The increasing requirement for energy-efficient power distribution grids and stringent government policies to minimize power wastage have bolstered the Global Transformers market’s growth prospects. New growth opportunities for the market are anticipated to come from increasing innovation for constructing a centralized power distribution network, ongoing acceptance of smart monitoring systems, and expanding power distribution infrastructure.
The keen interest of the governments and real estate developers towards procuring smart transformer solutions is projected to reinforce the evolution of the transformers market. In addition, most developing and underdeveloped countries are working to improve rural electrification standards and the penetration of power grids.
To consistently provide the rising global demand for power, many more transformers are required. A huge number of transformers is anticipated to be built globally till 2040. Given the equipment’s continuous usage during its 25-year service life, the performance of the transformer has a significant influence on power consumption. The demand on the power grid is lowered, costs are reduced, and reliability is increased due to improved performance. Payback times might be as little as a year or as long as six years or more, depending on the equipment and power rates.
Major market drivers
There are primarily two major influencers that are accelerating the pace of growth of the global transformers’ market, namely: i) Growing digital infrastructure and penetration of connected devices; and ii) Increase in number of sports events and leagues.
A few of the prominent players
ABB Ltd., Banmore Electricals Pvt. Ltd., CG Power and Industrial Solutions, Daihen Corp., Eaton Corp., Elsewedy Electric, General Electric, Hyosung Power & Industrial Systems, IMEFY Group, Kirloskar Electric, Mitsubishi Electric Corp., Raychem RPG, Schneider Electric, Siemens AG, and Toshiba Corp.
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