The global transformer market will reach USD 64,514.9 million at a favorable 6% CAGR by 2030, states the latest Market Research Future (MRFR) report.
Drivers
Deployment of Smart Transformers and Smart Grids to Boost Market Growth
The
deployment of smart transformers and smart grids will boost market
growth over the forecast period. Smart grid helps in facilitating the
remote access monitoring of grid instruments and responding to
fluctuating power demand instantly. A smart power transformer is being
increasingly used owing to its perks. This offers optimized power
supply, offers efficient cooling, respond to voltage fluctuations, and
thus reduce CO2 emissions.
View Full Report@ https://www.marketresearchfuture.com/reports/transformer-market-5982
Opportunities
Rapid Growth of Industrialization to offer Robust Opportunities
The
rapid growth of industrialization resulted in more demand for cost
effective, fast, and well equipped power transmission and voltage
regulation sources where the transformers fit the best thus offering
robust opportunities for the transformer market over the forecast
period.
Restraints
Lack of Awareness to act as Market Restraint
The
lack of awareness, fluctuation in raw materials supply, and
distribution of supply channels and distribution for the pandemic may
act as market restraints over the forecast period.
Challenges
Variation in Raw Material Prices to act as Market Challenge
The
variation in raw material pricing, the lack of availability of high
quality electrical steel, the long installation and manufacturing time
of power transformers, and huge capital investments needed for
construction to support infrastructure for stable and smooth transformer
operation may act as market challenge over the forecast period.
Key Players
Eminent industry players profiled in the global transformer market report include ABB Ltd. (Switzerland), Eaton Corporation plc (Ireland), Schneider Electric (France), Siemens AG (Germany), Crompton Greaves Ltd. (India), Mitsubishi Electric Corporation (Japan), Toshiba Corporation (Japan), Bharat Heavy Electricals Limited (India), Hyosung Power & Industrial Solutions (South Korea), and SPX Transformer Solutions Inc. (U.S.).
Market Segmentation
The
global transformer market is bifurcated based on core, product,
winding, installation, cooling, insulation, phase, rating, mounting, and
application.
By core, the global transformer market is segmented into berry, shell, and closed.
By
product, the global transformer market is segmented into instrument
transformer (potential, current, and others), power transformer, and
distribution transformer.
By winding, the global transformer market is segmented into auto transformer and two winding.
By installation, the global transformer market is segmented into indoor and outdoor.
By
cooling, the global transformer market is segmented into dry type (oil
immersed, airblast, and self-air) and self-cooled (forced oil,
water-cooled, and others).
By insulation, the global transformer market is segmented into air, solid, oil, gas, and others.
By phase, the global transformer market is segmented into single phase and three phase.
By rating, the global transformer market is segmented into >600 MVA, 61 MVA to 600 MVA, 11 to 60 MVA, and <10 MVA.
By mounting, the global transformer market is segmented into PC/PCB, pole, pad, and others.
By application, the global transformer market is segmented into industrial, utility, and residential & commercial.
COVID-19 Analysis
COVID-19
outbreak has been an unforeseen calamity of huge proportions for
economies and general public alike. The whole nation came to that
standstill and every industry suffered. Disruptions in supply chain and
shortages of manpower adversely impacted the market. As the companies
that operate in this market are struggling in finding operational
stability in the light of project delays, this sector is all set in
overcoming its challenges and develops substantially over the forecast
period. A key factor that will assist under such circumstances is the
burgeoning need that is coming from the healthcare and hospitality
sector. The growing awareness about healthcare in the post-pandemic
world has resulted to an increased production of health products like
sanitizers that has increased industrialization across the globe. This
growth can even out losses and get the transformer market to its
normalcy.
Get a FREE Sample@ https://www.marketresearchfuture.com/sample_request/5982
Regional Analysis
North America to Head Transformer Market
North America will head the transformer market over the forecast period. Increasing concerns about greenhouse gas emission rate and also its hazards to the environment, increase in construction activities and infrastructure, industrialization, growing consumption of electricity, increasing emphasis on renewable electric power generation, and the US being the world’s largest electricity producers are adding to the global transformer market growth in the region.
No comments:
Post a Comment