Transformer Market Analysis, Growth by Top Companies, Trends by Types and Application, Forecast to 2024
Category: #business  By Partha Ray  Date: 2019-10-21
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Transformer Market Analysis, Growth by Top Companies, Trends by Types and Application, Forecast to 2024

Driven by the commendable developments in grid infrastructure model, transformer market stands to witness a remarkable upswing over the ensuing years. Many driving forces are shaping the electric grid, transformers being one of the integral vertical of power grid network is certainly no exception. Companies partaking in the transformer industry have been increasingly focusing on developing advanced products in sync with the rapidly evolving smart grid infrastructure. One such pathbreaking innovation that has fetched all the attention lately is the smart solid-state transformer. These smart transformers, as claimed by experts, can not only perform all the functions of a conventional transformer, but also can feed back the unused power to the grid by stepping up the voltage level.

Speaking of the product landscape, power transformer industry is set to amass substantial returns, subject to the relentless proliferations in power transformer technology over the past few years. Overall power transformer market held a valuation of USD 20 billion in 2017, cite sources. Increasing pressure in transmission network has led to a surge in demand for higher voltage and longer lines, in turn, necessitating the requirement of higher rated, more efficient power transformers. In fact, it has been observed that new developments in this particular business sphere are primarily on focused on bringing renovations in the active components of the transformer, being mainly the windings, insulation, and core.

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As per a new journal put forth by IEEE, a new study using advanced computational model depicts that SSTs could be profoundly used to make reliable and stable smart grid. Reportedly, the paper was published with the support of FREEDM Systems Centre at North Carolina State University, who are claimed to bring the first SST in 2010. Experts deemed this ground-breaking innovation would prove to be disruptive for the entire transformer industry trends in the coming years, amidst the backdrop of a considerable discontentment from the consumer end with regard to the supply demand power gap.

Considering the regional trends, U.S. is forecast to experience a toehold in the global transformer market, having held a valuation of USD 5 billion in 2017. Robust investments in upgradation of conventional grid network along with new grid extensions are claimed to be the primary reasons enhancing the regional market outlook. In this regard, it is prudent to mention that the Peninsula corridor electrification program that led to an influx of road infrastructure proposals has immensely left an unparalleled impact on the overall transformer market demand.

With the globe treading on the path of sustainability quotient, renowned players of transformer industry are also shifting their focus toward eco-friendly trends. However, fluctuations in component price trends along with standardization issue and high capital cost involved in its deployment might hinder the growth path in the coming years. Nonetheless, with a favorable regulatory framework in tandem with the refurbishment of electrical infrastructure across major economies, transformer market is slated to chart a profitable roadmap over the forthcoming years. Global Market Insights, Inc., forecasts overall transformer market size to exceed a valuation of USD 80 billion by 2024.

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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