Power transformer market worth $24 B by 2027
The power transformer market revenue is expected to cross $24 B by 2027, as reported in the latest study by Global Market Insights, Inc.
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The power transformer market revenue is expected to cross $24 B by 2027, as reported in the latest study by Global Market Insights, Inc.
Rising deployment of sustainable energy networks along with stringent government policies and reforms to curtail carbon emissions will drive the business landscape. In addition, large scale urban migration along with growing inclination toward energy generation sources will accelerate the industry dynamics. Ongoing technological enhancements toward integration of cloud-based systems across the grid network will further boost the product adoption.
Dry-type power transformer industry exceeded $ 5 B in 2020. Ability of these units to offer zero carbon emission, high dielectric strength and low maintenance cost will drive the product demand.
Power transformer market by > 800 MVA capacity is anticipated to surge on account of ongoing industrial expansion across developing countries in line with growing adoption of sustainable power generation sources.
Some prime findings of the power transformer market report include:
- The global market is expected to grow on account of rising electricity demand coupled with increasing investment toward long-distance power grid infrastructure.
- Ongoing technological advancements to deploy cloud-based solutions across existing T&D networks will positively sway the product demand.
- Large scale renewable integration across the developed and developing nations followed by paradigm shift toward development of sustainable electric infrastructure will positively influence the power transformer industry dynamics.
Oil insulated units in 2020 hold the majority share of 58.9 % across the power transformer market. Growing applicability of these units across commercial, industrial small- and large-scale utilities will further sway the product adoption. In addition, increasing number of projects which includes cross-border and inter-state transmission, and distribution infrastructure will in turn drive the industry landscape.
Middle East and Africa power transformer market is estimated to grow on account of rising investments toward development of electric infrastructure network followed by stringent government policies to curtail usage of carbon emission electrical equipment. Moreover, restructuring and revamping of existing power grid infrastructure coupled with development of micro-grid networks across the isolated zones will positively sway the business scenario.
Key players are ABB, General Electric, Eaton, Schneider Electric, Siemens.
Source: Globe Newswire