Distribution transformer market expected to grow 8.7% CAGR
Market Research Future (MRFR) published a research report in January called “Global Distribution Transformer Market Research Report – Forecast to 2023”- Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Per report, the global distribution transformer market is expected to rise at $19 billion by 2023 at a CAGR of 8.7% in the forecast period. The growth is driven by improvements in the existing power infrastructure in developing countries, expansion in the current plans of transforming and distribution sector, smart grid initiatives for economic efficiency, and growth in the renewable sector. The major restraint is calibration of proper equipment in the market.
The global distribution transformer market is segmented by type as pole mounted, pad mounted and underground, by insulation as oil immersed and dry, by power rating as <500 kVA, 500 kVA-2500 kVA, 2500 kVA- 10000 kVA, and > 10000 kVA, by end user as industrial, Utilities and commercial & residential and by region as North America, Asia Pacific, Europe and Middle East & Africa.
Based on by type, pad mounted have projected to have more growth in forecast period as it majorly used in electric power distribution. The growth of this segment is driven by improvements in process control systems, rapid development in industrialization & urbanization, and technological developments.
Based on by insulation, oil immersed transformers are widely being accepted because of its features. Oil removes heat and ensures dielectric strength of insulation, loss reduction technology, high reliable insulation, and temperature control systems.
Based on by region, Europe is expected to rise at USD $1.5 billion by 2023, especially in oil filled distribution transformer. Renewable energy is giving boost to power sector, especially in Europe. As carbon emissions increase gradually, energy efficient norms are getting tighter across the region. Consequently, constructive aspect towards renewable integration are favored by regulatory authorities, establishing maintainable energy mix that drive the demand for oil immersed transformers.
The major players operating in the market of global distribution transformer are Wilson Power Solutions Ltd (U.K), Emerson Electric (U.S.), Hitachi (Japan), Kirloskar Electric Co. Ltd. (India), Wenzhou Rockwell Transformer Co., Ltd. (China), ABB Ltd (Switzerland), Eaton Corporation (Dublin), and General Electric (U.S.). Mitsubishi Electric Corporation (Japan), Ormazabal (Spain), SPX Transformer Solutions Inc. (U.S.), EREMU, S.A. (Spain), Lemi Trafo Jsc (Bulgaria), Hammond Power Solutions Inc. (Canada), Bowers Electricals Ltd (U.K), Bharat Heavy Electricals Ltd (India), and Crompton Greaves Ltd. (India) are among others who are exceedingly proficient to offer the finest solutions to the industry.
Source: Market Watch / MRFR