North America oil-filled transformer market to hit $10 B by 2027
The North America oil filled transformer market value is projected to cross $10 B by 2027, as reported in the latest study by Global Market Insights, Inc.
The North America oil filled transformer market value is projected to cross $10 B by 2027, as reported in the latest study by Global Market Insights, Inc.
The projections have been made on account of increasing expenditure toward the modernization of electric infrastructure and increasing energy consumption. Government regulations toward the establishment of renewable networks along with ongoing refurbishment of ageing grid infrastructure will augment the industry landscape. Expansion of road and rail networks primarily across emerging nations coupled with extensive investments across the transportation sector is set to fuel the product demand.
Berry based oil filled transformer segment of North American industry will gain an appreciable momentum on account of increasing applicability across mobile transformer applications and temporary electrical establishments. Favourable tendencies toward the expansion of micro-grid networks coupled with expeditious expansion of utility based renewable infrastructure will enhance the business landscape.
The COVID- 19 pandemic had minimal impact on overall industry growth. During this outbreak, operations and maintenance of energy infrastructure were operational followed by no prohibitions by state government on construction of renewable energy projects. However, increasing electricity demand across healthcare sector is anticipated to enhance the product installation.
Key players are: Hitachi ABB Power Grids, General Electric, WEG, Siemens, etc.
Source: Globe Newswire