— Transformer market analysis conducted by Market Research Future (MRFR) estimates a sustained CAGR of about 6% in the global transformer market share during the forecast period 2022-2030.
Global Transformer Market is slated to experience substantial growth during the forecast period of 2020-2026 largely due to rising demand for energy in the developing economies. This demand, when coupled with the advent of power projects aimed at reducing power transmission losses, will be seen bolstering the transformer market size by a significant amount. The global trend in power demand has seen a major paradigm shift and is in the transitional phase of inching away from carbon-based fuels towards power from renewable energy sources. This evolution in the renewable energy sector will be seen driving the transformer market trends globally during the forecast period.
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Some of the key players studied in the report are:
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)
SPX Transformer Solutions Inc. (U.S.)
Key Market Drivers:
Favorable government policies for large scale integration
Attention towards renewable energy sources
Demand for smart monitoring units and sustainable electricity networks
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COVID-19 was an unforeseen calamity of gigantic proportions for general public and economies on the whole. The whole world was brought to a standstill and every industry suffered as a result in the year 2020. Supply chain disruptions and manpower shortages adversely affected the global transformer market as well. As the companies operating in this market ecosystem struggle to find their operational stability in the light of project delays, this industry is all set to overcome its challenges and grow substantially during the forecast period.
Transformer Market Regional Analysis
The report also delves deep into the regional analysis of the transformer market to understand the contribution of each geographical market segment to the overall transformer industry.
North America – The North American segment will grow at an accelerated pace largely owing to the demand for refurbishment of the existing grid structure in line with the new technologies in renewable energy sources. The rising infrastructural spending owing to a bolstered pace in real estate sector will also be seen driving transformer market revenues upwards in this region.
Europe – The European market will be seen leading the global transformer market growth in the renewable energy sector because of the region’s growing adoption of renewable energy sources and the transformer adaption needs that follow. Also, upgradation of the existing and ageing grid network will be a major growth factor.
Asia Pacific – The APAC region will see a surge in power demand which directly translates into a surge in the transformer market revenue. Large scare renewable energy integration will also contribute to the growth significantly.
Middle East, Africa & Latin America – Escalating power demand to sustain the steady growth of commercialisation and industrialisation in the Middle East, Africa and Latin America will also have a large impact on the global transformer industry.
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4 Market Dynamics
4.2.1 Rise In Transmission & Distribution Infrastructure Investments
4.2.2 Growth In Renewable Energy Sector
4.2.3 Drivers Impact Analysis
4.3.1 High Initial Capital Cost Of Transformer
4.3.2 Reluctance To Replace Aging Infrastructure
4.3.3 Restraints Impact Analysis
4.4.1 Global Rise In Electricity Demand
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