Distribution transformers market expect to reach $22 B by 2027
Distribution transformers market size that was estimated at $16.57 B in 2020 is projected to grow at a CAGR of 6.80 % from 2021 to 2029 and reach $27.90 B by 2028.
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Distribution transformers market size that was estimated at $16.57 B in 2020 is projected to grow at a CAGR of 6.80 % from 2021 to 2029 and reach $27.90 B by 2028.
Factors that are driving the market for the distribution transformer is the increased efficiency that the system provides and surge in power generation capacity plans across the globe, as well as the growing demand for distribution transformers across several industries. The demand for energy has led to the alternate of old infrastructure and new volume addition. Ongoing inclinations toward the augmentation of the prevailing grid infrastructure in line with rising the regional electrification index will stimulate the global distribution transformer market share. Utilities across the world are substituting conventional single-phase power supply networks with advanced three-phase systems which in turn will boost the product demand.
There are certain restraints and challenges faced which will hinder the market growth. Factors such as the time taken for implementation as well as the cost of the system are restraining the market. Though demand for distribution transformer is increasing across the globe, aspects such as cost associated with the system and complexity in the implementation are shifting preference towards conventional sources.
The distribution transformers ranging from 2,501–10,000 kVA is anticipated to wide use in industrial and commercial sectors owing to high power consumption as compared to residential power consumption accompanied by flexible product operations crosswise the primary and secondary distribution networks.
The largest share in the market will be dominated by Asia-Pacific, owing to an increase in energy consumption because of the ongoing economic progression. China has seen strong development in the demand for electricity in the past couple of decades, due to high levels of industrialization and infrastructural developments.
Key players: Eaton, GE, Crompton Greaves Limited, Siemens.
Source: Verified Market Research