PR Newswire
26 Jul 2022, 12:42 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: [email protected]
https://www.frost.com/
SOURCE Frost & Sullivan
Get a daily dose of Singapore 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 Singapore Star.
More InformationHONOLULU, Hawaii: Pharmaceutical giants Bristol Myers Squibb and Sanofi have agreed to pay $700 million to Hawaii to settle a lawsuit...
WASHINGTON, D.C.: The U.S. Food and Drug Administration (FDA) said this week it will start using artificial intelligence (AI) in all...
NEW YORK CITY, New York: Citigroup must defend itself against a revived lawsuit accusing the bank of facilitating and concealing a...
Gaza Faces Imminent Famine as Aid Blockade Enters 70th Day, UN Warns The entire population of Gaza is now at critical risk of famine,...
WASHINGTON, D.C.: The Republican-led U.S. House of Representatives has passed a bill to rename the Gulf of Mexico as the Gulf of America,...
HARRISBURG, Pennsylvania: People in Pennsylvania who are 21 or older could soon be allowed to legally buy and use marijuana. The state...
CUPERTINO, California: Apple's plan to introduce AI-powered search options on its Safari browser poses a major challenge to Google,...
FRANKFURT, Germany: Foreign workers have emerged as a critical force behind the euro zone's economic growth since the pandemic, offsetting...
NEW YORK, New York - U.S. stocks surged on Monday following news that the Trump administration had agreed to a 90-day reduction of...
SYDNEY, NSW, Australia - Stocks in Asia and the pacific have closed significantly higher following ceasefires in India-Pakistan hostilities,...
TOKYO, Japan: Toyota Motor Corp is bracing for a 21 percent decline in full-year profit, as the impact of President Donald Trump's...
HELSINKI, Finland: In response to rising geopolitical risks, Finland, Sweden, Norway, Denmark, and Estonia are preparing to roll out...