The distribution transformers market was predicted to be worth USD 26.1 billion by the year 2022. This market is anticipated to reach USD 27.5 billion by 2023 and USD 49.4 billion by 2033 with a consistent CAGR of 6% from 2023 to 2033.
The growth in demand is witnessing optimistic growth outlook. Rising trends and initiatives of smart grids for economic efficiency are projected to ascend the growth in demand over the coming years.
What is Driving Demand for Distribution Transformers
Distribution transformers are used for providing final voltage transformation in electric power distribution system. It steps down the high voltage used in the distribution line to the level used by consumers.
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These are designed to provide maximum efficiency at lower loads hence they generally do not operate at full load.
Distribution transformers market growth is anticipated to be influenced by increasing demand for substituting and refurbishing of aged transformers and initiatives for increasing power generation capacities around the globe.
The rising demand for electricity in emerging countries such as China, India, etc. is driving the rapid investments in power transmission and distribution infrastructure subsequently augmenting the consumption of distribution transformers.
Power generation from natural gas sector and renewable energy and is increasingly taking over fossil fuel along with other conventional methods so as to meet the requirements.
The investments in renewable power infrastructure are projected to ascend the demand for distribution transformers.
The competition between Power distribution and transmission sector with each other and partnerships with tech firms to deliver improved and innovative solutions is compelling the steady growth in the market.
The increasing activities for expansion of electrical distribution network and retrofitting of existing networks are fueling the consumption of distribution transformers.
Rising Prominence of Smart Grid Technologies to Augment Sales
The adoption smart grids for power distribution systems is increasing in across the globe. The smart grids provide higher transmission efficiency and can quickly resume electric supply in case of power failures.
They also enable reduction in operation costs thus reducing the power cost for consumers. The upgradation in power distribution systems is likely to ascend the distributive demand. Moreover, increasing consciousness for green energy are projected to propel the growth in demand.
The substantial increase in investments in developed and developing countries for development of power infrastructure are anticipated to bolster the growth of distribution transformers industry.
Asia Demand Potential
Asia Pacific region is projected to witness highest growth over the forecast period, on the back of large scale manufacturing in China and Japan coupled with substantial investments in new technologies.
The shift of manufacturing locations in the emerging countries such as Taiwan, China, etc. is paving the way for market growth in the region.
China is witnessing robust growth in the electricity demand from recent couple of decades, on the back of infrastructural developments and high levels of industrialization. This, in turn, is projected to create positive growth prospects for the distribution transformers market growth.
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Europe Market Growth Outlook
The developed countries from Northern and South Western Europe also hold prominent share in the distribution transformers market on the account of increasing electricity demand and technology upgradation.
The rapid growth in investments in smart grid technologies with integration of IoT and artificial intelligence is projected to positively influence the growth in demand over the forecast period.
Who are the Key Manufacturers and Suppliers of Distribution Transformers
Some of the leading manufacturers and suppliers of in the market include
- ABB Ltd,
- Eaton Corporation PLC,
- General Electric,
- Brush Electrical Machines Ltd,
- Kirloskar Electric Company Ltd,
- Siemens AG,
- SPX Transformer Solutions Inc.,
- Bharat Heavy Electricals Ltd.,
- Lemi Trafo Jsc, among others.
Key Segments
By Product Type
- Pad Mounted
- Pole Mounted
- Underground Vault
By Insulation Type
- Dry
- Liquid immersed
By Phase
- Single Phase
- Three Phase
By Power Rating
- Up to 500 kVA
- 501 kVA–2,500 kVA
- 2,501 kVA–10,000 kVA
- Above 10,000 kVA
By End Use
- Residential
- Commercial
- Industrial
- Power Utilities
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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