VALLEY COTTAGE, N.Y. – Future Market Insights (FMI) forecasts the global power transformer market size to grow from US$ 19 Bn in 2018 to US$ 32 Bn by 2029, at a CAGR of 5% during the forecast period 2019-2029. In recent times, adoption of smart transformers has been on the rise, as methods of energy generation and distribution continue to change rapidly. Increasing emphasis on alternate energy production across the world, huge investment in smart grids and energy systems, and digitalization of power utilities are influencing the growth of the power transformers market.
Investments in R&D activities and introduction of highly advanced products remain key focus area of stakeholders to take the market to the next level. For instance, in April 2018, ABB Group introduced Ability Power Transformer, which is considered as the first-ever digitally integrated power transformer. Similar innovations are expected to fuel the growth of the global power transformer market.
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“Increasing awareness regarding protection of environment and rising pollutant emissions have been driving the development of super grid and smart grid. In addition, replacement of Polychlorinated biphenyls (PCBs) as transformer oil along with growing awareness of green initiatives is bringing notable changes in the power transformer market,” says FMI analyst.
Key Takeaways – Global Power Transformer Market Study
- In recent times, greater government emphasis on expanding the portfolios of renewable energy resources through wind and solar energy power plants is contributing to demand for power transformers.
Preview Analysis of 2019 Analysis and Review of Power Transformer Market by Type – Core Transformer and Shell Transformer for 2019 – 2029:https://www.futuremarketinsights.com/reports/power-transformer-market
- Low installation costs, compact size, and high demand across different verticals such as oil & gas, healthcare, and electric power are influencing demand for 100- 500 kVA transformers. According to the FMI study, 100-200 kVA transformer held 57% of the total share in 2018.
- In the power industry, wet-type power transformers remain the most preferred category, owing to their higher efficiency, durability, and low maintenance cost as compared to dry-type power transformers. However, the latter is expected to witness increased demand, exhibiting a CAGR of 4.5% over the forecast period.
- Strong focus on improving energy efficiency in the power industry has led to a rise in the integration of wide-ranging frequency distribution links in the residential and commercial sectors. Globally, many government bodies are profoundly investing in the electrification agendas to improve their ability to provide power services to rural residential & commercial sectors.
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- In 2018, power transformers for residential & commercial sectors held 38% of the total revenue, and the trend is expected to continue over the forecast period.
- East Asia’s market will witness significant growth on account of increasing government efforts to spur the existing power infrastructure & capabilities. Government funding towards the establishment of new transmission lines coupled with increased electrification rates will continue to bolster the power transformer market growth in the region.
- Demand for power transformers in MEA and South Asia will also continue to grow at a moderate pace, owing to improvement in economic conditions in various countries.
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