Transformer Market size for 2016 was valued over USD 40 billion and the annual installation is set to exceed 170 thousand units by 2024
Increasing infrastructural expenditure subject to widespread residential and commercial establishments across developing regions will stimulate the market share. Rising demand for the refurbishment of grid infrastructure coupled with rapid adoption of smart transmission & distribution equipment will further complement the industry outlook. In 2017, East Spring Investments, proposed an investment worth USD 500 million towards the structuring of infrastructure debt across developing economies.
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China market in 2016, accounted for an annual installation of over 15 ‘000 units. Ongoing reforms in line with the establishment of a sustainable grid infrastructure will positively influence the product landscape. Stringent norms toward the replacement of fossil fuels with clean energy resources supported by renewable integration target will embellish the business growth.
The > 600 MVA in 2016, accounted over 30% of the global market share. Rapid deployment of high voltage networks to cater the rising electricity demand from industries across Asia Pacific and Africa will embellish the business growth. Ongoing expansion of utility infrastructure along with retrofitting of existing transmission infrastructure will further stimulate the product demand.
Soaring energy security concerns along with exponential rise in energy consumption will substantially augment the global market size. Increasing complexity of grid infrastructure on account of expanding electricity networks and increasing demand for energy, obligate the adoption of sustainable T&D equipment. In addition, increasing consumer awareness towards the integration of effective energy mix favored by perpetual electrification programs will further complement the industry outlook.
The U.S market will witness sustainable growth owing to rising investments toward the replacement and upgradation of conventional grid networks across the nation. Expeditious expansion of rail-road infrastructure propositions backed by the peninsula corridor electrification program will positively influence the product demand. In 2017, the U.S. Federal Transit Administration allocated funds over USD 100 million to reinforce the expansion of electrical networks to cater the rail infrastructure in California.
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Middle East & Africa market is projected to witness steep progression subject to the rapid expansion of micro-grid networks coupled with the ongoing adoption of decentralized generation technologies. Soaring investments from financial institutions including the African Development Bank (ADB), and the International Finance Corporation (IFC), toward electrification across the nation will further nourish the business landscape. In 2017, The African Development Bank proposed investments worth USD 12 billion to cater the soaring power sector across Africa.
Notable participants in the market include General Electric, ABB, EATON, Siemens, Schneider Electric, Crompton Greaves, Mitsubishi Electric, Hyundai Electric, Hyosung, Toshiba Corp., Daihen, BHEL, Kirloskar, SPX Transformer, Ormazabal, Ruhstrat, and Celme.
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