Transformer Market will register 6.5% CAGR to reach USD 80 billion by 2024: Global Market Insights, Inc.

Global Transformer Market By Core, By Product, By Installation, By Cooling, By Insulation, By Phase, By Rating, By Mounting, By Application, Regional Outlook (U.S., Canada, Mexico, Germany, France, Russia, UK, Italy, Spain, Netherlands, China, Japan, South Korea, India, Australia, Saudi Arabia, UAE, Qatar, South Africa, Nigeria, Egypt, Brazil, Peru, Argentina), Price Trends, Competitive Market Share & Forecast, 2018 – 2024

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Sellbyville, Delaware, Sept. 20, 2018 (GLOBE NEWSWIRE) --

Global Transformer Market is poised to surpass USD 80 Billion by 2024, as reported in the latest study by Global Market Insights, Inc. Increasing expenditures toward electric infrastructure expansion along with rapid economic escalation have fuelled the deployment of effective grid networks in the recent years. Rapid commercial expansion in line with ongoing urbanization have led to significant increase in demand for reliable energy which will drive the global market share. Furthermore, favourable regulatory schemes coupled with the refurbishment of existing electrical grid network across developed economies will further enhance the business landscape.

Government reforms toward the expansion of micro-grid networks along with large scale renewable energy capacity addition will complement the global market share. The industry has encountered a sharp increase in the deployment of sustainable energy subject to the renewable energy targets adhered by over 190 countries during the United Nations Climate Change Conference in 2015. Leveraging schemes and government aided incentives & policies including FiT will further augment the acceptance of renewable systems which in turn will propel the industry growth.

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Effective mechanical strength, flux leakage and lesser iron losses will energize the closed core transformer market size. Varied applications across low and medium voltage networks to render operational feasibility along with ongoing technological advancements will positively influence the product demand. Rapid expansion of grid infrastructure across the developing regions of Asia Pacific and Africa in line with favorable regulatory regime toward rural electrification will further escalate the industry growth.

The U.S. market in 2017, exceeded USD 5 billion owing to the rising refurbishment demand of existing grid networks. Installation of coherent grid support mechanism coupled with ongoing technological advancements will energize the business outlook. Increasing investment toward infrastructural growth including development of railway networks across the region will further strengthen the business growth.

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Effective operational feasibility along with ambient voltage regulation will stimulate the auto transformer market size. Higher efficiency, low overall cost when compared with conventional technologies and product compactness are few elements measured to validate the product penetration. Growing concerns pertaining to energy efficiency along with diverse product applications will further nourish the industry landscape.

Oil immersed transformer market is set to witness an annual installation of over 3 million units by 2024. Effective voltage feasibility favored by effective cooling property when compared with the competitive counterparts will augment the industry scenario. The technology in the recent years, has observed extensive demand on account of its optimal cooling strength, however health hazards, fire related issues and leakage associated with its deployment have constantly restrained the product demand.

Favorable government reforms toward energy efficiency coupled with growing adoption of smart grid technologies will boost the Germany market size. Growing energy security concerns coupled with increasing fund allocation toward large scale renewable integration will further augment the business landscape. In addition, ongoing expansion of manufacturing facilities favored by major automobile manufacturers in the region will enhance the product demand.

Notable global market participants include SPX, Ormazabal, Voltamp, Celme, Hyosung, Kirloskar, Daihen, Siemens, BHEL, ABB, GE, Mitsubishi, Schneider, Toshiba, Crompton Greaves, Eaton, and Hyundai.

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Browse Related Reports:

  • Distribution Transformer Market Size 2017 – 2024

Global Distribution Transformer Market revenue for 2016 was valued at over USD 18 billion and the annual installation is set to exceed 80 thousand units by 2024. Rising investments across the infrastructural sector subject to pervasive commercial and residential establishments will drive the market growth.
https://www.gminsights.com/industry-analysis/distribution-transformer-market

  • Dry type Transformer Market Size 2017 – 2024

Dry type Transformer Market for 2016 was valued at over USD 4 billion and the annual installation is set reach over 600 thousand units by 2024. Rapid technological enhancements adhered by drifting propensities toward the replacement of conventional insulation techniques will drive the market.
https://www.gminsights.com/industry-analysis/dry-type-transformer-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.


        

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