According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, Transformer Market size estimated over USD 60 billion in 2019 and to reach USD 90 billion by 2026.
The power transformer market was exceeded USD 25 Billion in 2019 and is set to grow on account of increasing peak load energy consumption and coherent reforms favoring the integration of long route electric infrastructure.
Moreover, the electricity for all programs in conjunction to utility inclination towards energy efficiency will augment the industry growth. Furthermore, efforts to establish a balanced supply & consumption phenomenon through effective management systems will boost both capacity & technological enhancements.
Ongoing industrialization and large-scale suburban migration across emerging economies have considerably uplifted electricity consumption which in turn will fuel the demand for effective electrical components.
Technological upliftment, minimal losses, operational flexibility, sustainable network integration along with strict energy efficiency reforms will augment the business scenario.
Moreover, rise in competence across the industrial peripheral supported by key players tapping potential across niche markets will establish a favorable business platform.
Dry type transformer market is expected to witness a growth of over 7% by 2026. Effective resistivity to electrical surges & short circuits coupled with environmental sustainability have paved favorable grounds for technological adoption. Although, high system costs adhered by lower overall efficiency when compared to auxiliary counterparts have restrained product adoption.
However, environmental compatibility, effective fire prevention, efficient performance across extreme climatic zones supported by stringent energy efficiency protocol are few indispensable parameters defining technological prevalence.
The India transformer market is expected to witness an annual deployment of over 150 000 units by 2026. The national electricity industry has gained impetus subjected to consistent and sustainable policies including the Integrated Energy Policy (IEP), rural electrification reforms, IPDS and similar initiatives.
Government infused FDI schemes along with the Make in India program has led to a significant flow of funds from various international agencies and industry participants. Leading players have aligned focus to attain market penetration through joint ventures, technological collaborations and regional expansion which in turn has positively influenced the overall industry landscape.
Key industry players have instituted various integral research & technological platforms to suffice the persisting demand for uninterruptible electricity.
Revenue generation through service provisions along with long term strategic tie-ups, and joint ventures have been the major strategic breakthroughs. Moreover, regional expansion through laying manufacturing facilities along with the integration of smart product portfolios will further influence the industrial competence.
Asia Pacific, Middle East and Africa remain the prominent regions for industry participants due to higher demand for electrical components and overall turnkey solutions.