Transformer Market Gaining Momentum to 2029: Growing Requirements for Energy Efficient Power Distribution Networks to Boost Market Growth: Fortune Business Insights
Pune, India, Jan. 09, 2023 (GLOBE NEWSWIRE) —
The size of the global transformer market is increasing due to the increasing need for energy efficient power distribution systems. Government policies to reduce energy waste to promote market growth. In addition, increasing innovation for a centralized power distribution network and new developments in power distribution infrastructure is expected to accelerate the growth of the market. Fortune Business Insights presents this information in its report titled “Transformer Market, 2022-2029”.
The transformer is usually a passive component or static electrical machine. It transmits and distributes power from one network to another electrical circuit. The transformer is the most important or vital part of the power distribution ecosystem, which is able to maintain a stable power distribution.
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The impact of COVID-19:
The COVID-19 pandemic has slowed the market growth slightly
The COVID-19 pandemic deterred the progress of the global transformer market. The significant decline in construction activity and subsequent delays in the deployment of the electricity grid also affected the growth of the market. There has been a drop in energy demand amid the pandemic, which has limited market opportunities.
The report lists the major players present in the market report:
Mitsubishi Electric Corporation (Japan)
Daihin Corporation (Japan)
Toshiba Corporation (Japan)
Schneider Electric 9 (France)
General Electric (USA)
Eaton Corporation (USA)
ABB Ltd. (Switzerland)
El Sewedy Electric (USA)
CG Power and Industrial Solutions (India)
Kirloskar Electric (India)
Raychem RPG 9 (India)
IMEFY Collection (Spain)
Siemens AG (Germany)
Hyosung Power & Industrial Systems (Korea)
TRENCH Group (Canada)
Kutsons Pvt. Ltd. (India)
Banmore Electricals Pvt Ltd. (India)
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Based on product type, the market is segmented into transducer, audio transducer, IF transducer, instrument transducer, pulse transducer, and others.
On the basis of installation site, the market is segmented into pole mount adapters, pad adapters, and underground adapters.
According to the type of insulation, the market is segmented into solid, dry, liquid immersed, and others.
In terms of coil type, the market is segmented into disc coils, cylindrical coils, aluminum coils, continuous disc coils, cross coils, and helical coils.
By power supply, the market is divided into three-phase supply and single-phase supply.
On the basis of installation, the market is segmented into indoor and outdoor.
By application, the market is categorized into residential, commercial, power and electricity, industrial, utilities, and oil and gas.
Geographically, the market is segmented into Europe, North America, Asia Pacific, South America, and the Middle East and Africa.
Drivers and restrictions:
New power distribution infrastructure to encourage adoption of transformers
Increased purchase of digital and energy saving inverters is expected to spur market growth. In addition, strict government policies to reduce energy waste will boost the demand for transformers. Moreover, increasing adoption of smart monitoring solutions and development of power distribution infrastructure is expected to drive the growth of the transformer market. In addition, the development of innovative power grids to harness renewable energy sources is expected to accelerate market growth over the forecast period.
However, the high initial cost and complex technological compatibility of interconnected systems may hinder market growth.
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Increasing players’ investments in the market to increase market share
The increasing consumption of power supplies by industry and commercial has accelerated the transformer market share in North America.
The rapid industrialization and urbanization in China and India saw a smooth growth in the Asia Pacific region. Moreover, huge investments by government authorities in establishing and developing power and energy infrastructure to boost market growth.
Europe is expected to show significant growth in the market due to the development of network technologies and the integration of power grids.
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Major players focus on cooperating to gain a competitive advantage
Leading players in the market collaborate by partnering with other companies to stay ahead of the competition. Many companies also invest in new product launches to expand their product portfolio. Acquisitions and mergers are also among the major strategies players use to expand their product portfolios.
June 2021 – Mitsubishi Electric and Siemens Energy have decided to enter into a collaboration to develop clean, high-voltage power transmission. Both companies have signed a Memorandum of Understanding to develop state-of-the-art high voltage conversion solutions using Siemens Energy’s blue portfolio solutions.
1.1 Scope of the research
1.2 Market segmentation
1.3 Scientific Research Methods
1.4 Definitions and Assumptions
2. Executive summary
3. Market dynamics
3.1. Market drivers
3.2 Market Restrictions
3.3 Market Opportunities
4. Key insights
4.1 Key Industry Developments – Mergers, Acquisitions and Partnerships
4.2 Distribution Analysis
4.3 Porter’s Five Forces Analysis
4.4 PEST analysis
4.5 Technological developments
4.6 Impact of COVID-19
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