Distribution transformer market set to exceed 80,000 units by 2024
According to a recent Global Market Insights report, the global distribution transformer market size was valued over $18 billion in 2016 and the annual installation is set to exceed 80,000 units by 2024.
Due to the robustly growing demand for electricity worldwide and a favourable inclination of regional governments toward micro-grid network expansions, the global distribution transformer market is projected to exceed $30 billion by 2024.
Rising investments across the infrastructural sector subject to pervasive commercial and residential establishments will drive the distribution transformer market size. Refurbishment and upgradation of aging electric networks along with the rapid adoption of smart monitoring and control distribution units will boost the product demand.
The U.S. distribution transformer market is projected to witness an annual installation over 7,000 units by 2024. Increasing demand for electricity along with ongoing government program toward rural electrification will also drive the Asia Pacific distribution transformer market share, where rising investments across the renewable energy sector along with increasing concerns toward the integration of a sustainable energy mix across the region will further complement the industry outlook.
The major industry participants include ABB, CG, General Electric, Siemens, EATON, Siemens, Schneider Electric, Toshiba Corp., Mitsubishi Electric, Hyundai Electric, BHEL, Hyosung, Daihen, Kirloskar, Ormazabal, Ruhstrat, Celme and SPX Transformer.
Source: Global Market Insights