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3 major trends that may impel power transformer market outlook by 2026 |Siemens, BHEL, Crompton Greaves, General Electric, Schneider and ABB
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Significant rise in power generation through renewable energy infrastructure has also emphasized the need for power transformers. On this note, Global Market Insights, Inc., predicts that the global power transformer market could surpass annual deployment of more than 42000 units by 2026. Notably, Siemens, BHEL, Crompton Greaves, General Electric, Schneider and ABB are the key industry players currently operating in this lucrative industry.
Mentioned below are the ongoing trends in power transformer market:
Surging demand for air insulated transformers
Air-insulated transformers are expected to witness significant demand on account of their flexible product configuration and safe & reliable operational capability. Industry participants are actively involved in developing advanced air insulated power transformers that offer enhanced features like combustion resistance, lower secondary effects through internal failure, and environmentally friendly operations. These features could significantly increase the demand for air-insulated transformers over time.
Surging adoption across industrial and commercial sector
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The industrial and commercial sector is expected to emerge as a highly profitable application avenue for power transformer market.
Industries are adopting these transformers due to their short circuit reliability, easy transportation, and compact size.
Increasing adoption of wide range frequency distribution links coupled with surging energy-efficiency concerns has complemented the power transformer business outlook. Moreover, surging investments in numerous electricity programs could stimulate product deployment across commercial and residential sectors.
In 2014, The Government of Africa launched an initiative to support stand-alone grid electricity access to attain its goal of making 60 million new business & residential connections by 2030. Notably, 100 MVA- 500 MVA transformers are increasingly gaining traction across healthcare and oil & gas industries due to their low installation cost and compact size.
Increasing demand from Asia Pacific
According to reports, Asia Pacific is expected to offer lucrative growth opportunities to the power transformer market. Federal initiatives to revamp existing power infrastructure and capacities, primarily to meet growing electricity demand may nurture regional market outlook.
The region is currently afloat with regulatory funding and electrification programs, predominantly creating new business opportunities for power transformer manufacturers. In 2019, ADB endorsed $300 million for transmission infrastructure development across Bangladesh. Urbanization & industrialization across developing nations coupled with renewable electric network development could also fuel new demand in APAC power transformer market.
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