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Voltage Transformer Market

Voltage Transformer Market

by by Core Type (Closed, Shell, Berry), by by Winding (Two Winding, Auto Transformer, Other), by by Rating (Less than 10 MVA, 11 to 60 MVA, 61 MVA to 600 MVA, More than 600 MVA), by by Application (Residential and Commercial, Utility, Industrial, Others) and Region: Global Opportunity Analysis and Industry Forecast, 2021-2031

Report Code: A15993
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Jul 2023 | 1636 Views
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Pandemic disrupted the entire world and affected many industries.

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Transformers are electrical machines designed to transfer electricity from one circuit to another with varying voltage level. Increase in current increases voltage levels. Thus, transformers are designed to bring the required voltage level by setting or stepping the voltages as per the requirement. Transformers are designed so that they can be used in the wider range and wider applications for various industrial purposes with a broader market prospect. In power systems the transformer brings safety and efficiency by raising and lowering voltage levels as per the requirements. The global transformer market is slated to experience substantial growth in the coming years, largely due to the rise in demand for energy in the developing economies. This demand, when coupled with the advent of power projects aimed at reducing power transmission losses, is expected to boost the voltage transformer market size by a significant amount. The global trend in power demand has seen a major paradigm shift and is in the transitional phase of inching away from carbon-based fuels towards power from renewable energy sources. This evolution in the renewable energy sector is expected to drive the transformer market trends globally during the forecast period.

COVID-19 Impact Analysis 

  • The unfavorable global effects of COVID-19 are already evident and had a big impact on the voltage transformer market in 2020. 
  • The World Health Organization (WHO) declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths globally. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
  • The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
  • Since the pandemic, the restriction of imports and exports has affected the voltage transformer to a great extent as consumers’ consumption and demand patterns are changing amidst the pandemic. 

Top Impacting Factors

Emerging technological advancements and the rise in electricity consumption are projected to elevate industry growth over the next five years. Huge investment in power plant infrastructure coupled with the increase in demand for smart meters is projected to positively impact demand. Further, several government initiatives for modernizing the existing grids combined with installation of technologically advanced systems is anticipated to drive power transformer market growth. The increase in awareness regarding low carbon emission due to service expansions in resource-based industries is anticipated to offer prominent growth opportunities for the industry. Advanced features offered by eco-friendly devices are projected to replace traditional transformers, which are not compatible with current technical and environmental requirements. However, pricing pressure on manufacturing companies coupled with fluctuating raw material prices are expected to hamper the growth of the market.

Market Trends

  • Government Focus toward Rural Electrification Drives Transformer Industry’s Growth
  • Stringent government policies toward rural electrification along with growing concern toward minimizing power theft is expected to foster the closed voltage transformer market share. Increase in applicability of these units across low & medium power grid networks coupled with the rise in digital transformation of power utilities will further augment the business landscape. This technology has experienced significant upsurge owing to its effective mechanical strength, minimal flux leakage, less failure rates and operational flexibility.
  • Flourishing Real Estate Sector Expected to Accelerate Demand for Indoor Voltage Transformers
  • Robust growth across the real estate sector coupled with the rise in space constraints will sway the product demand. Positive outlook toward infrastructural development favored by the rise in investments from private and public entities to sustain the programs and regulatory initiatives will complement the industry statistics. Ongoing integration of sustainable energy sources has further led to the expansion of micro-grid networks, which in turn is expected to strengthen the business landscape.
  • Large-scale Integration of Renewable Resources Fuels Demand for Voltage Transformers
  • The surge in government focus toward deployment of clean energy systems followed by the increase in inclination toward grid stability & reliability complements the business landscape. Ongoing adoption of self-sustaining power networks in line with the rise in investments to establish a sustainable electrical network is expected to stimulate the industry outlook and hence, the market is expected to prosper in the coming years.

Key Benefits of Report

This study presents the analytical depiction of the voltage transformer industry along with the current trends and future estimations to determine the imminent investment pockets.

  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the voltage transformer market share.
  • The current market is quantitatively analyzed to highlight the voltage transformer market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed voltage transformer market analysis based on competitive intensity and how the competition will take shape in the coming years.

Questions Answered in Voltage Transformer Market Report

  • Who are the leading market players active in the voltage transformer market?
  • What current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What future projections would help in taking further strategic steps?

Voltage Transformer Market Report Highlights

Aspects Details
By Core Type
  • Closed
  • Shell
  • Berry
By Winding
  • Two Winding
  • Auto Transformer
  • Other
By Rating
  • Less than 10 MVA
  • 11 to 60 MVA
  • 61 MVA to 600 MVA
  • More than 600 MVA
By Application
  • Residential and Commercial
  • Utility
  • Industrial
  • Others
By Region
  • Asia-Pacific  (CHINA, JAPAN, INDIA, SOUTH KOREA, AUSTRALIA, Rest of Asia Pacific)
  • LAMEA  (Brazil, South Africa,, Saudi Arabia, Rest of LAMEA)
Key Market Players Siemen AG, Pacific Transformer Corporation, Pico Electronics Inc, Neeltran Inc., MPS Industries Inc, Glen Magnetics Inc, Lenco Electronics, ABB Group, Bruce Electric Equipment Corp, Company 10

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