Distribution Transformer Market Revenue, Segment & Key Trends To 2027
Market Research Future takes into a version for the impact of the novel coronavirus pandemic on the global distribution transformer market 2021. It offers a clear assessment of the proposed market fluctuations during the forecast period (2018–2023). Various factors are likely to impact the overall dynamics of the distribution transformer market with a high ~8.70% CAGR in the same forecasted period.
The ongoing coronavirus disease outbreak and the worldwide reaction to it, has compelled companies to rethink their strategies and the way they operate fundamentally. The same prevails for the global distribution transformer industry as well, where the industry experts helping companies survive and sustain in this pandemic.
Top Impacting Factors
In the first instance, distribution transformers are utilized to allocate power in a particular area, industrial estates, and remotely positioned buildings and houses. These are generally found on the marketable, extremity, or subversive near, or industrial, or housing areas. Growing population across the area can sponsor instigate necessity for saving power that, in turn, is likely to catalyze the market expansion of distribution transformer in the coming years.
With this, the growing knowledge about sustainable expansion in the universal population may also boost demand for energy competent solutions. Also, these tools illustrate to be one of the core sources of energy loss and easily replaceable and quantifiable. Therefore, the implementation of these pioneering systems can result in lessening of power loss.
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The imperative drivers escalating growth in the global distribution transformer market are the smart grid electrifying the market and expansion in the transformer industry. In the year 2009, the European Commission approved the third package for energy, which requisite 80% of homes in the 27 connected countries to have smart meters by the year 2020. There have been plentiful initiatives from the digital revolution in the distribution transformer market. The smart grid is the newest growth in the electricity market, which influenced the global distribution transformer market’s growth.
Segmentation of Market
The global distribution transformer market is further segmented by type, insulation, and end-user.
In terms of type segment, pad-mounted have proposed to have further growth in the forecast period as it significantly used in electric power distribution. The growth of this segment is driven by improvements in control systems and its process, rapid development in industrialization & urbanization, and technological developments.
In terms of the insulation segment, oil-immersed transformers are widely being established owing to its features. Oil removes heat and ensures loss reduction technology, the dielectric strength of insulation, high reliable insulation, and temperature control systems.
Regionally, Europe is anticipated to rise at USD ~1.5 billion by 2023, in particular in oil-filled distribution transformer. Renewable energy is giving a boost to the power sector, especially in Europe. As carbon emissions augment gradually, energy-efficient norms are getting tighter across the region. Consequently, the constructive aspect towards renewable integration is favored by regulatory authorities, thus establishing a maintainable energy mix that motivates the demand for oil-immersed transformers.
Asia Pacific region held the most significant market share in the distribution transformer market. China has observed colossal development for the demand for electrical energy in the last few decades, owing to high levels of infrastructural expansions and industrialization. Asia Pacific is also projected to control the market, owing to factors such as escalating power, which is developing industrial spending, T&D communications, and demand for renovating aging distribution transformers. Therefore, based on the scrutiny of the Research Institute of Electric Power, the requirement or demand for power in India is possible to be double in the coming years.
Top Market Players
The foremost players operating in the market of global distribution transformer are listed as Bharat Heavy Electricals Ltd (India), Kirloskar Electric Co. Ltd. (India), Emerson Electric (U.S.), Wilson Power Solutions Ltd (U.K), Hitachi (Japan), ABB Ltd (Switzerland), Eaton Corporation (Dublin), Wenzhou Rockwell Transformer Co., Ltd. (China), General Electric (U.S.), Ormazabal (Spain), SPX Transformer Solutions Inc. (U.S.), Lemi Trafo JSC (Bulgaria), Bowers Electricals Ltd (U.K), and Hammond Power Solutions Inc. (Canada).
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