Global Market Insights, Inc. present the report on Power Transformer Market evaluates the growth trends of the industry through historical study and estimates future prospects based on comprehensive research. The report extensively provides the market share, growth, trends and forecasts for the period 2018-2024.
According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, the Power transformer market size will exceed USD 35 billion by 2024..
Ongoing expansion of utility aided transmission & distribution networks to sustain the growing energy demand across the globe will drive the power transformer market size. Rising investments to refurbish the existing grid infrastructure across developed regions further proliferate the product penetration. In addition, increasing demand for rural electrification coupled with favorable regulatory framework across emerging electricity market will further complement the business outlook.
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1768 Market Data Tables
16 Figures & Charts
China power transformer market is set to surpass 2,500 annual installation by 2024. Favorable government reforms subject to the establishment of a sustainable electricity infrastructure will positively influence the business growth. Rapid industrial expansion across the nation to cater volume manufacturing practices by industry participants will positively stimulate the product demand.
Stringent energy efficiency compliance coupled with advancing smart transformer technologies will substantially augment the power transformer market growth. Ongoing auxiliary capacity addition across the globe with an aim to integrate a sustainable energy mix will boost the product penetration. Perpetual electrification programs subject to large scale renewable addition along with rapid expansion of utility based high tension electricity networks will further complement the industry outlook.
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Growth Drivers of Power Transformer Market:
- Refurbishment of existing grid infrastructure
- Rising infrastructural spending
- Growing deployment of renewable energy
- Upgradation of existing grid network
- Large-scale renewable integration
- Increasing demand of electricity
- Middle East & Africa and Latin America
- Increasing demand for electricity
- Growing investment toward expansion of transmission networks
Global shift towards energy conservation along with growing measures to provide safe and reliable electricity will foster the power transformer market. Energy efficiency measures coupled with briskly expanding smart-grid networks will further accelerate the product penetration. In 2017, in compliance to the smart grid agreement, Sweden, France, Germany, Italy, and UK proposed investments worth USD 133.7 billion with an aim to sustain the rapid smart grid adoption across the region.
The U.S. power transformer market will grow owing to ongoing investments toward refurbishment of existing electricity infrastructure. Expeditious expansion of infrastructure projects under the peninsula electrification program will fuel the product demand. In 2017, regulators across the U.S. proposed a funding worth USD 100 million to strengthen electricity infrastructure across the rail networks in California.
Eminent participants in the power transformer market include GE, ABB, Schneider Electric, Siemens, Crompton Greaves, Mitsubishi Electric, Hyosung, Toshiba Corp., Hyundai Electric, Daihen, SPX Transformer, Celme, Kirloskar, and BHEL.