Power Transformer Market annual installation is poised to cross 20 thousand units by 2024
SELLBYVILLE, Del., Feb. 9, 2018 /PRNewswire-iReach/ — Power Transformer Market is projected to exceed USD 35 billion by 2024, as reported in the latest study by Global Market Insights, Inc. 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.
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.
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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.
> 800 MVA power transformer market on account of rapid industrial expansion across developing markets has witnessed a significant turnaround in the recent years. The product subject to ongoing expansion of utility aided grid networks to cater the exponentially rising energy demand will witness appreciable escalation over the forecast timeframe. Government initiatives to establish a sustainable grid network across developed regions will further stimulate the product penetration.
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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.
Middle East & Africa power transformer market is set to witness sheer progression in line with ongoing deployment of decentralized generation units coupled with rapid expansion of micro-grid networks. Escalating infrastructural investments from institutions including the International Finance Corporation, and African Development Bank (ADB), across the region will positively impact the business landscape. In 2017, ADB declared investments over USD 12 billion to sustain the soaring electricity demand across Africa.
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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.
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Transformer Market Size 2017 – 2024
Transformer Market share for 2016 was valued over USD 40 billion and the annual installation is set to exceed 170 thousand units by 2024. Rapid urbanization coupled with rising expenditure across the infrastructure sector have fuelled the expansion of existing grid networks in the recent years.
Distribution Transformer Market Size 2017 – 2024
Distribution Transformer Market share for 2016 was USD 18 billion and the annual installation is set to cross 80 thousand units by 2024. Rising investments across the infrastructural sector subject to pervasive commercial and residential establishments will drive the distribution transformer market share.
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