According to a recent research report by Global Market Insights, the global power transformer market size will be fostered by multi-billion investments in new and existing energy infrastructure, including smart grid expansion and efforts to sustain a soaring electricity demand across Africa.
According to the report, in 2017, in compliance to the smart grid agreement, Sweden, France, Germany, Italy, and UK proposed investments worth $133.7 billion with an aim to sustain the rapid smart grid adoption across the region.
In the Middle East & Africa region, power transformer market will benefit from escalating infrastructural investments from institutions including the International Finance Corporation, and African Development Bank (ADB). In 2017, ADB declared investments of over $12 billion in order to meet the soaring electricity demand in Africa.
Globally, the power transformer market is expected to exceed 20,000 annual unit installation by 2024. China alone is set to surpass 2,500 annual installation by 2024 as a result of favourable government reforms aimed at establishing sustainable electricity infrastructure.
Ongoing expansion of transmission and distribution networks, rising investments in modernization of the existing grid infrastructure in developed regions, and increasing demand for rural electrification are all factors contributing to the growth of the global market. Another driver is a global shift towards energy conservation along with growing energy efficiency measures to provide safe and reliable electricity.
Source: Clean Technology