Published by Uma Rajagopal
Posted on February 17, 2022
World over, the demand for uninterrupted electricity supply is rapidly increasing, setting new records in the global electricity market. Extensive roll out of electrification programs is also witnessing a major transition: moving away from fossil fuels and adopting renewable energy sources. These trends are fast-opening fresh revenue streams across the transmission and distribution (T&D) market, with increased demand for T&D equipment, such as transformers. Currently, growth across the global transformer market is driven by favorable government policies, large scale integration of renewable energy sources, restructuring of existing electrification grids in emerging economies, adoption of smart meters, and innovation-oriented public-private partnerships. In the coming years, the cumulative power of these market drivers is poised to revamp the global transformer market along the sustainable curve.
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Global Call to Adopt Renewable Energy Sources Set to Create Profitable Market Outcomes
Today, countries across the globe are creating policies and programs to increase the adoption of renewable sources of energy. This translates into robust growth opportunities for the transformer market. Over the study period, increased focus towards deployment of clean energy systems, self-sustaining power networks, and installation of smart meters will contribute to substantially expand the transformer market, particularly in developing economies or regions. It is expected that in the near future, sustainable energy supply will enable governments to improve access to electricity, augment national economic growth, and mitigate climate change. The transformer market is set to support all these agendas in developing as well as developed nations. As a result, the global transformer market is projected to advance towards intensive growth and open innovation during the forecast period.
Growth Across Real Estate and Industrial Sector Spearheads Demand for Transformers
Fast-paced infrastructural development in the real estate and industrial sector will open new avenues for growth in the global transformer market. Product demand will rise owing to expansion of micro-grid network systems. Additionally, intense adoption of sophisticated energy transmission and distribution technologies and promising regulatory norms will augment demand across regional transformer markets. Seeing the exponential demand for smart electricity supply, various private entities are heavily investing in the transformer market which will further propel take the industry to full maturity. However, the high initial cost involved in the expansion and upgradation of grid infrastructure can hamper transformer market growth. Despite this challenge, owing to strong joint partnerships and efficient collaboration between public-private entities, the transformer market is poised to record steady growth over the forecast period.
Asia Pacific to Lead Innovation Across Global Transformer Market
Asia Pacific and the Middle East will observe value-driven growth across the global transformer market. These regions are advancing towards smart grid technologies, revamping electricity grid ecosystem along the renewable curve, and overall improving the T&D network through digitalization efforts. Further, increased investments in T&D networks in countries such as China, India, Saudi Arabia, Japan, and Oman offer high-return business opportunities to transformer manufacturers. These trends are projected to create high-revenue business value in the transformer market of Asia Pacific and the Middle East.
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Foremost Market Leaders Across Global Transformer Market
Prominent contenders in the global transformer market include Schneider Electric, Siemens AG, General Electric Company, Mitsubishi Electric Corporation, ABB Ltd., Daihen Corporation, Hyosung Power & Industrial Systems, Toshiba Corporation, SPX Transformer Solutions, Eaton Corporation, and CG Power and Industrial Solutions.
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