What's driving the Transformer Market trends? ABB, Siemens, Schneider, Eaton
The power transformer market was exceeded USD 25 Billion in 2019 and is set to grow on account of increasing peak load energy consumption and coherent reforms favoring the integration of long route electric infrastructure. Moreover, the electricity for all programs in conjunction to utility inclination towards energy efficiency will augment the industry growth. Furthermore, efforts to establish a balanced supply & consumption phenomenon through effective management systems will boost both capacity & technological enhancements.
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Major players operating in the heating & cooling market are ABB, Siemens, Schneider, Eaton etc.
Global Transformer Market in 2019, surpassed USD 60 Billion and by 2026 is expected to exceed an annual deployment of 7 million units. Large scale renewable integration to suffice the rising peak load electricity consumption will drive the industry growth.
Some major findings of the transformer market report include:
- Demand for dry type transformers has been rising owing to safe and environment friendly operational performance.
- Stringent energy efficiency norms across developed & developing economies to drive the industry growth.
- Long route electrification projects to positively influence product demand.
- Leading companies enter technological alliances with domestic players to implement effective monitoring & control.
- Ongoing suburban migration & industrial expansion across Middle East & Asia Pacific have led to the rise in peak load electricity consumption which turn fuel the demand for effective T&D systems.
Dry type transformer market is expected to witness a growth of over 7% by 2026. Effective resistivity to electrical surges & short circuits coupled with environmental sustainability have paved favorable grounds for technological adoption. Although, high system costs adhered by lower overall efficiency when compared to auxiliary counterparts have restrained product adoption. However, environmental compatibility, effective fire prevention, efficient performance across extreme climatic zones supported by stringent energy efficiency protocol are few indispensable parameters defining technological prevalence.
The India transformer market is expected to witness an annual deployment of over 150 ?000 units by 2026. The national electricity industry has gained impetus subjected to consistent and sustainable policies including the Integrated Energy Policy (IEP), rural electrification reforms, IPDS and similar initiatives. Government infused FDI schemes along with the ?Make in India? program has led to a significant flow of funds from various international agencies and industry participants. Leading players have aligned focus to attain market penetration through joint ventures, technological collaborations and regional expansion which in turn has positively influenced the overall industry landscape.
Key industry players have instituted various integral research & technological platforms to suffice the persisting demand for uninterruptible electricity. Revenue generation through service provisions along with long term strategic tie-ups, and joint ventures have been the major strategic breakthroughs. Moreover, regional expansion through laying manufacturing facilities along with the integration of smart product portfolios will further influence the industrial competence. Asia Pacific, Middle East and Africa remain the prominent regions for industry participants due to higher demand for electrical components and overall turnkey solutions.
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