Transformers, those critical devices that are invisible in many consumer, commercial, and medical products lower or raise the ac voltages coming from the mains to acceptable levels for the products they power. They are also highly visible in the form of those somewhat bulky external power adapters that clog power strips and wall outlets. Then there are those massive transformer units found on the floors and towers of utility companies. Simply stated, without transformers, there’s no power as we’ve come to take for granted, period.
On that note, it’s not surprising that research firm Global Market Insights sees transformer-market share reaching over $70 billion by 2024. In a recent report with a title far too long to reprint, the company outlines the transformer market by the various components and configurations associated with transformers in an array of applications. The abridged title is, “Transformer Market Size By……”, and covers aspects such as transformer core, winding, insulation, cooling technique, application, etc.
The report makes certain observations such as rising security of supply concerns along with global inclination towards energy conservation will influence market size. Increasing infrastructural expenditure subject to widespread residential and commercial establishments across developing regions will also stimulate market share and rising demand for the refurbishment of grid infrastructure coupled with rising adoption of smart transmission and distribution equipment will further boost market outlook.
Other observations include the greater-than 600 MVA market in 2016 accounted over 30% of the global transformer market share; exponential rises in energy consumption will augment the global transformer market size; US transformer market will witness sustainable growth due to rising investments toward the replacement and upgrades of conventional grid networks; and the
Middle East & Africa transformer market is projected to witness steep progression subject to the rapid expansion of micro-grid networks coupled with the ongoing adoption of decentralized generation technologies.
Feel free to browse select pages of the report and, for further information, contact
Global Market Insights, Inc. +1-302-846-7766 or toll free at 1-888-689-0688.