Current Transformer Market Size, Industry Analysis Report, Regional Outlook, Application Development, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3717
Current Transformer Market is set to witness robust growth on account of increasing industrialization leading to consequent demand for electricity across the globe. Accelerating implementation of smart grid ecosystem coupled with ongoing efforts toward upgradation and replacement of exiting transformers will positively influence the product demand.
Growing integration of renewable power generation systems with the electrical grid will drive the current transformer market growth. These systems play a vital role toward effective utilization of clean energy resources owing to their ability to withstand intermittency issues. High accuracy, operational performance during low currents and reliable electricity supply are some of the key underlying factors favoring the adoption of these units.
Current transformer market is anticipated to witness growth on account of rapid industrialization across developing economies coupled with escalating demand for efficient monitoring and control systems. Increasing investment toward the development of grid infrastructure along with growing demand for efficient transmission & distribution systems will stimulate the demand for these units over the forecast timeframe.
Current transformer market from switchgear segment is set to witness gains on account of rapid urbanization and increasing development of new residential and commercial centers. Major economies across the globe are investing toward development of new industrial infrastructure which will further enhance the product demand. For instance, in 2015, China adopted the Made in China 2025 initiative aimed at upgrading and modernizing China’s key manufacturing sectors to boost economic growth.
Middle East & Africa current transformer market will witness significant gains on account of lack of grid infrastructure coupled with increasing electrification rate across the least developed countries (LDC) and developing economies. Increased private funding toward electrification projects from financial institutions will further strengthen the adoption of these units. Nigeria, South Africa, Egypt and Ghana are some of the major developing economies in the region with robust institutional investments toward grid infrastructure development. Increasing demand for the replacement of existing infrastructure across war affected nations will further enhance the industry growth over the coming years.
Growing demand for electricity on account of rising urban population and development of new industrial parks will drive the Asia Pacific current transformer market. Rising investments toward the adoption of high-quality electrical equipment to support expanding grid networks will further stimulate the product demand over the forecast timeline. In addition, introduction of regulatory policies and norms favoring electrification & deployment of renewable energy sources has created a favorable business scenario. For instance, in September 2017, Government of India launched the Saubhagya scheme aimed toward universal household electrification across the nation with a total cost of USD 2.3 billion and a gross budgetary support of USD 1.7 billion during the implementation period.
Key industry players operating across the current transformer market are General Electric, ABB, Schneider Electric, Siemens, Mitsubishi Electric, Fuji Electric, Nissan Electric, Hyosung Corporation, A rteche, Meidensha and Chint Group amongst others.
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