- Global Market Insights has cited industrialization and urbanisation across developing economies as drivers of the growth
- Rising fund flow by governmental and private organizations, and institutions for electrification programs will escalate the business growth
- 100 MVA– 500 MVA transformer units will observe growth on account of their low installation cost
According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, Power Transformer Market is set to reach $37 billion by 2026.
“Growing investment toward expansion of transmission networks along with increasing deployment of renewable energy is positively influencing the deployment for these units. 100 MVA– 500 MVA transformer units will observe growth on account of their low
installation cost, extensive demand across electric power, oil and gas and healthcare industries and compact size. Furthermore, rising installation of these units at electrical substations and generating stations to convert electrical power to high or low voltage for transmission will fuel the business dynamics,” read the report.
Pole mounted transformers to witness significant incorporation
Pole mounted transformers units will witness significant incorporation owing to faraway load centers across constrained grid accessibility. Compact size in line with easy deployment on single poles will boost the product penetration, thereby limiting the risk of harm to animals and minimising vandalism.
Pole mounted transformer market have gained industry penetration on account of their capability to service urban and rural commercial and residential loads.
Factors driving the growth
Increasing emphasis subject to the adoption of wide range frequency distribution links along with growing energy-efficiency concerns will complement the commercial and residential power transformer market share. Moreover, rising fund flow by governmental and private organisations, and institutions for electrification programs will escalate the business growth.
The African government, in 2014, introduced initiative with an aim to support stand-alone grid electricity access to attain its goal of increasing 60 million new business and residential connections by 2030.
Advanced government efforts to stimulate exiting power infrastructure and capacities to meet the growing demand for electricity will nurture the overall power transformer industry across Asia Pacific. Enhanced electrification rate along with regulatory funding toward the development of new transmission network will boost the industry share.
ADB, in November 2019, endorsed USD 300 million for the development of transmission infrastructure across Bangladesh. Ongoing industrialization and urbanisation across developing economies coupled with focus toward renewable electric network will
positively sway the business growth.
