Transformer Market Research Report: Information by Type (Distribution Transformer, Power Transformer etc.), Power Classification, Cooling Type, Insulation, End User – Forecast to 2030
Transformer market analysis by Market Research Future (MRFR) estimates a sustainable compound annual growth of around 6% in the global transformer market share over the forecast period 2022-2030.
The global transformer market is set to witness significant growth during the forecast period 2020-2026 largely due to the increased demand for power in developing economies. This demand, when combined with the emergence of power projects aimed at reducing power transmission losses, will be seen as boosting the transformer market size by a significant amount. The global trend in energy demand has seen a major paradigm shift and is in transition away from carbon-based fuels towards energy from renewable energy sources. This development in the renewable energy sector will be seen driving the trends of the transformer market globally during the forecast period.
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The main players:
Some of the major players studied in the report are:
ABB Ltd. (Switzerland)
Eaton plc (Ireland)
Schneider Electric (France)
Siemens AG (Germany)
Crompton Greaves Ltd (India)
Mitsubishi Electric Corporation (Japan)
Toshiba Corporation (Japan)
Bharat Heavy Electricals Ltd (India)
Hyosung Power & Industrial Solutions (South Korea)
SPX Transformer Solutions Inc. (United State)
Key market drivers:
Favorable government policies for large-scale integration
Attention to renewable energy sources
Demand for smart monitoring units and sustainable electricity networks
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COVID-19 was an unexpected disaster of enormous proportions for the general public and economies in general. The entire world has come to a standstill and every industry has suffered as a result in 2020. Supply chain disruptions and manpower shortages have negatively affected the global transformer market as well. As companies operating in this market ecosystem struggle to find their operational stability in light of project delays, the industry is poised to rise to its challenges and grow exponentially during the forecast period.
Transformers Market Regional Analysis
The report also delves into the regional analysis of the transformer market to understand the contribution of each geographical market segment to the overall transformer industry.
North America – The North American sector will grow at an accelerated pace largely due to the demand to renew the existing grid structure in line with new technologies in renewables. Infrastructure spending will also rise as a result of the boosted pace in the real estate sector leading to an increase in the revenues of the transformer market in this region.
Europe – The European market will be seen as driving the growth of the global inverter market in the renewable energy sector due to the region’s growing adoption of renewable energy sources and the adaptation needs of following inverters. The modernization of the existing and obsolete network will also be a major factor for growth.
Asia Pacific – The Asia Pacific region will see an increase in power demand which translates directly into an increase in the revenue of the transformer market. The frighteningly large renewable energy integration will also contribute significantly to growth.
Middle East, Africa and Latin America – The growing demand for power to sustain the steady growth of marketing and manufacturing in the Middle East, Africa and Latin America will have a significant impact on the global transformer industry.
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4 market dynamics
4.2.1 Increasing investments in transmission and distribution infrastructure
4.2.2 Growth in the renewable energy sector
4.2.3 Motivation Impact Analysis
4.3.1 High initial capital cost of transformer
4.3.2 Reluctance to replace old infrastructure
4.3.3 Analyze the impact of constraints
4.4.1 The global rise in demand for electricity
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