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Power Transformer Market Size and Forecasts Research Report 2018-2024

Author : Rahul Sankrityayan | Published Date : 2019-07-04 

An analysis of Power Transformer Market has been provided in the latest report launched by Global Market Insights that primarily focuses on the market trends, demand spectrum, and future prospects of this industry over the forecast period. Furthermore, the report provides a detailed statistical overview in terms of trends outlining the geographical opportunities and contributions by prominent industry share contenders.

Power Transformer Market is set to exceed USD 35 billion by 2024. Ongoing expansion of existing utility aided T&D networks to sustain the rising demand of energy across the globe will stimulate the power transformer market. Growing investments for the refurbishment of ageing grid infrastructure across developed economies will further proliferate the product demand.

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 In addition, rising demand for rural electrification along with favorable government reforms across the emerging electricity market will further foster the industry landscape.

China power transformer market is projected to exceed 2,500 annual installation by 2024. Favorable regulatory framework pertaining to the establishment of a sustainable energy infrastructure will drive the business outlook. Rapid industrial expansion to cater the volume manufacturing practices through industry participants across the nation will positively influence the product penetration.

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Growth drivers

North America

  • Refurbishment of existing grid infrastructure
  • Rising infrastructural spending

Europe

  • Growing deployment of renewable energy
  • Upgradation of existing grid network

Asia Pacific

  • Large-scale renewable integration
  • Increasing demand of electricity

Middle East & Africa and Latin America

  • Increasing demand for electricity
  • Growing investment toward expansion of transmission networks

Industry pitfalls & challenges

  • High initial cost

Strict energy efficiency compliance along with the evolving smart transformer technologies will propel the power transformer market share. Ongoing auxiliary capacity addition with an objective to integrate a sustainable energy mix across the globe will boost the product demand. Perpetual electrification programs relating to large scale renewable addition coupled with rapid expansion of high tension utility based electricity networks will further drive the industry landscape.

> 800 MVA power transformer market will witness substantiate growth owing to the rapid expansion across industrial sectors in the developing markets. Ongoing expansion programs of high voltage utility aided grid networks to cater the growing demand for electricity across industries inclination will further complement the business landscape. Government initiatives towards establishment of sustainable grid infrastructure across developed nations will stimulate the product demand.

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Global shift towards energy conservation coupled with growing measures to provide reliable and safe electricity will augment the power transformer market. Briskly expanding smart-grid networks along with energy efficiency measures will further stimulate the product demand. In 2017, France, Sweden, Italy, UK, and Germany proposed investments worth USD 133.7 billion, in compliance to the smart grid agreement, with an aim to sustain the rapidly increasing adoption smart grid networks across the region.

Ongoing investments toward replacement and upgradation of existing electricity infrastructure will drive the U.S. power transformer market. Under the peninsula electrification program, expeditious expansion of infrastructure projects will foster the product penetration. In 2017, regulators across the country proposed funding of around USD 100 million to enhance the electricity infrastructure across rail networks in California.

Middle East & Africa power transformer market is projected to witness sheer growth in line with continuous deployment of decentralized generation units along with the briskly expanding micro-grid infrastructure. Rising infrastructural investments from institutions including African Development Bank (ADB) and the International Finance Corporation, across the region will positively influence the business outlook. In 2017, African Development Bank announced to invest over USD 12 billion to cater the escalating electricity demand across Africa.

Key participants in the power transformer market include ABB, Schneider Electric, GE, Siemens, Mitsubishi Electric, Hyosung, Crompton Greaves, Toshiba, Hyundai Electric, SPX Transformer, Celme, Daihen, Kirloskar, and BHEL.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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