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A transformer can be termed as a passive component or a static electric machine that is used to transfer and distribute power from one power grid to another power circuit. The transformer can also be termed as the most critical or vital part of the power distribution ecosystem as the transformers are solely capable of maintaining the constant power distribution frequency and minimizing the fluctuations across the circuit. Substantial and decisive meaures taken towards efficient electrification and increased awareness towards renewable energy harness are spurring the demand for efficient and digital transformers across multiple regions in the global market.
The increasing requirement of energy-efficient power distribution grids and stringent government policies to minimize power wastage are bolstering the growth prospects for the market. Increasing innovation for the establishment of a centralized power distribution network, continuous adoption of smart monitoring solutions, and development of power distribution infrastructure are estimated to provide new growth avenues for the market. Moreover, most of the developing and underdeveloped nations are striving to elevate rural electrification standards and penetration of power grids the keen interest of the governments and also real estate developers towards procurement smart transformer solutions are projected to reinforce the evolution of transformers market.
Despite the boost with novel technological advancement and fast-paced rural electrification projects, the COVID-19 pandemic has deterred the progress of the global transformers market. The considerable reduction in real estate development operations and the subsequent shift of focus of various governments from power grid developments to battling the critical healthcare emergency has severely hampered the operations in the market. The unforeseen closure of the manufacturing facilities have reduced the manufacturing of the transformers and has also reduced the electricity consumption by the industrial and commercial sector. These factors also curbed the growth prospects of the transformers market across different sections of the globe.
Key Market Driver -
• Increasing procurement of digital and energy efficient transformers • Development of innovative power grids to harness renewable energy sources
Key Market Restraint -
• High initial cost and intricate technological compatibility of interconnected systems
Key players operating in the global transformers market are Mitsubishi Electric Corporation, Daihen Corporation, Toshiba Corporation, Schneider Electric, General Electric, Eaton Corporation, ABB Ltd., Elsewedy Electric, CG Power and Industrial Solutions, Kirloskar Electric, Raychem RPG, IMEFY Group, Siemens AG, Hyosung Power & Industrial Systems, TRENCH Group, KOTSONS Pvt. Ltd., Banmore Electricals Pvt Ltd., and others.
North America is anticipated to contribute a lion's share in the global market. The current investment by the prominent market players particularly in the U.S. to upgrade and develop better and more efficient power grids is providing bolster growth for the market. For instance, In October 2020, Hitachi ABB announced a hefty investment of US$6.2 million to elevate the current capacity of the transformer plant operating in Virginia, U.S. The increased consumption of power supply by commercial and industrial activities has also accelerated power grid development activities in the industry's intensive locations.
The Transformers market in Asia Pacific is projected to witness a swift development pace, owing to the rapid industrialization and urbanization in China, India, and numerous emerging economies in the region. Additionally, massive investments by the governmental authorities in the development and establishment of energy and power infrastructure across remote areas is promoting the growth of power grid infrastructure. The efforts of the governmental authorities towards the refurbishment of power grids in the metropolitan and urban areas to meet the ever-increasing needs of these cities are the major factors citing the noteworthy boom in the market over the forecast period.
Europe is also identified to cater to a prominent share in the transformers market. The development of grid technologies and the integration of power grids are expected to provide a significant upsurge for the regional market. The replacement of the established but obsolete power grid technologies is in dire need of an upgrade across all the developed countries in the region. The replacement of digital and energy-efficient power grids in the region and changes in the power distribution regulatory framework are the factors fostering the growth of the Transformers market
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