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Transformer Market: Industry Potential, Trends and forecast 2019 – 2024

Author : Rahul Sankrityayan | Published Date : 2019-06-17 

Transformer Market report provides all study material concerning summary, growth, demand and forecast analysis report altogether across the globe.

Transformer Market size will exceed USD 80 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.

Increasing expenditures toward electric infrastructure expansion along with rapid economic escalation have fueled the deployment of effective grid networks in the recent years. Rapid commercial expansion in line with ongoing urbanization have led to significant increase in demand for reliable energy which will drive the global market share.

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1004 pages

2134 market data tables

42 figures & charts

 Furthermore, favorable regulatory schemes coupled with the refurbishment of existing electrical grid network across developed economies will further enhance the business landscape.

Government reforms toward the expansion of micro-grid networks along with large scale renewable energy capacity addition will complement the global market share. The industry has encountered a sharp increase in the deployment of sustainable energy subject to the renewable energy targets adhered by over 190 countries during the United Nations Climate Change Conference in 2015. Leveraging schemes and government aided incentives & policies including FiT will further augment the acceptance of renewable systems which in turn will propel the industry size.

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Growth drivers

North America

  • Refurbishment demand for 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 for electricity

Middle East, Africa & Latin America

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

Industry pitfalls & challenges

Effective mechanical strength, flux leakage and lesser iron losses will energize the closed core transformer market size. Varied applications across low and medium voltage networks to render operational feasibility along with ongoing technological advancements will positively influence the product demand. Rapid expansion of grid infrastructure across the developing regions of Asia Pacific and Africa in line with favorable regulatory regime toward rural electrification will further escalate the industry growth.

The U.S. market in 2017, exceeded USD 5 billion owing to the rising refurbishment demand of existing grid networks. Installation of coherent grid support mechanism coupled with ongoing technological advancements will energize the business outlook. Increasing investment toward infrastructural growth including development of railway networks across the region will further strengthen the business growth.

Effective operational feasibility along with ambient voltage regulation will stimulate the auto transformer market size. Higher efficiency, low overall cost when compared with conventional technologies and product compactness are few elements measured to validate the product penetration. Growing concerns pertaining to energy efficiency along with diverse product applications will further nourish the industry landscape.

Oil immersed transformer market is set to witness an annual installation of over 3 million units by 2024. Effective voltage feasibility favored by effective cooling property when compared with the competitive counterparts will augment the industry scenario. The technology in the recent years, has observed extensive demand on account of its optimal cooling strength, however health hazards, fire related issues and leakage associated with its deployment have constantly restrained the product demand.

Favorable government reforms toward energy efficiency coupled with growing adoption of smart grid technologies will boost the Germany market size. Growing energy security concerns coupled with increasing fund allocation toward large scale renewable integration will further augment the business landscape. In addition, ongoing expansion of manufacturing facilities favored by major automobile manufacturers in the region will enhance the product demand.

Notable global market participants include SPX, Ormazabal, Voltamp, Celme, Hyosung, Kirloskar, Daihen, Siemens, BHEL, ABB, GE, Mitsubishi, Schneider, Toshiba, Crompton Greaves, Eaton, and Hyundai.

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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