Power transformers are meant to take an alternating current and convert it into another form of current by means of induction. Right from the huge National Grids down to the daily appliances that we use, power transformers are seen almost everywhere. They are used in a wide range of applications across a multitude of residences, commercial spaces, and industries.
With such high usage of transformers in almost every electrical equipment and connection, the transformer industry is expected to grow only upwards. In fact, it is expected to reach almost $40 billion by the end of 2023! This brings great opportunities and lucrative scopes for the transformer industries, and those who are willing to find a career there. Let us take a look at some of the major highlights about the transformer industry that have been fished out from some recent times.
Causes of growth
The major factors that are contributing to the growth of the transformer industry include demand for smart grids, installation of new transmission and distribution networks, and cross country electric trade. Moreover, natural resources are slowly and globally receding, with countries across the world looking for more greener options. Countries who are strong and apt can implement whatever systems they wish to design, while those that are unable to implement such green systems are looking to import their power needs.
Market leaders are modifying their products to make them more effective and environment-friendly in compliance with new regulations. While all kinds of transformers are going to see a high boost in their demand with all these amazing modifications being made, the two types of transformers that are expected to hold the largest market shares in the future are small sized transformers and oil-cooled transformers.
China’s Silk Road Economic Corridor
China, one of the masterminds of creativity, has started developing the Silk Road Economic Corridor, which is a $1 trillion project which will prove their trade might over the world. The Asia-Pacific region has been the leader in terms of global power transformer market share, and is expected to stay the same due to such incredible developmental and infrastructural ventures by China, and other developments from India too.
Iraq – General Electric deal
Another great news is that Iraq has signed a $400 billion deal with the US based General Electric, to develop power infrastructure in Iraq. 14 electric substations and other important equipment like circuit breakers and outdoor power generation and distribution tools will be provided by General Electric to Iraq.
All in all, we can clearly see how the power transformers market is only going to tread its way upwards in the global market. With countries trading electricity, and developing huge infrastructural capabilities, to generate power through different sources, the CAGR is expected to substantially increase; thus bringing in very bright prospects for the transformer industry. Realizing this, you must also invest the transformer industry to accomplish big goals in the future. However, if you are not ready yet, you can at least get in touch with Miracle Electronics when you are looking for a reliable transformer manufacturer in India to satisfy your personal requirements.