California distribution transformers market to grow at a CAGR of 4.5%
Research Nester has released a report titled California Distribution Transformer Market – Regional Demand Analysis & Opportunity Outlook 2027 which includes some of the market analyzing parameters.
U.S. Department of Energy stated that around 70% of total transformers in the nation were more than 25 years old as of 2018 and over 60% of the total distribution poles were more than 30-50 years old.
The statistics portray the rising concern for aging transmission and distribution (T&D) infrastructure in the U.S. which is anticipated to pose a threat to the national security demanding the need for replacements of existing T&D infrastructure. Additionally, rising concerns for increasing number of power outages, equipment failures and others, coupled with growing number of utility investments which will raise the demand for more electricity consumption, all of these factors are anticipated to contribute significantly towards the growth of the California distribution transformer market.
Moreover, increasing investments by the U.S. for the expansion, replacement and upgradation of the existing T&D infrastructure across states in the nation, for instance, California, Florida, Texas, New York and Washington along with rising demand for reliable power delivery systems, regulations and focus of the nation on renewable energy production, all of these factors are anticipated to drive the California distribution transformer market.
The California distribution transformer market is anticipated to record a CAGR of around 4.5% by market value during the forecast period, i.e. 2019-2027. The market is slated to reach USD 67.0 million from USD 46.1 million by market value in-between 2018-2027 with a growth of 1.45x. The California distribution transformer market is segmented by insulation type into dry type and liquid immersed type. Among these segments, the liquid immersed distribution transformer segment held the largest market share of around 72% and is further estimated to achieve a market size of USD 49 million from USD 33 million in-between 2018-2027, achieving a CAGR of 4.6% during the forecast period.
This report also studies existing competitive scenario of some of the key players of the California distribution transformer market, which includes profiling of ABB (swx:ABBN), Mitsubishi Electric Corp. (tyo:6503), General Electric GE, -2.49%, Hubbell HUBB, +0.40%, and Eaton ETN, +2.79%.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled California Distribution Transformer Market – Regional Demand Analysis & Opportunity Outlook 2027, analyses the overall California distribution transformer industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the California distribution transformer market in the near future.
Source: Open PR