Transformer Market 2022 Introduction, Definition, Specifications, Classification, and Industry Scope by 2028
Ongoing refurbishment of ageing grid infrastructure and burgeoning demand for uninterrupted electricity supply across the globe has instigated the installation of power transformers. This is expected to provide lucrative growth prospects for global transformer market over the forthcoming years. In addition, factors such as effective long-distance power supply coupled with minimum line losses is supporting the product demand.
Favorable regulatory scenario regarding rural electrification as well as large scale suburban migration is complementing the application of power transformers on a much larger scale today. Citing an instance, in 2020, the European Commission approved, the acquisition of power grid division of ABB, Switzerland by Japanese multinational conglomerate under the EU Merger Regulation.
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Speaking of the COVID-19 pandemic effects on the industry, several regions worldwide have gone through a difficult time restoring their operations and faced shortages in supply networks. However, growing electricity demand in healthcare sector is expected to enhance the product installation. Besides, several industries are slowly recovering from pandemic impact which will enhance the business outlook over the foreseeable future.
An overview of some of the major trends that are anticipated to augment transformer market growth:
Strategic initiatives by key business players
Prominent players operating in transformer market such as ABB, Schneider Electric, General Electric, Eaton and Siemens among others are inclined on developing technologically advanced solutions and are engaged in strategic initiatives such as mergers and acquisitions to gain strong market presence in the global industry. Such initiatives play a key role in enhancing the market growth.
For instance, in 2018, ABB announced the launch of its first ever digitally enabled power transformers -Ability™ Power Transformer. According to the company, this product will allow real-time remote monitoring and data analytics of some of crucial parameters which will improve reliability and facilitate higher utilization of grid infrastructure and power networks.
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Growing adoption of shell core transformers
With growing integration of wide range of frequency distribution infrastructure along with constant grid support mechanism, shell core transformers are gaining immense popularity. These transformers offer benefits such as minimal flux leakage, lower iron losses and effective mechanical strength. Public and private companies are also making hefty investment towards deployment of renewable sources of energy followed by supportive government schemes and incentives for encouraging the installation of solar power transformers is propelling the market potential.
Heightened installation of pole mounted transformers
Pole mounted transformers are being installed on a large-scale owing to increasing deployment of high voltage and long-route power supply networks. Expanding commercial establishments such as malls, hotels, resorts, universities and schools has fueled the product installation to a great extent. Stringent regulatory scenario mandating the integration of smart grids coupled with shifting consumer inclination towards sustainable electrical solutions is further enhancing the industry landscape.
Increasing demand for electricity in Middle East & Africa
Rising demand for electricity and increasing initiatives to refurbish existing electrical infrastructure in Middle East & Africa are the primary factors fostering the demand for transformers in the region. MEA is witnessing a significant shift in power consumption patterns across regional households and corporations which is complementing the business growth. Besides, growing investment towards installation of high-capacity alternative energy solutions across several countries such as UAE and Saudi Arabia will impel the product demand further. Considering the above-mentioned factors, transformer industry in Middle East & Africa is expected to register substantial CAGR of 7% through 2027.
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