Global Power transformer Market Brief Analysis by Top Key Players - GE, ABB, Schneider Electric, Siemens, Crompton Greaves, Mitsubishi Electric, Hyosung, Toshiba Corp., Hyundai Electric, Daihen, SPX Transformer, Celme, Kirloskar, and BHEL

The ‘Power transformer market’ research collated by Market Study Report, LLC, offers a comprehensive analysis of growth trends prevailing in the global business domain. This report also provides definitive data concerning market, size, commercialization aspects and revenue forecast of the industry. In addition, the study explicitly highlights the competitive status of key players within the projection timeline while focusing on their portfolio and regional expansion endeavors.

Power transformer market size will exceed USD 35 billion by 2024, as reported in the latest study by Global Market Insights, Inc.

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

Ongoing expansion of utility aided transmission & distribution networks to sustain the growing energy demand across the globe will drive the power transformer market size. Rising investments to refurbish the existing grid infrastructure across developed regions further proliferate the product penetration. In addition, increasing demand for rural electrification coupled with favorable regulatory framework across emerging electricity market will further complement the business outlook.

China power transformer market is set to surpass 2,500 annual installation by 2024. Favorable government reforms subject to the establishment of a sustainable electricity infrastructure will positively influence the business growth. Rapid industrial expansion across the nation to cater volume manufacturing practices by industry participants will positively stimulate the product demand.

The global power transformer market is estimated to amass substantial proceeds over the forthcoming years owing to significant drivers like the refurbishment of existing power grid networks along with the deployment of renewable solutions across the globe.

Ever-increasing refurbishment and expansion of current grid networks will most likely boost power transformer market growth. For instance, TPA, a temporary trackway rental company is providing over 10,000 roadway panels for a power grid refurbishment project in the United Kingdom. This project will restore the Nation Grid’s 50 years old overhead line that stretches along the M62 corridor. Refurbishments of aging electric network call for new installations, which can surge product penetration and bolster the power transformer market over the coming years.

Stringent energy efficiency compliance coupled with advancing smart transformer technologies will substantially augment the power transformer market growth. Ongoing auxiliary capacity addition across the globe with an aim to integrate a sustainable energy mix will boost the product penetration. Perpetual electrification programs subject to large scale renewable addition along with rapid expansion of utility based high tension electricity networks will further complement the industry outlook.

> 800 MVA power transformer market on account of rapid industrial expansion across developing markets has witnessed a significant turnaround in the recent years. The product subject to ongoing expansion of utility aided grid networks to cater the exponentially rising energy demand will witness appreciable escalation over the forecast timeframe. Government initiatives to establish a sustainable grid network across developed regions will further stimulate the product penetration.

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

The U.S. power transformer market will grow owing to ongoing investments toward refurbishment of existing electricity infrastructure. Expeditious expansion of infrastructure projects under the peninsula electrification program will fuel the product demand. In 2017, regulators across the U.S. proposed a funding worth USD 100 million to strengthen electricity infrastructure across the rail networks in California.

Furthermore, the rising implementation of renewable energy systems to tackle growing energy demands is another significant factor promoting market growth. For instance, Algeria has plans to issue multiple tenders for renewable energy projects as it prepares to meet rising energy demand in an environment friendly manner. The country is aiming to build solar plants to produce 22,000 MW or 27 percent of its electricity needs by the year 2030 from existing 350 MW.

Another example is California’s mandate that all new homes need to be equipped with solar panels as a step toward its ambitious fossil-free future. With around 80,000 homes built in the state each year, the mandate that’s effective from 2020 will more than double the state’s solar energy production.
The rapid integration of renewable energy will favor product demand and further boost the power transformer market.

Middle East & Africa power transformer market is set to witness sheer progression in line with ongoing deployment of decentralized generation units coupled with rapid expansion of micro-grid networks. Escalating infrastructural investments from institutions including the International Finance Corporation, and African Development Bank (ADB), across the region will positively impact the business landscape. In 2017, ADB declared investments over USD 12 billion to sustain the soaring electricity demand across Africa.

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