Market Research Future’s experts present their latest reports on the global distribution transformer market which states that the market would progress at 8.70% CAGR during the forecast period 2018-2023.
Top Market Drivers & Trends
In the recent time, it has witnessed that power industry has undergone noticeable trends which have included smart grid concepts, rising demand for electric and automated vehicles, rapid energy transition, and transformation in battery storage. These factors have been alienated to be the prime factors driving the market in significant ways.
At the same time, factors such as ever-rising demand for power due to industrialization and urbanization, mounting technological appliances, and escalating economy of nations have also been equally causative for the market’s growth. On this, as per BP stats in 2017, Asia Pacific witnessed total electricity generation in 2016 was 10904.7 TWh, while the inclusive consumption was only 9,331 TWh. Such a situation paves the way for a higher demand for power distribution infrastructure to link the gap of supply and demand.
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Moving further, the distribution transformers are also highly appreciated in smart grid integration projects. The broadening breach between supply and demand creates massive demand for distribution transformers, which can be witnessed from emerging nations such as China, South Korea, and India. These nations lack proper power supply infrastructure; hence, the distribution transformer serves all the needs and requirements in a power pack manner. All these factors are highly influential to the market’s growth for the forecast period.
Distribution Transformers Market Segmentation:
The global distribution transformer market has further been segmented by the elements of type, insulation, power rating, and end-user.
In terms of type: Pole mounted, pad-mounted, and underground are the segments. Among these, the pad-mounted segment has been projected to have risen growth in the assessment period as it is majorly used in electric power distribution. Apart from this, the growth of this segment is also obsessed with improvements in process control systems, brisk development in industrialization & urbanization, and technological development.
In terms of insulation: Oil-immersed and dry, by power rating as <500 kVA, 500 kVA-2500 kVA, 2500 kVA- 10000 kVA, and > 10000 Kv are the segments. Among these, the oil-immersed transformers segment is extensively being accepted due to its features.
In terms of end-user: Industrial, Utilities and commercial & residential are the segments.
Top Regional Drivers
North America, Europe, APAC and the Rest of the World are the regions that have been incorporated in the study of the global distribution transformer market.
Among these regions, Europe can rise at USD 1.5 billion by the year-end of 2023, especially in oil-filled distribution transformer. It is renewable energy, which is giving a significant boost to the power sector in this region, and due to which the market is getting the right kind of increase. With this, constructive aspects towards renewable integration are preferred by regulatory authorities, thus establishing a maintainable energy mix that drives the demand for oil-immersed transformers.
Asia-Pacific region held the largest market share within the distribution transformer market after Europe. The country like China has seen to have a steady growth in the demand for electricity in the past couple of decades, which is due to high levels of industrialization and infrastructural developments. Thus, such a factor is causative be witness high growth options in this region. With this, the continuous need to update and upgrade the existing distribution infrastructure to serve the rising demand for electricity will also lead to the positive growth of the transformer market over the forecast period. The extensive power plant capacity additions, economic growth, and the need to improve access to electricity are simultaneously driving grid expansion and the distribution transformer market.
Distribution Transformer Market Key Players Perspective:
The foremost players effective in the market of global distribution transformer are listed as Emerson Electric (U.S.), Wilson Power Solutions Ltd (U.K), Kirloskar Electric Co. Ltd. (India), Hitachi (Japan), ABB Ltd (Switzerland), Wenzhou Rockwell Transformer Co., Ltd. (China), and General Electric (U.S.) and Eaton Corporation (Dublin). Along with these names, Ormazabal (Spain), Bharat Heavy Electricals Ltd (India), SPX Transformer Solutions Inc. (U.S.), Mitsubishi Electric Corporation (Japan), EREMU, S.A. (Spain), Lemi Trafo JSC (Bulgaria), Bowers Electricals Ltd (U.K), Hammond Power Solutions Inc. (Canada), and Crompton Greaves Ltd. (India) are among others who are remarkably proficient to offer the premium solutions to the industry.
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