Power Transformer Sales Remain Healthy, Buoyed by Soaring Demand for New and Refurbished Power Grids: FMI
Efforts to upgrade the existing power grid network with modern energy technology for flexible, secure, efficient, and reliable supply of power are anticipated to drive the demand for power transformers in the market. This, as suggested by a new Future Market Insights (FMI) study, will drive global power transformer market revenues beyond US$ 20 Bn by 2019 end. Over the forecast period (2019 – 2029), the power transformer sales will be witnessing a healthy CAGR, says the report.
Power Transformer Market
Future Market Insights published its recent report on the global power transformer market,...
Key Takeaways - Power Transformer Market Study
- Growing efforts towards electrification of rural areas in developing countries such as South Africa, China, and India, are expected to create noteworthy demand for single-phase power transformers.
- Replacement of old power grid networks with modern and efficient equipment is anticipated to create significant growth opportunities for transmission power transformers.
- Wet insulation type power transformers to remain the most preferred type in the power industry due to their higher durability, efficiency, and low maintenance costs as compared to dry type power transformers.
- South Asia, driven by power generation capacity additions in India and the Middle East & Africa, on the back of heavy investment inflow from China in power grid infrastructure, are anticipated to witness rapid growth in the power transformers market.
- High efficiency requirements, need for distinct raw materials and custom design necessities have been some of the prominent trends impacting the lead times in the market.
With renewable energy expected to play a significantly larger role in meeting the global energy demand by 2030, power transformer manufacturers are anticipated to witness an influx of demand for setting-up of new energy grids supporting the renewable power infrastructure.
Power Transformer Market Competition Analysis
Key manufacturers involved in the manufacturing of power transformers, like ABB, General Electric, Schneider Electric, Siemens AG, Eaton, and Kirloskar Electric, are focused on mergers & acquisitions to complement their business structure and expand market presence in key high-demand demographics. In addition, key players have been increasing production outputs and moving manufacturing plants to developing countries to reduce lead times and operation costs.
What Lies Ahead?
With China’s increasing investments in African nations to develop the local power grid, and developed regions like the U.S. and Europe concentrating on improving their matured grid network, the power transformer market is set to experience steady growth during the first half of the forecast period.
Know More About Power Transformer Market Report
A new market research report published by Future Market Insights (FMI) on the global power transformer market offers an in-depth market analysis into the market growth trends. The report analyses the global power transformer market through seven different segments- type, phase, application, insulation, voltage rating, end use, and region. The research report also details global power transformers supply-demand gap analysis, capacity utilization rates, failure analysis, procurement flow chart and respective lead times, value chain analysis along with region wise value and volume break-up in terms of various segments included under the research scope.
For further insights on the market growth, write to the analyst at firstname.lastname@example.org
About Industrial Automation Division at Future Market Insights
The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offer comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery used across manufacturing sector. The team also conducts distinctive analysis about installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as budding industry
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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