Transformers Market to Gain Traction Through 2029: Growing Requirement for Energy-Efficient Power Distribution Grids to Boost Market Growth: Fortune Business Insights
Pune, India, Jan. 09, 2023 (GLOBE NEWSWIRE) —
The global Transformer Market size is increasing due to the growing requirement for energy-efficient power distribution systems. Government policies to minimize power wastage to boosts market growth. In addition, increasing innovation for a centralized power distribution network and new developments in power distribution infrastructure are expected to accelerate market growth. Fortune Business Insights presents this information in its report titled ” Transformers Market, 2022-2029.”
A transformer is commonly a passive component or a static electric machine. It transfers and distributes power from one grid to another power circuit. The transformer is the most critical or vital part of the power distribution ecosystem, and it is capable of maintaining constant power distribution.
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COVID-19 Pandemic Slowded Down Market Growth Slightly
The COVID-19 pandemic deterred the progress of the global transformers market. The considerable drop in construction activity and subsequent delays in power grid deployment also impacted the market growth. Lower energy demand was experienced amid the pandemic, limiting market opportunities.
The Report Lists the Key Players Profiled in the Market Report:
Mitsubishi Electric Corporation (Japan)
Daihen Corporation (Japan)
Toshiba Corporation (Japan)
Schneider Electric 9 (France)
General Electric (U.S.)
Eaton Corporation (U.S.)
ABB Ltd. (Switzerland)
Elsewedy Electric (U.S.)
CG Power and Industrial Solutions (India)
Kirloskar Electric (India)
Raychem RPG 9 (India)
IMEFY Group (Spain)
Siemens AG (Germany)
Hyosung Power & Industrial Systems (Korea)
TRENCH Group (Canada)
KOTSONS Pvt. Ltd. (India)
Banmore Electricals Pvt Ltd. (India)
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Based on product type, the market is classified into power transformer, audio transformer, IF transformer, instrument transformer, pulse transformer, and others.
On the basis of mounting location, the market is split into pole mount transformers, pad mount transformers, and underground transformers.
According to insulation type, the market is segmented into solid, dry type, liquid immersed, and other.
In terms of winding type, the market is broken down into disk windings, cylindrical windings, aluminum windings, continuous disk windings, cross over windings, and helical windings.
By power supply, the market is divided into three phase supply and single phase supply.
Based on installation, the market is segmented into indoor and outdoor.
By application, the market is classified into residential, commercial, energy & power, industrial, utility, and oil & gas.
Geographically, the market is segregated into Europe, North America, Asia Pacific, South America, and the Middle East & Africa.
Drivers & Restraints:
New Power Distribution Infrastructure to Encourage Transformer Adoption
Increasing procurement of digital & energy-efficient transformers is anticipated to incite the market growth. In addition, stringent government policies to minimize power wastage will boost transformers demand. Further, the growing adoption of smart monitoring solutions and the development of power distribution infrastructure are estimated to propel transformer market growth. In addition, the development of innovative power grids to harness renewable energy sources are expected to accelerate market growth during the forecast period.
However, the high initial cost and complex technological compatibility of interconnected systems may hinder market growth.
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Increasing Investments by Market Players to Drive Market Share
The increasing consumption of power supply by industrial and commercial has accelerated transformers market share in North America.
Rapid industrialization and urbanization in China and India witnessed smooth growth in the Asia Pacific. Further, massive investments by the government authorities in the establishment & development of power & energy infrastructure to promote market growth.
Europe is expected to show prominent market growth due to the development of grid technologies and the integration of power grids.
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Key Players Focus on Collaboration to Gain a Competitive Advantage
Prominent market players are collaborating by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Acquisitions& mergers are also among the key strategies players use to expand their product portfolios.
June 2021– Mitsubishi Electric and Siemens Energy have decided to venture into the collaboration to develop clean and high voltage power transmission. Both the companies have signed a Memorandum of Understanding (MoU) to develop modern high-voltage switching solutions using Siemens Energy’s Blue Portfolio solutions.
Table of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Key Industry Developments – Merger, Acquisitions, and Partnerships
4.2 Distribution Analysis
4.3 Porter’s Five Forces Analysis
4.4 PEST Analysis
4.5 Technological Developments
4.6 Impact of COVID-19
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