Transformer
Industry – Overview
The
huge transmission and distribution investments being undertaken are expected to
spur the market for transformers. Reports that observe the energy and power
industry have been offered by Market Research Future, which supplies reports on
industry verticals that appraise the market expansion and prospects. The market
stands to gain revenues worth USD 64,514.9 million by 2023, with the aid of a
CAGR of 7.43 % in the forecast period.
The
increased importance being placed on the achievement of renewable energy goals
is anticipated to spur the Transformer
Industry globally. The enlargement of transmission and distribution
grids around the world are expected to further stimulate the growth of the Transformer
Industry in the forecast period. Moreover, escalated investment being directed
towards smart grid infrastructures is anticipated to create new prospects for
the Transformer Industry further.
Segmental
Analysis
The
assessment of the segments in the Transformer Industry has been carried out on
the basis of type, cooling type, insulation, power rating, and end-user.
On
the basis of type, the Transformer Industry comprises of distribution
transformer, power transformer, and others.
By
power rating, the Transformer Industry is segmented into medium, small, large
power.
On
the basis of cooling type, the Transformer Industry is segmented into
air-cooled transformer and oil-cooled transformer.
Based
on the insulation, the Transformer Industry consists of liquid immersed type
and dry type.
Based
on the region, the Transformer Industry comprises of Americas, Europe, Asia
Pacific, and Middle East & Africa.
Regional
Analysis
The
regional evaluation of the Transformer Industry covers regions such as Europe,
the Americas, Asia Pacific, and Middle East & Africa.
The
economies in the Americas region are producing a high capacity through elevated
investments in renewable energy resources. This is generating extensive
opportunities for the electrical component market in this region. Grid
development and cross-border expansion of the electrical lines are positively
motivating the Transformer Industry in the Americas region.
The
European Transformer Industry is anticipated to observe impressive growth in
the forecast period due to simplification of the market through an increase in
industrial development, aged infrastructure, which is adding to investment in
smart grids, increasing production of electricity, and mounting demand for
green energy.
The
Asia Pacific region is the fastest intensifying market for the Transformer
Industry globally. The continuous need to modernize and expand current
distribution infrastructure to back the rising demand for electricity will
contribute to the positive growth of the Transformer Industry throughout the
forecast period.
Competitive
Analysis
The
important contenders in the Transformer Industry are Eaton Corporation plc
(Ireland), ABB Ltd., (Switzerland), Schneider Electric (France), Hyosung Power
& Industrial Solutions (South Korea), Crompton Greaves Ltd. (India), and
Mitsubishi Electric Corporation (Japan). Toshiba Corporation (Japan), Siemens
AG (Germany), Bharat Heavy Electricals Limited (India), and SPX Transformer
Solutions, Inc. (U.S.) are among others.
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