Transformer Market: Riding the Wave of Global Electricity Demand
The global transformer market is experiencing significant growth as the world grapples with the escalating demand for electricity. Residential and commercial establishments worldwide rely on a continuous and secure supply of electricity, and this need is driving the expansion of transmission and distribution (T&D) networks, fueling the demand for transformers.
In a transformative era for power supply, the industry is shifting toward renewable energy sources. Investments in renewables now surpass those in conventional power generation, underlining the importance of a robust T&D network to integrate these clean energy sources into the grid. Utilities are undergoing upgrades to maintain power quality, balance supply and demand in real-time, and ensure ample distribution infrastructure capacity.
Transformers: Bridging the Gap from Power Source to Application
To efficiently transmit electrical energy, transformers play a vital role. Instead of transmitting electricity directly over long distances, power is transported at high voltages to minimize losses. Transformers step up voltage at power generation facilities, step it down at substations, and continue this process until the energy is suitable for homes and businesses. AC power systems are preferred for their practicality, further driving the global transformer market’s growth.
Unprecedented Electricity Demand Creates Opportunities
The global population is rapidly increasing, with electricity consumption growing by an astounding 68% from 2000 to 2019, surpassing other forms of energy consumption. Despite this, nearly 17% of the global population still lacks access to electricity. Factors such as digitization, electric vehicles, and sector-coupling are set to drive even higher electricity demand. The International Energy Agency (IEA) predicts a 2.0% annual demand increase by 2040, reaching 40,443 billion kWh.
The BRICS region contributed significantly to the global power consumption increase from 2010 to 2019, with China, the United States, India, Russia, and Japan leading in electricity consumption. Developing economies are witnessing particularly strong demand growth.
The Future of the Transformer Market
The transformer market is poised for continued growth due to the expansion of generation capacity, the proliferation of digitally connected devices, the rise of air conditioning, and the increase in electric vehicle charging stations. Replacement of aging transformers with energy-efficient models is also driving demand. Government policies, market dynamics, and the adoption of low-carbon energy sources are further contributing to market expansion. However, challenges such as transformer overloading, protection equipment tampering, material theft, and subsequent fire or failure remain key industry concerns.
Key Players in the Global Transformer Market
Prominent companies competing in the global transformer market include ABB, AL FANAR COMPANY, DAIHEN CORPORATION, Eaton Electric Holdings LLC, GE, Hyundai Heavy Industries, Jiangsu Huapeng Transformer, Kraftwerke Ilanz AG, Mitsubishi Electric, NISSIN ELECTRIC CO., LTD. Schneider Electric, Shandong Power Equipment Co., Ltd., Siemens AG, Solar Turbines, Toshiba Corporation, Kirloskar Electric Company, TAKAOKA TOKO CO. LTD., TBEA, and Xi’an XD Transformer Co., Ltd.
As the world’s appetite for electricity continues to surge, the global transformer market remains a vital industry poised for sustained growth.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/transformer-market
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