PR Newswire
26 Jul 2022, 17:12 GMT+10
Distribution transformers will continue to dominate the overall transformer market growth opportunities due to rising urbanization and industrialization, says Frost & Sullivan
SAN ANTONIO, July 26, 2022 /PRNewswire/ -- Increasing electricity demand alongside sustained increases in the utilization of renewable energy will boost investments in power transmission and distribution (T&D) infrastructure and grid assets, including transformers. Frost & Sullivan's recent analysis, Global Transformer Market, finds that a surge in electrification rate and economic growth of countries across regions will expedite the demand for both power and distribution transformers globally. The market for global transformers will likely reach $64.24 billion by 2030 from $42.46 billion in 2021, an uptick at a compound annual growth rate (CAGR) of 4.7%.
For further information on this analysis, please click here.
"Grid equipment digitalization and sustainability are the top technological trends to drive the transformer market globally," said Neha Tatikota, Energy & Environment Industry Analyst at Frost & Sullivan. "The former will inflate the demand for digital power and distribution transformers. On the other hand, the latter will boost demand for green transformers offering a wide range of benefits, such as smaller carbon footprints and higher safety."
Tatikota added: "From technology type, distribution transformers will continue to dominate the overall transformer market, mainly due to rising urbanization and global industrialization. However, the growth of power transformer is attributed to economies' strong transmission investments related to ambitious government targets for renewables."
The expansion of the global transformer market will unlock lucrative growth opportunities for market participants, such as:
Global Transformer Growth Opportunities is the latest addition to Frost & Sullivan's, Energy & Environment research and analysis available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
For over six decades, Frost & Sullivan has helped build sustainable growth strategies for Fortune 1000 companies, governments, and investors. We apply actionable insights to navigate economic changes, identify disruptive technologies, and formulate new business models to create a stream of innovative growth opportunities that drive future success. Contact us: Start the discussion.
Global Transformer Growth Opportunities
MG7E
Contact:
Nicole Ryder
Corporate Communications
E: Nicole.Ryder@frost.com
https://www.frost.com/
SOURCE Frost & Sullivan
Get a daily dose of Asia Pacific Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Asia Pacific Star.
More InformationKATHMANDU, Nepal - While the Ministry of Finance has begun repaying interest on the loans for the planes, a batch ...
ISLAMABAD, Pakistan - According to information released on Friday, Pakistan Tehrik-e-Insaf, (PTI) has hired a lobbying firm with offices in ...
LONDON, England: After a furious China extended its largest-ever military exercises to encircle Taiwan following U.S. House Speaker Nancy Pelosi's ...
GAWADAR, Pakistan - According to the Director-General of Inter-Services Public Relations, the Pakistan Navy rescued nine crew members from an ...
SEOUL, South Korea: With forecasters warning of more rainfall, record downpours flooded homes, roads and subway stations in the South ...
SINGAPORE: Singapore Prime Minister Lee Hsien Loong warned this week of the possible miscalculations over tensions in Taiwan, stressing that ...
MOSCOW, Russia: Financial information released by the Rosstat federal statistics service this week indicated that Russia's economy shrank 4 percent ...
KATHMANDU, Nepal - While the Ministry of Finance has begun repaying interest on the loans for the planes, a batch ...
WASHINGTON D.C.: Providing relief to drivers in the United States, the average retail gasoline price in the US fell below ...
NEW YORK CITY, New York: Walmart could sign a deal with Disney, Paramount, or Comcast, with the aim of breaking ...
MILAN, Italy: Milano Today has reported that seven years after launching in the country, American pizza giant Domino's has now ...
NEW YORK, New York - U.S. investors again plowed into stocks on Friday, many convinced inflation has peaked."Markets certainly got ...