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 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 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.
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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.
Detailed 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.
Competitive
Analysis
The
market is right now experiencing a chapter of dramatic developments. The
formation of beneficial commerce strategies by quite a few countries is
anticipated to amend the market’s growth perspective. The revolution noticed in
the economies of numerous emerging nations is anticipated to push the market’s
development in the forecast period. The need to stabilize the market conditions
is expected to be a primary concern in the period of the forecast. Also, the
consumer trends are anticipated to boost the market expansion in the coming
years. The market’s development is dictated by the influence of market forces
at play. The geopolitical conflicts and strategies are further intensified by
the power tussles in international governments. The developments in the
manufacturing sector in terms of equipment and facility space are expected to
bolster the market’s development in the forecast period.
Prominent Players
The
important contenders in the 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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