Pad-mounted transformer market to exceed $38 B by 2032
Pad-mounted transformer market size is set to exceed $38 B by 2032, according to a research report by Global Market Insights Inc.
Image for illustration purposes.
Pad-mounted transformer market size is set to exceed $38 B by 2032, according to a research report by Global Market Insights Inc.
Rising infrastructural spending is expected to have a positive influence on the industry outlook. Promising funding schemes to enhance electrification networks across emerging economies are primed to foster the business scenario. In addition, mounting investments from private and public entities to support programs and regulatory initiatives are also augmenting the overall industry growth. For instance, in April 2022, General Electric’s GE Grid Solutions attained ReNew Power Pvt. Ltd. grid infrastructure deal for two 400 kV substations in India.
Dry-type pad-mounted transformer market is speculated to depict a 9 % CAGR through 2032 on account of its competitive cost structure and operational safety compared to its alternative sources. The utility sector’s growing adoption of these cooling technologies in accordance with precise efficacy equipped with R&D facilities is likely to bolster segment growth. Furthermore, these transformers are highly used in commercial buildings as they are safe for the environment.
Major participants in the pad-mounted transformer market such as ABB, General Electric, Schneider Electric, Siemens Energy, WEG, and others.
Source: Globe Newswire