Global Power Transformer Industry Insight:
Market Research Future’s report provides COVID-19 Outbreak study accumulated to offer the latest insights about acute features of the global Power Transformer Market 2020. The study reveals that the global market for a power transformer would reach a high valuation while predicting, the market might expand at 8.64% CAGR between 2018 and 2023 (forecasted period).
The current market position of the power transformer market is significantly impacted by the COVID-19 outbreak. The market analysis of the power transformer market by the analysts states that the market players will have to change their business strategies to revive the market from the situations due to the outbreak of a pandemic.
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Top Industry Players:
The top industry players in the power transformer market are listed as Crompton Greaves Ltd. (India), Bharat Heavy Electricals Limited (India), Toshiba Corporation (Japan), Mitsubishi Electric Corporation (Japan), Hyosung Power & Industrial Solutions (South Korea), ABB Ltd., (Switzerland), Schneider Electric (France), Siemens AG (Germany), SPX Transformer Solutions, Inc. (U.S.), and SGB-SMIT Group (Germany).
Top Impacting Drivers
Assorted factors oblige the global power transformer market growth, and when analyzing parameters of growth amid the long-term impact of COVID-19, MRFR has come up with a different aspect. Apart from the rising consumption of electricity, the growing spotlight on the deployment of smart grids and smart transformers, renewable electric power generation, substitute of existing old power transformers are some crucial factors liable for the global power transformer market growth, at present.
As the power sector is the crucial indicator of economic growth at a global level, many countries are still actively investing and strengthening power infrastructure, thus resulting in positive meeting the mounting demand for electricity. The investments include new power grid projects that incorporate electric power generated through renewable sources to the primary power grid. Thus, a rise in renewable power generation such as wind, hydro, and solar are outstanding drivers for the global market of power transformer growth prospects for the future, especially post coronavirus.
Coronavirus Outbreak and Power Transformer Market at: https://www.marketresearchfuture.com/report/covid-19-impact-power-transformer-market
On the other side, increasing awareness about low-carbon emission is motivating the development of a super grid and smart grid. Moreover, service expansions in resource-based industries, increasing Polychlorinated Biphenyls (PCB) replacement programs, and mounting green initiatives are likely to propose prominent opportunities for the power industry growth. This would thus give a substantial way for the power transformer market to reach higher valuation than previous.
Furthermore, MRFR indicates that traditional transformers are now not compatible with existing environmental and technical requirements, which are proposed to be replaced by eco-friendly products. This is owing to the environmental safety measures and advanced features offered by the power transformer. Due to this, many developed economies are expanding cross-border electricity trade, integrating the wind and other renewable energies, thereby escalating the load flow on aging networks. These factors also lead to offer lucrative opportunities for the power transformer industry growth during the forecasted period.
Segmentation of Market
The global Power Transformer Industry has further been segmented along the following lines:
Depending on the cooling type segment, the power transformer market has included oil-cooled and power-cooled. These types of transformers can transmit power over large distances.
Depending on power ratings, the market caters to medium power, small power, and large power. Among these, a small range has the capacity from 100-500 mega volt-amps (MVA). Similarly, the medium-range power transformers are of capacity between the ranges of 500-800 MVA and large range carry above 800 MVA potential.
North America, Europe, Asia Pacific, and the Rest-of-the-World (RoW) are the key regions, upon which the further study of the global market is conducted.
The North American market will observe substantial growth on the steady penetration of sustainable energy sources along with improved focus toward upgrading the aging power infrastructure. Moreover, modern advancements in the asset health monitoring systems to guarantee the system security & reliability in line with rising investments toward the development of long-distance transmission networks shall boost the industry dynamics. The rigid framework on grid modernization coupled with support mechanisms and endowments provided by state-owned utilities will further thrust the market growth.
The enhanced government efforts to boost exiting power capacities & infrastructure to meet the burgeoning electricity demand will foster the overall Asia Pacific power transformer industry growth. Also, the surged electrification rate, coupled with government funding toward the establishment of new transmission lines, will boost the industry size. In November 2019, ADB approved USD 300 million toward the development of transmission lines across Bangladesh. In the last, rapid urbanization and industrialization across developing regions will provide a plunge to business growth.
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