germany, Italy and France, followed by Poland, Portugal, Finland and Croatia), the USA, Japan, Korea and

China. The following sections show the Producer Price Index figures for industrial manufactures,

except…………………………

Documents

Transformer Report Chapter Summaries · 2019-02-20 · Transformer Report Chapter Summaries 1 EXECUTIVE SUMMARY Chapter 1 - THE POWER AND DISTRIBUTION TRANSFORMER MARKET Total demand