Global Power Transformers Market was Valued at US$ 28.69 Billion, with 17,283 Units Shipped, and it is Predicted to Increase at a CAGR of 7.7% Over the Next Five Years 2020-2027

-
Power Transformers
Power Transformers

Overview of the Market

The power transformer is a type of transformer that is used to transfer electrical energy between the generator and the distribution primary circuits in any area of the electronic or electric circuit. During the forecast period, these factors are projected to propel the worldwide Power Transformers Market forward. Power transformers connect electrical networks or systems of different voltages to enable power transfer. Power transformers are utilized in a variety of applications, including power transmission, generation, consumer electronics, and electro-intensive industrial applications. Commercial applications for power transformers include hotels, hospitals, workplaces, airports, and universities. 

Drivers of Market Dynamics

During the forecast period, the worldwide power transformers market is expected to rise due to rising global energy consumption. Increasing electrification rates in emerging nations such as India, Brazil, China, and Russia has resulted in an increase in power generation demand. Furthermore, the necessity for more substations is highlighted by rising load growth and excessive transmission and distribution losses. Power consumption is predicted to rise in the near future as a result of rapid economic expansion and a growing requirement for uninterrupted and dependable power supply in the aforementioned countries. 

Over the forecast period, the Global Power Transformers Market is Expected to Develop due to the renewal and upgrading of existing networks in mature economies. Following a significant investment in the 1970s, the majority of developed countries' electrical grid infrastructure is nearing the end of its operational lifespan. A transformer's average usable life is between 25 and 30 years. 

Furthermore, out-of-date equipment is incompatible with today's technological and environmental standards. Over the last 20 years, many governments have attempted to extend the life of transformers, but the time has come to replace existing equipment with more efficient units that are consistent with current standards and smart grids. As a result, over the projected period, these factors are expected to propel the worldwide Power Transformers Market forward.

Comments

Post a Comment

Popular posts from this blog

Security Robot Market to Reach US$ 11.8 Billion by 2022

-
Image
Security Robot Market The Global Security Robot Market is estimated to be valued at US$ 11.8 billion in 2022 and is expected to exhibit a CAGR of 12.87% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: Security robots are rapidly gaining traction due to their ability to enhance security and surveillance in various industries. These robots offer advantages such as round-the-clock monitoring, real-time video monitoring, and quick response to potential threats. The increasing need for advanced security measures to prevent theft, vandalism, and unauthorized access is driving the demand for security robots. These robots are widely used in industries such as retail, healthcare, transportation, and manufacturing to ensure the safety of assets and individuals. The market is expected to witness significant growth due to the rising security concerns and advancements in robotic technologies. Market Key Trends: One ke
Read more

Intravenous Fluid Therapy is the Fastest Growing Segment Fueling the Growth of Intravenous Solutions Market

-
Image
Intravenous Solutions Market The global Intravenous Solutions Market is estimated to be valued at US$ 577,228 bn or Million in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: Intravenous solutions are fluids administered through a vein via a needle or catheter. They are often used to provide essential nutrients, medications, or fluids to patients. Common uses include rehydration, correcting electrolyte imbalances, and ensuring nutrition is delivered for patients who cannot eat or absorb nutrients through the digestive system. Market key trends: One of the major trends in the intravenous solutions market is the increasing use of intravenous fluid therapy. Intravenous fluid therapy involves the administration of aqueous solutions containing electrolytes, sugars, and medications through an intravenous catheter. It is widely used for rehydration, maintenance of f
Read more

Global Report on LED Driver Market for the Forecast Period 2023-2030

-
Image
LED Driver Market The LED Driver Market has been growing rapidly over the past few years, driven by the increasing demand for energy-efficient lighting solutions across residential, commercial, and industrial sectors. LED (light-emitting diode) lighting technology has several advantages over traditional lighting solutions such as incandescent and fluorescent lights, including longer lifespan, lower energy consumption, and lower maintenance costs. However, to power and control LED lights, an LED driver is required. The LED Driver Market was valued at USD 7.7 billion in 2020 and is expected to reach USD 10.5 billion by 2025, at a CAGR of 6.4% during the forecast period. LED drivers are electronic devices that regulate the power supply to LED lights. They convert AC voltage from a power source to DC voltage suitable for LEDs, and also provide the necessary current and voltage regulation to ensure proper functioning of the LED lights. LED drivers can be either constant current or constant
Read more