Transformers Market Research Report: Insights by Type, Power Rating, Cooling Type, Insulation, End User Forecast to 2030
Transformers Market Research Report: Insights by Type (Distribution Transformer, Power Transformer and Others), Power Rating, Cooling Type, Insulation, End User – Forecast to 2030
Transformers market analysis conducted by Market Research Future (MRFR) estimates a sustained CAGR of around 6% of the global transformers market share during the forecast period 2022-2030.
The global transformer market is expected to witness substantial growth over the forecast period 2020-2026, largely driven by the growing demand for energy in developing economies. This demand, coupled with the advent of power projects aimed at reducing power transmission losses, will significantly enhance the market size of transformers. The global electricity demand trend has undergone a major paradigm shift and is in the transition phase of gradually moving away from carbon-based fuels towards electricity from carbon sources. renewable energy. This development in the renewable energy sector will be seen as driving the global transformer market trends over the forecast period.
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Some of the key players studied in the report are:
ABB Ltd. (Swiss)
Eaton Corporation plc (Ireland)
Schneider Electric (France)
Siemens AG (Germany)
Crompton Greaves Ltd. (India)
Mitsubishi Electric Corporation (Japan)
Toshiba Corporation (Japan)
Bharat Heavy Electricals Limited (India)
Hyosung Power & Industrial Solutions (South Korea)
SPX Transformer Solutions Inc. (USA)
Key Market Drivers:
Government policies favorable to large-scale integration
Beware of renewable energies
Demand for smart monitoring units and sustainable power grids
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COVID-19 has been an unforeseen calamity of gigantic proportions for the general public and economies as a whole. The whole world has been paralyzed and every industry has suffered in 2020. Supply chain disruptions and labor shortages have also hurt the global transformer market. As companies operating in this market ecosystem struggle to find their operational stability in light of project delays, this industry is poised to overcome its challenges and grow significantly over the forecast period.
Transformers Market Regional Analysis
The report also delves into the regional analysis of the Transformers market to understand the contribution of each geographic market segment to the overall Transformers industry.
North America – The North American segment will experience accelerated growth, mainly due to the demand for renovation of the existing grid structure in accordance with new technologies of renewable energy sources. Rising infrastructure spending due to a strong pace in the real estate sector will also be seen as an increase in market revenue for processors in this region.
Europe – The European market will be seen as the growth leader in the global market for transformers in the renewable energy sector due to the increasing adoption of renewable energy sources in the region and the adaptation needs of transformers resulting from it. ensue. In addition, the modernization of the existing and aging electricity network will be a major growth factor.
Asia-Pacific – The APAC region will witness an increase in the demand for electricity which will directly translate into an increase in transformer market revenue. The integration of renewable energies on a large scale will also contribute to growth significantly.
Middle East, Africa and Latin America – Rising demand for electricity to support the steady growth of commercialization and industrialization in the Middle East, Africa and Latin America will also have a significant impact on the global transformer industry.
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4 Market dynamics
4.2.1 Increased investment in transmission and distribution infrastructure
4.2.2 Growth in the renewable energy sector
4.2.3 Driver impact analysis
4.3.1 Transformer High Initial Investment Cost
4.3.2 Reluctance to replace aging infrastructure
4.3.3 Constraint impact analysis
4.4.1 Global Increase in Electricity Demand
Market Research Future (MRFR) is a reputable company with a reputation for serving clients in the information technology (IT), healthcare and chemical industries. Our analysts undertake careful primary and secondary research to deliver a transparent report with a 360 degree perspective. Data is compared against reputable organizations, reliable databases and international surveys to produce impeccable reports supported by graphical and statistical information.
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