Transformer Market Trends, Industry Analysis & Growth Opportunities by 2024
Date: 2019-02-08   Author: Rahul Sankrityayan  Category: #market

Transformer Market Trends, Industry Analysis & Growth Opportunities by 2024

Global transformer market share is driven by positive government schemes toward the establishment of micro-grid deployment along with large scale capacity addition of sustainable energy. The industry has witnessed robust escalation toward the establishment of sustainable energy on account of the renewable energy targets abided by the nations under the UN Climate Change Conference held in 2015. Regulatory policies and incentives including leveraging schemes and FiT will further complement the acceptance of renewable energy technologies which in turn will enhance the industry growth.

Transformer market is anticipated to exceed an annual installation of over 6 million units by 2024. Rapid commercial development along with ongoing industrial expansion have led to a substantial increase in energy demand which in turn will boost the product penetration. Furthermore, favorable regulatory initiatives coupled with the retrofitting of electrical grid network across developed economies will further complement the business outlook.

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Flux leakage, lesser iron losses & effective mechanical strength will escalate the overall closed core transformer market. Diverse application across low and medium voltage networks to integrate operational feasibility coupled with ongoing technological enhancements will energize the product demand. Ongoing regulatory schemes toward rural electrification along with rapid grid expansion across the emerging nations of Asia Pacific & Africa will further positively influence the industry growth.

Single phase held over 40% of the global transformer market in 2017. Positive governmental initiatives to elevate the declining small-scale industrial facilities in line with rapid economic growth across the globe will augment the product demand. Regulatory policies including numerous incentives along with feed-in-tariffs to boost product adoption across residential & commercial installation will further thrust the business dynamics.

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Oil immersed transformer market will grow subject to the ongoing expansion of high voltage electric grid network favored by implicit cooling property when compared to the competitive counterparts. The technology overtime has witnessed extensive demand subject to its optimum cooling strength, although health hazards, leakage and fire associated issues related with its installation have continuously restrained the product penetration.

In the recent years, utility transformers have observed strong product penetration on account of highly regulated electricity markets globally. Increasing investment toward the integration of renewable technologies coupled with ongoing grid infrastructure expansion to cater the rising energy demand will augment the overall transformer market. However, ongoing interference of large private market participants serving across the transmission & distribution segment may hinder the product penetration in coming years.

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The U.S. transformer market in 2017 was valued over USD 5 billion. Increasing refurbishment demand of existing grid network coupled with the integration of smart control and monitoring units will stimulate the product demand. Ongoing technological advancements along with deployment of reliable grid support system will augment the industry growth.

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

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Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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