The global transformers market is growing at a high speed and the factors behind this are identified to be a rise in demand for power, rising emphasis on alternative energy worldwide, and the evolution of technological innovation. Further, the digitalization of power utilities, and investments in smart grids, as well as energy systems, is boosting the growth of the transformers market across the world. Professionals are revamping old and established infrastructure in the industries and coming up with innovative ways to transform and automate operations.
General Overview Of The Transformers Market
- The transformers market, by application, can be segmented into smart grid, traction locomotive, electric vehicle charging, and other. The transformers market also includes applications in the field of research, aviation, and shipping. Transformers are also witnessing applications in packaged substations, data centers, and in operations of alternative power generation. The smart grid segment is foreseen to grow at a substantial CAGR. The major growth factors can be identified as the transformers’ two-way communication which operates over real-time monitoring and at the same time controls network characteristics.
- Implementation of smart meters for the simplification of end-user business and for the employment of transformers further strengthens communications and avoids unwanted power outages. Transformers are also robust with a self-realization feature which fosters an efficient network. According to type, the market for transformers can be segmented into distribution transformers, power transformers, and lastly, instrument transformers. As per distribution, the market for transformers can be segmented into smart transformers and conventional transformers. The smart transformers market is an upcoming and fast-growing sector. Smart transformers and distribution transformers are categorically used in the management of load which results in qualitative outages.
- Smart transformers can be categorized into switches, transformers, converters, monitors of hardware, voltage capacitors, inductors and resistors which have high voltage resistance. Out of these, the converters segment is expected to have the fastest growing segment in the coming years. Transformers of the converters type (both AC and DC) generate current output as per the requirement at the output stage.
Region-wise Distribution Of The Transformers Market
- The transformers market can be studied on the basis of six regions, namely, Europe, North America, APAC, South America, the Middle East, and Africa. The APAC market is observed to be the fastest growing transformers market and is expected to drive the market expansion as well as innovation till 2022.
- Factors such as increased power consumption, more comprehensive initiatives by governments and rise in the generation capacity by renewable energy sources are directly benefiting the transformer market across the globe. Additionally, replacement of the old and aging power plants are also employing new and better transformers in developing nations.
The Chinese market is found to be spearheading the growing influence of the transformers market. Urbanization and industrialization are leading to a growth in research and development of how and where global transformers are employed in industries. Many companies are aiming to adapt transformers which aid in zero-emission operations which follow the ethos of Climate Change and Clean Energy Cooperation.