Power transformer market Expanding at 5% CAGR over 2019-2024 | ABB, General Electric, Eaton, Schneider Electric, Siemens AG

There are various market players coming up with commendable advancements in power transformer industry. Some of the prominent power transformer market players include Hyundai Electric, Toshiba, Hyosung, Daihen, BHEL, Kirloskar, SPX Transformer, Celme, Schneider Electric, Eaton, CG, Siemens, GE, Mitsubishi, Eaton, and ABB.

The power transformer market is expected to be stimulated by the rising demand of energy across the globe. Rise in investments for the refurbishment of older grid infrastructure across advanced economies along with increasing demand for rural electrification supported by favorable government reforms throughout the evolving electricity sector will further foster power transformer market outlook.

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The world has been shifting towards energy conservation along with rising awareness to undertake measures to offer safe and reliable electricity supply. The intensity of demand for power transformers will be increased with rapid development of smart-grid networks and energy efficiency measures. For instance, in the year 2017, Sweden, France, Italy, Germany, and UK had proposed investments worth $133.7 billion following the smart grid agreement for the purpose of withstanding the rapid increase in adoption of the smart grid networks across the nations.

China power transformer market has been projected to surpass 2,500 annual installation by 2024 as the government of country has established favorable regulatory framework which aims to establish a sustainable energy infrastructure. The growth of industrialization will also cater to expansion of power transformer market size as manufacturing units in the country continue to thrive.

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Meanwhile, the U.S. power transformer industry will be offered impetus owing to the progressing investments for substitution and upgradation of present electricity infrastructure. Under the peninsula electrification program, the prompt expansion of infrastructure projects is expected which will also foster the penetration of power transformers. In the year 2017, the U.S. regulators proposed funding of around $100 million to augment rail network electricity infrastructure in California.

Also, in the same year, the United States government has intended to capitalize $10 billion for expansion of distribution network which will reduce the curtailment rate in the Western transmission infrastructure. Boosting emphasis on the renovation of the conventional electrical setup with advanced high-quality systems is likely to further augment power transformer market share in the country.

Power transformers with ratings of 100 MVA to 500 MVA units are foreseen to witness substantial growth on account of their wide applications across process industries and power sectors. Continuous integration of renewable sources in residential establishments as well as expansion of micro-grid infrastructure is expected to attract positive traction for the power transformer market landscape. Also, increasing demand of compact units for indoor applications coupled with the cost-sensitive customer behavior has compelled power transformer manufacturers to adopt a workable production mechanism.

Power transformer market forecast also underlines that >800 MVA unit power transformer ratings segment will observe significant growth due to the rapid expansion throughout the industrial sectors of emerging economies. Continuous growth programs of high voltage utility aided grid networks have been noted and same growth patterns are also expected in future.

The growth is intended to cater to the mounting demand for electricity across industries which will in turn complement power transformer industry outlook. Government initiatives in developed countries to establish sustainable grid infrastructure has also been reported to be supportive towards stimulation of power transformer industry growth.
Power transformer market revenue has been expected to be bolstered by the indoor transformers as well. Indoor transformer helps to reduce maintenance, develop operability, and maintain aesthetic proximity. Power transformer manufacturers have reportedly introduced devices with specifications such as automated self-assessment, which help to assist the end-user to effectively handle and avoid minor operational disturbances. Additionally, technical progressions and keen R&D has led the companies to gain variants with diverse rating, insulation and similar features at competitive prices and compact size.

According to the latest research report by Global Market Insights Inc., power transformer market size is predicted to amount to approximately $35 billion by 2024.

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