Medium Voltage Transformer Market Is Estimated To Exhibit A CAGR Of 4.6% During The Forecast Period (2022-2028)
Medium Voltage Transformer Market is expected to reach US$ 11.7 Bn in 2022, likely to surge at a vigorous 4.6% CAGR during the assessment period 2022-2028. Future Market Insights has published a new market research report on the Medium Voltage Transformer Market that contains global industry analysis during 2014–2021 and opportunity assessment during 2022–2028.
The report covers the latest trends, key success factors, market influencing factors, key information, forecasting factors, macroeconomics factors, and past market scenario. The report analyzes the medium voltage transformer market and provides critical insights for the forecast period of 2022-2028. The global medium voltage transformer market size is estimated to reach US$ 10 Bn in 2019, and expand at a CAGR of 4.6% during the projected period of 2022-2028.
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As per the key findings of the report, the global medium voltage transformer market is expected to witness considerable growth in upcoming years, due to the steady increase in adoption of smart grids, increasing urbanization, rapid growth in power generation, and increasing government investments for electrification.
Increasing Government Investments for Electrification Expected to Drive the Market Growth
Government of various countries have planned to increase their funding for various projects related to electrification, such as railway electrification, transmission and distribution, and urbanization, among others. For instance, governments in countries such as Brazil and Mexico are planning to invest in electrification. These projects support the state electric boards (SEBs) in order to provide better power supply to rural and urban areas of the region or country.
In addition, the government of India is also planning to make huge investments in numerous projects, such as Revised Accelerated Power Development and Reform Program and Rajiv Gandhi Grameen Vidyutikaran Yojna, among others, for establishing new power grids so as to provide electricity in the rural areas of the country.
Also, the government is focusing on installing new transmission lines and transformers in order to create a national grid, which will interconnect all the five regions of India — Northern, Southern, Eastern, Western, and North Eastern. This national grid is known as ‘Transmission Super Highways’. Thus, growing infrastructure and electrification in various regions is set to increase the demand for medium voltage transformers.
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Increasing Urbanization and Industrialization Estimated to Create High Sales Opportunity
Rural electrification projects, new power plants, as well as transmission and distribution facilities are some of the new developments that are being introduced in various countries in Middle East & Africa to increase urbanization and industrialization.
Electrification projects are growing at a faster rate in countries, such as the United Arab Emirates, Qatar, Turkey, etc. Additionally, for the proper execution of these projects, medium voltage transformers are required for almost all applications. Thus, growing urbanization and industrialization will drive the medium voltage transformer market growth in the MEA region.
Medium Voltage Transformer Market: Vendor Insights
The report highlights some of the prominent market players, who have established themselves as leaders in the global medium voltage transformer market. Few examples of key players in themedium voltage transformer market are Siemens AG, ABB Group, General Electric Company, Fuji Electric Co., Ltd., Hitachi, Ltd., Schneider Electric SE, Eaton Corporation PLC, Mitsubishi Electric Corporation, Jinpan International USA Ltd., CG Power & Industrial Solutions Ltd., Fortune Electric Co., Ltd., Schaffner Holding AG, Hammond Power Solutions Inc., Kirloskar Electric Company, and MGM Transformer Company, Amran Inc., among others.
For instance, medium voltage transformer manufacturers are focusing on providing compact size and environmental-friendly medium voltage transformers. The compact size can better manage moisture and thermal stress, and their average life span is higher. Additionally, eco-friendly transformers promise lower load loss as compared to other conventional transformers. Therefore, the rising demand for lighter, smaller and eco-friendly medium voltage transformers is likely to shape the future of the medium voltage transformers market.