Transformer Market annual installation will hit 6 million units by 2024

The U.S. transformer market exceeded USD 5 billion in 2017 and is projected to achieve lucrative growth in given time-frame owing to the rising refurbishment demand of existing grid networks and ongoing technological advancements.

Sellbyville, United States – December 19, 2018 /MarketersMedia/ —

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.

Global Transformer Market will exceed 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.

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.

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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.

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.

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.

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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.

Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/transformer-market

Source URL: https://marketersmedia.com/transformer-market-annual-installation-will-hit-6-million-units-by-2024/461860

Source: MarketersMedia

Release ID: 461860