by The global distribution transformers market is poised for robust growth in the coming years, driven by various factors including the expansion of smart city initiatives, the demand for energy-efficient solutions, and the increasing adoption of renewable energy sources. This thriving market is witnessing key developments that are shaping its trajectory, as outlined in recent industry reports.
Smart Cities Fueling Demand for Innovative Distribution Transformers
The development of distribution transformers with low loss and high energy efficiency is a top priority for the industry. These transformers are designed to reduce open circuit losses and noise while meeting environmental standards. With the proliferation of smart cities worldwide, the demand for Intelligent Internet of Things (I.O.T.) compliant distribution transformers is on the rise. Smart grid technologies, including smart meters and EV chargers, are gaining momentum, ensuring high-quality, secure, and dependable power supply in urban areas.
According to the United Nations Human Development Index, the number of smart cities globally reached 118 in 2021, with an additional 26 expected by 2025. This surge in smart city initiatives is expected to significantly boost the smart grid market, thereby driving the growth of the distribution transformers market.
Government Initiatives Accelerate Growth
Government initiatives in developing economies are playing a pivotal role in the expansion of smart grids and distribution transformers. In 2020, the Indian government announced plans to replace all conventional electricity meters with smart ones within three years, signaling a commitment to modernize the energy infrastructure. Such initiatives worldwide are stimulating the growth of the smart grid and distribution transformer segments.
Oil-Filled Transformers Leading the Market
Oil-filled transformers are dominating the distribution transformers market due to their widespread use in electricity distribution. Rising power consumption in industrial and residential sectors, coupled with the transition to renewable energy sources, is driving the global transformer oil market. The demand for oil-filled transformers is also surging due to increased energy needs in developing countries and rapid industrialization.
Asia Pacific and North America Driving Regional Growth
Asia Pacific is poised to lead the global distribution transformers market, driven by expanding power generation capacity and growing energy demand in countries like China and India. The rapid urbanization, construction of electricity production plants, and infrastructure development in the region are propelling the demand for distribution transformers.
In North America, the market is witnessing substantial growth, attributed to rising industrial energy consumption and the replacement of aging transmission and distribution networks. The United States, in particular, is experiencing an uptick in renewable energy capacity, further fueling the demand for distribution transformers.
Key Players in the Market
Prominent companies in the distribution transformers market include Mitsubishi Electric Corporation, General Electric, Siemens, ABB, Toshiba Energy Systems & Solutions Corporation, Schneider Electric, Elsewedy Electric, and Eaton.
These developments underscore the promising future of the global distribution transformers market, driven by smart city initiatives, government support, and the increasing adoption of renewable energy sources.
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/distribution-transformers-market
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This press release first seen on Brilad
COMTEX_442046876/2840/2023-10-17T22:53:34
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.