Distribution Transformer Market Synopsis:
An exponential increase in the power generation capacities has been witnessed which is fueled by increased demand for power on the global front. The global distribution transformer market, as per Market Research Future (MRFR)’s findings, is expected to strike 8.70% CAGR during the review period 2018 to 2023. The valuation of the global market, according to the observation, is expected to reach USD 19 Bn by 2023. Rising investments by the governments for energy security is anticipated to catalyze market growth in the years to come.
The Rapid pace of industrialization is vital for a nation’s economy. It has led to increasing demand for energy and power. This, in turn, is poised to drive the growth rate of the distribution transformer market over the evaluation period. In addition, increasing urban population is also expected to influence the global market positively over the next couple of years.
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The developments in the power infrastructure of developing nations are projected to have a favorable impact on the proliferation of the distribution transformer market. Also, the increasing investments in renewable energy industry are anticipated to expedite the growth process of the market in the nearby future.
Global Distribution Transformer Market Segmentation:
Based on type, the distribution transformer market has been segmented into pad mounted, pole mounted, and underground. Among these, the pad mounted is likely to account for the maximum market share owing to its use in electric power distribution. Other factors that are poised to drive the growth of the segmented are technological developments, urbanization & industrialization, and improvements in process control systems.
On the basis of insulation, the distribution transformer market has been divided into oil immersed and dry. The oil immersed segment is anticipated to witness rapid growth owing to its features such as loss reduction technology, temperature control systems, dielectric strength of insulation, highly reliable insulation, etc.
On the basis of power rating, the distribution transformer market has been segmented into <500 kVA, 500 kVA-2500 kVA, 2500 kVA- 10000 kVA, and > 10000 kVA.
By end-user, the global distribution transformer market has been segmented into utilities, industrial, and commercial & residential.
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Regional Analysis:
A detailed geographical evaluation of the global distribution transformer market is covered in this report on regional as well as country-level basis. The regional segments identified in this assessment are - North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).
Europe is expected to touch a valuation of USD 1.5 Bn by 2023. The generation of renewable energy in the regions is expected to provide an impetus to the expansion of the distribution transformer market in the upcoming years. Increasing investments in reduction of carbon emissions are likely to impact the market favorably in the long run.
Asia Pacific is also poised to play a significant role in the development of the global distribution transformer market. Increasing urbanization and industrialization in the fast-developing nations of the region are projected to open growth avenues for the market players. In addition, the region is likely to attract huge investments, which is again expected to catalyze the market.
Competitive Dashboard:
Wilson Power Solutions Ltd (U.K), Hitachi (Japan), Emerson Electric (U.S.), Kirloskar Electric Co. Ltd. (India), ABB Ltd (Switzerland), Wenzhou Rockwell Transformer Co., Ltd. (China), Eaton Corporation (Dublin), General Electric (U.S.), Ormazabal (Spain), Mitsubishi Electric Corporation (Japan), SPX Transformer Solutions Inc. (U.S.), Lemi Trafo JSC (Bulgaria), EREMU, S.A. (Spain), Hammond Power Solutions Inc. (Canada), Bharat Heavy Electricals Ltd (India), Bowers Electricals Ltd (U.K), and Crompton Greaves Ltd. (India) are few of the major participants of the global distribution transformer market. These players are projected to increase investments in research & development for strengthening their positions in the global market place.
Related Searches: https://www.marketwatch.com/press-release/distribution-transformer-global-market-projected-to-grow-radiantly-by-2023-asserts-mrfr-unleashing-industry-forecast-mrfr-2019-02-20
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