Transformer Market size for 2016 was valued over USD 40 billion and the annual installation is set to exceed 170 thousand units by 2024
Rapid urbanization coupled with rising expenditure across the infrastructure sector have fuelled the expansion of existing grid networks in the recent years. Ongoing proliferation across the electricity industry will drive the global market
(EMAILWIRE.COM, August 23, 2018 ) Driven by the commendable developments in grid infrastructure model, transformer market stands to gain remarkable upswing over the ensuing years. Many driving forces are shaping the electric grid, transformers being one of the integral vertical of power grid network is certainly no exception. Companies partaking in the transformer industry have been increasingly focusing on developing advanced products in sync with the rapidly evolving smart grid infrastructure. One such pathbreaking innovation that has fetched all the attention lately is the smart solid-state transformer. These smart transformers, as claimed by experts, can not only perform all the functions of a conventional transformer, but also can feed back the unused power to the grid by stepping up the voltage level.
As per a new journal put forth by IEEE, a new study using advanced computational model depicts that SSTs could be profoundly used to make reliable and stable smart grid. Reportedly, the paper was published with the support of FREEDM Systems Centre at North Carolina State University, who are claimed to bring the first SST in 2010. Experts deemed this ground-breaking innovation would prove to be disruptive for the entire transformer industry trends in the coming years, amidst the backdrop of a considerable discontentment from the consumer end with regard to the supply demand power gap.
Speaking of the product landscape, power transformer industry is set to amass substantial returns, subject to the relentless proliferations in power transformer technology over the past few years. Overall power transformer market held a valuation of USD 20 billion in 2016, cite sources. Increasing pressure in transmission network has led to a surge in demand for higher voltage and longer lines, in turn, necessitating the requirement of higher rated more efficient power transformers. In fact, it has been observed that new developments in this particular business sphere are primarily on focused on bringing renovations in the active components of the transformer, being mainly the windings, insulation, and core.
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Amorphous core technology seems to be the latest buzz in transformer industry, given the increasing deployment of this technology-based products in the smart grid network. U.K. based manufacturer, Wilson Power Solutions, recently has incorporated this innovative technology in its E2+ transformers. For the record, the 17-position on-load tap changing transformer can adjust taps automatically without any human intervention, to maintain a constant voltage at the secondary side. ABB Ltd, one of the most acclaimed players in the business space has already received the prestigious Cup of the Minister of Economy award in Poland for its Amorphous based core transformer, an apt precedent depicting the significance of innovation in transformer industry. On this note, an area of interest that these giants are presently investigating is maintaining the ideal drying and temperature conditions in transformer manufacturing.
The extensive proliferation of transformer market has also been catered by the increasing energy efficiency propositions with regards to the rapid expansion of smart grid network across major economies. Statistics depict, countries including Germany, UK, Italy, France, and Sweden have recently inked a smart grid agreement with an investment of USD 133.7 billion to expand smart grid technologies across Europe. Citing another instance, East Spring Investments, has recently made it to the headlines, with the announcement of its hefty investment of USD 500 million in resolving the infrastructural debt across developing nations. Not to mention, such incessant efforts undertaken by the governments of developing & developed nations regarding grid infrastructure refurbishment would invariably upscale the transformer industry market share in the coming years.
Considering the regional trends, U.S. is forecast to experience a toehold in the global transformer market, having held a valuation of USD 4 billion in 2016. Robust investments in upgradation of conventional grid network along with new extension are claimed to be the primary reason enhancing the regional market outlook. In this regard, it is prudent to mention that the Peninsula corridor electrification program that led to an influx of road infrastructure proposals has immensely left an unparalleled impact on the overall transformer market demand. Recently, the U.S Federal Transit Administration has provisioned an investment of USD 100 million toward the extension of electric grid network across California’s rail networks. With the growing deployment of reliable and efficient grid network mechanism in the regional electric infrastructure, experts believe U.S. transformer market share would undoubtedly shoot up over the coming years.
Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/2100
With the globe treading on the path of sustainability quotient, renowned players of transformer industry are also shifting their focus toward eco-friendly trends. However, fluctuations in component price trends along with standardization issue and high capital cost involved in its deployment might hinder the growth path in the coming years. Nonetheless, with a favorable regulatory framework in tandem with the refurbishment of electrical infrastructure across major economies, transformer market is slated to chart a profitable roadmap over the forthcoming years. Global Market Insights, Inc., forecasts overall transformer market size to exceed a valuation of USD 70 billion by 2024.
As per a new journal put forth by IEEE, a new study using advanced computational model depicts that SSTs could be profoundly used to make reliable and stable smart grid. Reportedly, the paper was published with the support of FREEDM Systems Centre at North Carolina State University, who are claimed to bring the first SST in 2010. Experts deemed this ground-breaking innovation would prove to be disruptive for the entire transformer industry trends in the coming years, amidst the backdrop of a considerable discontentment from the consumer end with regard to the supply demand power gap.
Speaking of the product landscape, power transformer industry is set to amass substantial returns, subject to the relentless proliferations in power transformer technology over the past few years. Overall power transformer market held a valuation of USD 20 billion in 2016, cite sources. Increasing pressure in transmission network has led to a surge in demand for higher voltage and longer lines, in turn, necessitating the requirement of higher rated more efficient power transformers. In fact, it has been observed that new developments in this particular business sphere are primarily on focused on bringing renovations in the active components of the transformer, being mainly the windings, insulation, and core.
Get a Sample Copy of this Report:@https://www.gminsights.com/request-sample/detail/2100
Amorphous core technology seems to be the latest buzz in transformer industry, given the increasing deployment of this technology-based products in the smart grid network. U.K. based manufacturer, Wilson Power Solutions, recently has incorporated this innovative technology in its E2+ transformers. For the record, the 17-position on-load tap changing transformer can adjust taps automatically without any human intervention, to maintain a constant voltage at the secondary side. ABB Ltd, one of the most acclaimed players in the business space has already received the prestigious Cup of the Minister of Economy award in Poland for its Amorphous based core transformer, an apt precedent depicting the significance of innovation in transformer industry. On this note, an area of interest that these giants are presently investigating is maintaining the ideal drying and temperature conditions in transformer manufacturing.
The extensive proliferation of transformer market has also been catered by the increasing energy efficiency propositions with regards to the rapid expansion of smart grid network across major economies. Statistics depict, countries including Germany, UK, Italy, France, and Sweden have recently inked a smart grid agreement with an investment of USD 133.7 billion to expand smart grid technologies across Europe. Citing another instance, East Spring Investments, has recently made it to the headlines, with the announcement of its hefty investment of USD 500 million in resolving the infrastructural debt across developing nations. Not to mention, such incessant efforts undertaken by the governments of developing & developed nations regarding grid infrastructure refurbishment would invariably upscale the transformer industry market share in the coming years.
Considering the regional trends, U.S. is forecast to experience a toehold in the global transformer market, having held a valuation of USD 4 billion in 2016. Robust investments in upgradation of conventional grid network along with new extension are claimed to be the primary reason enhancing the regional market outlook. In this regard, it is prudent to mention that the Peninsula corridor electrification program that led to an influx of road infrastructure proposals has immensely left an unparalleled impact on the overall transformer market demand. Recently, the U.S Federal Transit Administration has provisioned an investment of USD 100 million toward the extension of electric grid network across California’s rail networks. With the growing deployment of reliable and efficient grid network mechanism in the regional electric infrastructure, experts believe U.S. transformer market share would undoubtedly shoot up over the coming years.
Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/2100
With the globe treading on the path of sustainability quotient, renowned players of transformer industry are also shifting their focus toward eco-friendly trends. However, fluctuations in component price trends along with standardization issue and high capital cost involved in its deployment might hinder the growth path in the coming years. Nonetheless, with a favorable regulatory framework in tandem with the refurbishment of electrical infrastructure across major economies, transformer market is slated to chart a profitable roadmap over the forthcoming years. Global Market Insights, Inc., forecasts overall transformer market size to exceed a valuation of USD 70 billion by 2024.
Contact Information:
Global Market Insights, Inc.
Arun Hegde
Tel: 1-888-689-0688
Email us
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Global Market Insights, Inc.
Arun Hegde
Tel: 1-888-689-0688
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results