Transformers Market 2021 leading manufacturers with latest trends forecast to 2027

Rise in demand for power supply globally and increase in incorporation of sustainable resources to deliver power drive the growth of the global transformer market. However, fluctuations in raw material costs and impede the market development.

Inclination toward usage of renewable energy is an effect of the increasing competitiveness of wind and solar power along with their strong efficiency. To achieve better production capacity and to balance supply & demand continuously, manufactures are cautiously updating their existing set-ups and their equipment. This factor expected to drive the growth of the global transformers market in the near future.

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Owing to decrease in prices of inexhaustible energy sources for power generation, the requirement for transformers has increased. This, in turn, is anticipated to offer remunerative opportunities for the players associated with assembling and providing transformers.

Asia-Pacific is expected to lead the market, attributable to increase in investments for infrastructure development. With surge in demand for power supply and rise in number of projects related to electricity, new entrants in Asia-Pacific and LAMEA are witnessing lucrative opportunities to expand their business in the coming future. In addition, increase in urbanization, rise in industrialization, and shift in preference of consumers toward the use of sustainable resources for power generations particularly in the developing countries such as China, India, Indonesia, Brazil, Chile, and Argentina are major factors that drive the growth of the transformer market. LAMEA is the second most lucrative market for transformers, registering a significant CAGR.

Key Players in the market include Voitamp Transformers Limited, SPX Corporation, Siemens, Celme s.r.l., Ormazabal Velatia, BHEL, Toshiba Corporation, General Elecric Company, ABB Ltd., Schneider Electric, Mitsubushi Electric Corporation, Hyosung Heavy Industries, Crompton Greaves Consumer Electricals Ltd., and Fuji Electric Co. Ltd.

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COVID-19 scenario analysis

The transformer market report highlights the impacts and opportunities due to the outbreak of COVID-19.

The spread of coronavirus in China has enforced their electricity distribution companies (discoms) to change their transformers.

The individuals need not pay cash through DD and wait for quite a long time together for transformer.

Every transformer depending upon the capacity may cost up to 2 lakhs. However, farmers will get a subsidy up to Rs. 70,000 in Hyderabad.

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