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Voltage Transformer Market Size, Industry Analysis Report, Regional Outlook, Application Development, Competitive Market Share & Forecast, 2022 – 2028
- Report ID: GMI3716
Voltage Transformer Market is set to witness robust growth on account of burgeoning demand for power across the globe. Ongoing technological advancements across electrical equipment along with rapid rate of industrialization will stimulate the demand for these units. In addition, extensive renovation and expansion initiatives toward transmission and distribution networks will further strengthen the production deployment.
Growing regulatory focus toward reducing transmission losses in line with increasing adoption and integration of smart grid systems will drive the voltage transformer market growth. Ongoing investments toward the infrastructure development & construction sector coupled with initiatives to curb the declining efficiency of the transmission network will further stimulate the demand for these units.
Growing inclination toward the development of sustainable electricity supply networks coupled with ongoing regulatory efforts toward reduction of electricity prices will drive the high voltage transformer market size. Safer operation and cost effectiveness are some of the prominent factors which will favor the installation of these units over the forecast timeframe.
The U.S. voltage transformer market is set to witness growth on account of surging technological innovations coupled with increasing capital spending toward the development of long-distance electricity networks. Significant investments toward the adoption of smart grid technologies along with growing adoption of EVs will further boost the installation of these units. For instance, National Grid’s New York rate plan, introduced in 2018, includes a USD 2.5 billion investment aimed toward the reinforcing and modernizing the transmission and distribution systems.
Oil immersed voltage transformer market will witness growth on account of growing deployment of HV electric infrastructure. Efficient cooling and ability to operate at wide temperature ranges has created increased demand for these units. However, fire hazards and leakage associated with these systems may inhibit the industry growth.
The Middles East & Africa voltage transformer market will witness gains on account of growing construction industry coupled with investments toward enhancing electricity access across rural and remote areas. For instance, according to the World Bank, as of 2016, only 42% of the population has access to electricity across sub-Saharan Africa. High technical & commercial loses owing to ineffective grid infrastructure coupled with high replacement rates of aging electrical equipment & apparatus will further enhance the industry outlook.
Growing investments toward the expansion and development of grid infrastructure coupled with growing focus toward efficient T&D systems will drive the Asia Pacific voltage transformer market. Rapid industrialization along with surging demand for electricity across the commercial and residential sector will further enhance the industry growth. In addition, increasing penetration of renewable energy power generation technologies will boost the installation of these units over the forecast timeline.
Notable industry players operating across the voltage transformer market include ABB, Siemens, Toshiba, SNC Manufactuirng, Schneider Electric, Eaton, KONCAR, Acutran, Emek, XD Group and Dalian Beifang amongst others.
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