Global
Transformer Market – 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 Global
Transformer Market 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 market globally. The enlargement of transmission and
distribution grids around the world are expected to further stimulate the
growth of the transformer market in the forecast period. Moreover, escalated
investment being directed towards smart grid infrastructures is anticipated to
create new prospects for the transformer market further.
Global
Transformer Market Segmental Analysis
The assessment of the
segments in the transformer market has been carried out on the basis of type,
cooling type, insulation, power rating, and end-user.
On the basis of type, the
transformer market comprises of distribution transformer, power transformer,
and others.
By power rating, the
transformer market is segmented into medium, small, large power.
On the basis of cooling type, the transformer
market is segmented into air-cooled transformer and oil-cooled transformer.
Based on the insulation, the
transformer market consists of liquid immersed type and dry type. Based on the
region, the transformer market comprises of Americas, Europe, Asia Pacific, and
Middle East & Africa.
Regional
Analysis
The regional evaluation of
the transformer market 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
market in the Americas region. The European transformer market 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 market 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 market throughout the forecast period.
Leading
Plyers:
The important contenders in
the global transformer market 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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