|02-11-2019 07:53 PM CET - Energy & Environment||
Distribution Transformer Market Comprehensive Analysis 2024 by Eminent Players Eaton, Toshiba Corporation, Schneider Electric, Siemens, Ormazabal, SPX Transformer Solutions, Inc.
Press release from: Global Market Insights, Inc.
The growth graph of distribution transformer market has been projected to be directly proportional to the exponential rise in electricity demand and supply across the globe. With pervasive growth in the residential and commercial sectors, these products will witness growing demand, thus driving distribution transformer market, estimated to reach over 80,000 units of annual installation by 2024.
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With the rising awareness about the global energy crisis due to increasing CO2 emissions, numerous governments and regulatory bodies have been looking for means to decrease and control CO2 emissions. Industrial companies account for half of the electricity consumed in Europe. As a means to regulate CO2 emissions from these companies and cut down on power leakage, emphasis is being laid on upgrading industrial grids with distribution transformers. The implementation of distribution transformers in most of the industrial facilities of Europe will thus provide a massive surge to the regional distribution transformer market.
Rapid residential expansion coupled with favorable inclination towards the integration of a sustainable electrical network will drive the distribution transformer market. The industry is set to witness a comprehensive turnaround subject to volant expansion of distribution networks across the emerging markets. In addition, rising investments from financial institutions to sustain the demand and supply parity across the globe will further stimulate the product demand. Distribution transformer market will exceed USD 30 billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Propositions in line with energy efficiency along with expeditious expansion of smart grid networks has structured a favorable industrial scenario. Rapid technological advancements along with favorable inclination towards the integration of smart monitoring technologies will fuel the distribution transformer market growth. The European nations in 2017, have approved over USD 133.7 billion investment towards the deployment of smart grid infrastructure across the region.
Advancing smart transformer technologies coupled with stringent energy efficiency compliances will comprehensively augment the global distribution transformer market. Volume manufacturing practices adopted by the leading manufacturers along with growing consumer awareness toward environmental security will encourage the product adoption. Escalating demand for the refurbishment of existing grid infrastructure across developed economies will further complement the industry outlook.
The U.S. distribution transformer market is anticipated to witness growth in line with the appreciable rise in investments toward the upgradation of existing infrastructure across the nation. Rapid infrastructural expansion in compliance to peninsula corridor electrification program will further embellish the industry outlook. In 2017, the U.S. regulators provisioned USD 100 million to sustain the increasing electricity demand across its rail networks.
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Distribution transformers are usually 99% efficient at preventing energy loss. However, considering the sheer base of the distribution transformer installations, even a small loss becomes a significant one when the aggregate amount of loss is taken into account. Energy loss ultimately contributes to CO2 emissions and adds to the overall global warming crisis. In this regard, utility regulators and governments are owning up to their commitments and responsibilities towards the environment, in turn striving for the innovation of better technology, thus providing the much-needed impetus to distribution transformer market.
Eminent participants in the distribution transformer market include
• Schneider Electric
• CG Power and Industrial Solutions Limited
• Toshiba Corporation
• SPX Transformer Solutions, Inc.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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This release was published on openPR.
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