Power transformer market to exceed $35B by 2024
A new market research study by Global Market Insights, Inc. is analysing the developments on the global power transformer market in the forecast period 2017 – 2024.
According to the report, power transformer market share will surpass $35 billion by 2024, reports Globe NewsWire.
The market is driven by ongoing expansion of utility aided transmission and distribution networks to sustain the growing energy demand across the globe, as well as rising investments to refurbish the existing grid infrastructure across developed regions, and increasing demand for rural electrification along with favourable regulatory framework across emerging electricity markets.
China power transformer market is set to surpass 2,500 annual installation by 2024.
800 MVA power transformer market on account of rapid industrial expansion across developing markets has witnessed a significant turnaround in the recent years.
Energy efficiency measures and expansion of smart-grid networks will further accelerate the product penetration. In 2017, in compliance to the smart grid agreement, Sweden, France, Germany, Italy, and UK proposed investments worth $133.7 billion with an aim to sustain the rapid smart grid adoption across the region, according to the report.
The U.S. power transformer market will grow owing to ongoing investments toward refurbishment of existing electricity infrastructure. Middle East & Africa market will further progress owing to ongoing deployment of decentralized generation units coupled with rapid expansion of micro-grid networks.
Escalating infrastructural investments from institutions including the International Finance Corporation, and African Development Bank (ADB), across the region will positively impact the business landscape. In 2017, ADB declared investments over $12 billion to sustain the soaring electricity demand across Africa,
Some of the major participants in the power transformer market include GE, ABB, Schneider Electric, Siemens, Crompton Greaves, Mitsubishi Electric, Hyosung, Toshiba Corp., Hyundai Electric, Daihen, SPX Transformer, Celme, Kirloskar, and BHEL.
Source: Globe NewsWire