Transformer Market report 2019; SPX Transformer, Voltamp Oman, Ormazabal, Celme, Kirloskar Electric, Hyosung Power and Industrial Systems are top manufacturers

Driven by the commendable developments in grid infrastructure model, transformer market stands to witness a remarkable upswing over the ensuing years. Many driving forces are shaping the electric grid, transformers being one of the integral vertical of power grid network is certainly no exception. Companies partaking in the transformer industry have been increasingly focusing on developing advanced products in sync with the rapidly evolving smart grid infrastructure. One such pathbreaking innovation that has fetched all the attention lately is the smart solid-state transformer.

These smart transformers, as claimed by experts, can not only perform all the functions of a conventional transformer, but also can feed back the unused power to the grid by stepping up the voltage level.

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As per a new journal put forth by IEEE, a new study using advanced computational model depicts that SSTs could be profoundly used to make reliable and stable smart grid. Reportedly, the paper was published with the support of FREEDM Systems Centre at North Carolina State University, who are claimed to bring the first SST in 2010. Experts deemed this ground-breaking innovation would prove to be disruptive for the entire transformer industry trends in the coming years, amidst the backdrop of a considerable discontentment from the consumer end with regard to the supply demand power gap.

Considering the regional trends, U.S. is forecast to experience a toehold in the global transformer market, having held a valuation of USD 5 billion in 2017. Robust investments in upgradation of conventional grid network along with new grid extensions are claimed to be the primary reasons enhancing the regional market outlook.

Transformer Market, By Product
• Power transformer
• Distribution transformer
• Instrument transformer
o Current transformer
o Potential transformer

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With the globe treading on the path of sustainability quotient, renowned players of transformer industry are also shifting their focus toward eco-friendly trends. However, fluctuations in component price trends along with standardization issue and high capital cost involved in its deployment might hinder the growth path in the coming years.

Nonetheless, with a favorable regulatory framework in tandem with the refurbishment of electrical infrastructure across major economies, transformer market is slated to chart a profitable roadmap over the forthcoming years. Global Market Insights, Inc., forecasts overall transformer market size to exceed a valuation of USD 80 billion by 2024.In this regard, it is prudent to mention that the Peninsula corridor electrification program that led to an influx of road infrastructure proposals has immensely left an unparalleled impact on the overall transformer market demand.Recently, the U.S Federal Transit Administration has provisioned a multimillion dollar investment toward the extension of electric grid network across California’s rail networks. With the growing deployment of reliable and efficient grid network mechanism in the regional electric infrastructure, experts believe U.S. transformer market share would undoubtedly shoot up over the coming years.

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The extensive proliferation of transformer market has also been catered by the increasing energy efficiency propositions with regards to the rapid expansion of smart grid network across major economies. Statistics depict, countries including Germany, UK, Italy, France, and Sweden have recently inked a smart grid multibillion dollar agreement to expand smart grid technologies across Europe. Citing another instance, East Spring Investments, has recently made it to the headlines, with the announcement of its hefty investment in resolving the infrastructural debt across developing nations. Such incessant efforts undertaken by the governments of developing & developed nations regarding grid infrastructure refurbishment would invariably upscale the transformer industry market share in the coming years.

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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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