LONDON–(BUSINESS WIRE)–The new power transformers market research from Technavio indicates Negative and Inferior growth in the short term as the business impact of COVID-19 spreads.
“One of the primary growth drivers for this market is the modernization of existing transformers,” says a senior analyst for industrials at Technavio. The growing demand for power worldwide has necessitated the renovation and expansion of the existing transmission and distribution infrastructure. Hence, governments across the world are undertaking various initiatives to modernize and improve the existing power infrastructure. Also, many countries are increasingly adopting smart grids to ensure economical, sustainable, and secure electricity supply to all users. This has increased the installation of more power transformers for the effective transmission of electric power. Many such factors are fueling the growth of the global power transformers market.
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Power Transformers Segment Highlights for 2020
- The power transformers market is expected to post a year-over-year growth rate of 5.08%.
- Liquid-immersed power transformers segment led the growth of the power transformers market in 2019.
- The growing population and thriving economies have led to expanded electricity coverage in the Middle East, fueling the installation of new grid networks. Such factors are expected to drive the liquid-immersed power transformer segment of the power transformers market during the forecast period.
- The power transformers market share growth by the dry-type power transformers segment will be significant during the forecast period.
Regional Analysis
- 58% of the growth will originate from the APAC region.
- Factors such as the growing electricity consumption will significantly drive power transformers market growth in this region over the forecast period.
- China and Japan is a key market for power transformers in APAC. Market growth in this region will be faster than the growth of the market in Europe, North America, and South America.
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Notes:
- The power transformers market size is expected to accelerate at a CAGR of almost 6% during the forecast period.
- The power transformers market is segmented by type (liquid-immersed power transformers and dry-type power transformers) and geography (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including CG Power and Industrial Solutions Ltd., Eaton Corp. Plc, Fuji Electric Co. Ltd., General Electric Co., Hitachi Ltd., Hyundai Heavy Industries Co. Ltd., Mitsubishi Electric Corp., Schneider Electric SE, Siemens AG, and Toshiba International Corp.
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