The GMI Research forecasts that the Power Transformers Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the growing deployment of renewable infrastructure for power generation and the upgradation and expansion of existing grid infrastructure.
Power transformer is an electric device primarily used to receive low voltage generator electric power and transfer it across distribution channels across the power grid network. It is an essential part of the power grid and assists in transmitting of power from one network to the other without change in frequency. These are very different from other transformers as they are fabricated to meet the regulatory requirements from main power interfacing, working at high voltages, and main voltages.
Several major drivers enhancing the growth of the global power transformers market includes the favourable strategic initiatives, the mounting demand for smart grid development and the modernisations in the power transformer. Government across various regions have introduced several initiatives for the implementation of smart grid technology to minimize greenhouse gas emission and improve energy efficiency of production and electricity at homes, public institutes, and businesses. This technology plays a vital role in the establishment of plug-in hybrid electric vehicles. In addition, other factors including the ongoing technological advancements in the existing power grids and the extension in the renewable energy sector are propelling the market share. A smart grid accounts to be very important observation for the integration of renewable energy into the electrical grid. The progression will help in address the needs of smart grids. It will raise energy security, urban air quality, curb greenhouse gas emissions, and offer better grid utilization. Moreover, transformers provide the indispensable amount of power needed by the systems. Therefore, robust demand along with the initiatives for prospering smart grid will energize the growth of the market. However, their inflated value as compared to the traditional transformers may hamper the market growth.
On the basis of rating, small power transformer is projected to witness a higher growth rate over the coming years. This is attributed to their increasing endorsement by many small industries and easy customization option as per the customers’ requirement.
Based on the cooling method, the market is segmented into oil-cooled and air cooled. Among these, the oil cooled is envisioned to observe an expansion in the growth rate owing to their wide-spread adoption by several industries.
Based on regional coverage, North America is expected to hold the highest share in the market during the forecast period due to the rapid industrialization and growing urban population. On the other hand, Asia-Pacific may experience a robust demand in the near future. This is mainly because of the swift economic development and the increasing need for reliable power.
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