Transformer Market Analysis
According to the latest research report, the worldwide Transformer Market share will grow at a CAGR of 7.43% during the projected 2022-2030.
The demand for electricity is increasing globally, driven by the growing population, urbanization, and industrialization. This is driving the need for efficient power transmission and distribution systems, which is driving the growth of the transformer market. In addition, the development of smart transformer technology is expected to revolutionize the market, with smart transformers offering advanced monitoring and control capabilities, improving efficiency, reliability, and safety.
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.
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.
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.
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.
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.
Read More@ https://www.marketresearchfuture.com/reports/transformer-market-5982
Market Segmentation
By Core
- Closed
- Shell
- Berry
By Product
- Distribution Transformer
- Power Transformer
- Instrument Transformer
By Winding
- Two Winding
- Auto Transformer
By Installation
- Outdoor
- Indoor
By Cooling
- Dry Type
- Self-cooled
By Insulation
- Gas
- Oil
- Solid
- Air
- Others
By Phase
- Three Phase
- Single Phase
By Rating
- ≤ 10 MVA
- 11 to 60 MVA
- 61 MVA to 600 MVA
- > 600 MVA
By Mounting
- Pad
- Pole
- PC/PCB
- Others
By Application
- Residential & Commercial
- Utility
- Industrial
By Region
- North America
- Europe
- Asia Pacific
- Middle East, Africa & Latin America
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.).
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