Power transformer manufacturers are largely focused on sustaining long term contracts with government utilities bodies to sustain sales throughout the pandemic period.
DUBAI, UAE / ACCESSWIRE / July 27, 2020 / Future Market Insights: The power transformer market is anticipated to be moderately impacted by the coronavirus pandemic. Major players have been forced to either layoff workers, or set up telework capabilities for key employees to sustain operations. The drop in demand for power in industrial and commercial settings are negatively influencing the industry.
“Higher emphasis by government regulators on growing adoption of renewable energy sources to minimize emissions will bolster demand for power transformers. Massive national targets of renewable energy and efforts taken towards the Paris Agreement will aid market developments towards efficiency improvements in product offerings,” says the FMI analyst.
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Power Transformer Market – Important Takeaways
- Power transformers with capacities ranging from 800 MVA to 1200 MVA are rapidly gaining ground owing to increased ultra-high voltage direct current and high voltage direct current setups in Asia and Middle East.
- Asia Pacific is a prominent power transformer market, aided by relatively higher demand for uninterrupted energy in commercial and industrial settings.
Power Transformer Market – Driving Factors
- Modernization drives of infrastructure in developing countries and resultant demand for electricity is a key growth driver.
- Massive investments into the smart power grid sector will have a positive impact on power transformer product development.
Power Transformer Market – Leading Constraints
- Fluctuation of prices for raw materials such as oil and metals are a key factor hindering market growth.
- High levels of competitiveness in the industry resulting in pricing pressures hurts profitability prospects.
Expected Impact on Market by Coronavirus Outbreak
The power transformer sector is substantially resilient to the economic effects of the pandemic. Sustained demand from residential and commercial sectors, coupled with support from government bodies to the utilities industry will help the industry to weather the crisis. However, liquidity deficits remain a concern owing to the need for external capital. Also, the drop in energy demand in commercial and industrial sectors will hurt market prospects for the short term.
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Some of the top players operating in the power transformer market are ABB, Kirloskar Electric, General Electric, Eaton, Schneider Electric, Toshiba Corp. and Siemens AG. Market players are largely investing in product improvements in terms of designs and materials. In addition, manufacturers are also seeking contracts with regulators to sustain production and sales figures.
For instance, SGB-SMIT has developed power transformers with reduced risk of no-load losses, with the incorporation of M070-23P top grade electrical steel. FosRich, has entered into a 4-year contract with the Jamaica Public Service Company for maintenance of more than 1000 power transformers. Similarly, GE T&D India has acquired the contract for gas insulated and air insulted substations, including reactors and power transformers across India.
More on the Report
FMI provides in-depth insights on the power transformer solution market. The market is segmented in terms of type (core and shell), insulation (dry and wet), phase (single phase and three phase), end use (residential & commercial, utilities, and industrial) voltage (100 to 200 kV, 200 to 400 kV, and above 400 kV) and application (generation step up and transmission), across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East and Africa).
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