Market Trends of Medium Voltage Transformer Industry
This section covers the major market trends shaping the Medium Voltage Transformer Market according to our research experts:
Dry-type Transformer to Dominate the Market
- Medium voltage dry-type transformers are usually used for power distribution for residential areas and industrial and commercial purposes. These transformers step down incoming high voltage power to utilization voltages for residential, commercial, institutional, and industrial applications.
- The use of dry-type transformers eliminates leaks and spills, making them eco-friendly in nature. The use of eco-friendly products in upgradation and development of power infrastructure is being focused upon, which creates business opportunities for medium voltage dry-type transformers, globally.
- According to the International Energy Agency (IEA), global electricity demand grew by 4% in 2018, with major contribution from China and India, accounting for almost 70% of the increment.
- The advantages of dry-type transformers over liquid-filled transformers and increasing investments in the T&D networks in countries, such as India and China, provide tremendous opportunity for the medium voltage dry-type transformer manufacturers to increase their share in the market, during the forecast period.
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Asia-Pacific to Dominate the Market
- The power generation growth in Asia-Pacific is a result of increasing power demand supported by the growing industrial sector, growing population, urbanization, and increasing middle class in the region, particularly in the emerging countries.
- In order to connect new power plants and the rural population to the power grid, large transmission and distribution infrastructure projects are expected in the region. Additionally, the region is witnessing a significant growth in the construction and industrial sectors.
- The robust economic growth in China reached nearly 7%, and the gross electricity consumption grew by 6.6%, exceeding 6,000 TWh, for the first time in 2017. China has witnessed high rates of demand for electricity, owing to the unprecedented growth of the economy, along with the rapid industrialization and urbanization of the region.
- Furthermore, the Indian government plans to invest in strengthening the electrical network, to build a strong and smart grid, hence driving the medium voltage transformer market during the forecast period.
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