Monday, September 26 2022 Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Today's News
Yesterday's News
Week of Sep 26
Week of Sep 19
Week of Sep 12
Week of Sep 05
Week of Aug 29
By Topic
By News Partner
Gas News
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    United States : Rising Industrialization and Sustainability: Why the Global Transformer Market is Growing


    July 28, 2022 - Al Bawaba Business

     

      Increasing electricity demand alongside sustained increases in the utilization of renewable energy will boost investments in power transmission and distribution (T&D) infrastructure and grid assets, including transformers. Frost & Sullivans recent analysis, Global Transformer Market, finds that a surge in the electrification rate and economic growth of countries across regions will expedite the global demand for power and distribution transformers. The market for global transformers will likely reach $64.24 billion by 2030 from $42.46 billion in 2021, an uptick at a compound annual growth rate (CAGR) of 4.7%.

      Grid equipment digitalization and sustainability are the top technological trends driving the transformer market globally, said Neha Tatikota, Energy & Environment Industry Analyst at Frost & Sullivan. The former will inflate the demand for digital power and distribution transformers. On the other hand, the latter will boost demand for green transformers, offering a wide range of benefits, such as smaller carbon footprints and more safety.

      Tatikota added: From technology type, distribution transformers will continue to dominate the overall transformer market, mainly due to rising urbanization and global industrialization. However, the growth of power transformers is attributed to economies strong transmission investments related to ambitious government targets for renewables.

      The expansion of the global transformer market will unlock lucrative growth opportunities for market participants, such as:

      Smart or intelligent transformers present a competitive advantage for manufacturers because they offer a distinctive value proposition in their products and services.

      Utilities should invest heavily in artificial intelligence-enabled digital services that provide different ways to compile data for live monitoring and performance trends analysis. This will add value to the overall operational efficiency of the substation.

      Offering new services/solutions such as maintenance history and load/demand forecasting at lower costs is expected to expand the manufacturers market footprint.

      Transformer manufacturers need to remain innovative and strengthen R&D for product differentiation and innovations because theres a higher uptake of renewable energy. This will help remain on par with developments in the new energy industry and products, create sustainable solutions, and gain more market share.

      Global Transformer Growth Opportunities is the latest addition to Frost & Sullivans Energy & Environment research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.

    TOP

    Other Articles - Utility Business / General


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.