Global Distribution Transformers Market 2019-2023 Is Bound To Make An Impact In Your Business

The global distribution transformers market expected to witness a CAGR of over 3% during the forecast period. Certain factors that are driving the market growth include the rising requirement for power from residential, industrial, and commercial sectors, increase in demand for power in upstream oil and gas industry in the US, and upgradation of power transmission and distribution infrastructure. 

 

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The power industry has undergone significant changes over the years. New power generation sources and the growing number of consumers require infrastructure that can handle their needs. 

However, most existing transmission and distribution infrastructure are decades old and incapable of handling emerging requirements for power. This has led to the upgrading of power transmission and distribution infrastructure, which in turn has boosted the demand for distribution transformers. There is an urgent need to support the deteriorating power transmission and distribution infrastructure across the world. Hence, countries are focusing on the upgradation of power transmission and distribution infrastructure, which is expected to drive the growth of the distribution transformers market during the forecast period. 

The growing demand for solar and wind power sources in power generation have increased the use of variable power generation. In a photovoltaic (PV) power plant, the transmission transformer is used to step up the low output voltage.

 In a concentrated solar PV, the application of distribution transformers is the same as in conventional power distribution. Hence, there is an increasing need for distribution transformers in solar power distribution, which is expected to be one of the key trends in the global distribution transformers market.