Power transformers are devices for transferring electrical energy between electrical devices. These intermediate devices are used between distribution systems for handling fluctuations in voltages. The global power transformer market report by Market Research Future (MRFR) takes a look at the various underlying drivers, challenges, opportunities, and restraints which can shape the industry during the period of 2018 to 2023 (forecast period). The COVID-19 pandemic and its impact on the industry has been explored at depth.
The global power transformer market is touted to experience a stellar 8.64% CAGR during the assessment period, as per the analysis of MRFR. Power transformers are a reliable source of energy backup for power and utility sectors. It can contribute to the reduction of energy emissions in several sectors and handle energy loads to support the use of generators and grids.
Investments in the energy sector owing to infrastructural developments can be the gamechanger of the market. Development of nuclear power plants, integration of smart devices for measuring power, and use of safeguards to send alerts in case of critical emergencies can drive the market growth. Establishment of storage areas for capturing renewable energy and the staggering growth in the renewable energy sector due to policies outlined by developed nations to minimize emissions can be instrumental to the market demand in the coming years. Awareness of carbon emissions and launch of advanced products for replacement of legacy transformers in urban areas can fuel the market. High costs of power transformers can lead to hesitation among major leaders for investing in industrial sectors but the demand for electricity can drive the market demand.
The COVID-19 outbreak has affected the power transformer industry owing to the closure of factories, commercial complexes, and schools. Power companies would have to incur huge losses in 2020 due to this. China, in particular, has felt a decline of 12% in electricity consumption owing to shutdown of factories and units in the industrial sector.
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The global traffic management system market is segmented by cooling type and power rating.
The segments and sub-segments covered in the report are analyzed with respect to four major regions – North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW).
APAC is likely to lead in the market owing to the large population owing to efforts by developing nations for modernizing their energy infrastructure. China is expected to be one of the biggest users of electricity owing to being home to various industrial hubs and manufacturing centers.
Europe has assumed the second spot in the global power transformer market with Germany taking the lead. Favorable initiatives for refurbishment of energy grids and development of energy infrastructure owing to sustainable policies can drive the regional market growth.
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