Analysis of Step up/down transformers market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
After the popularization of the smart grid technology and the deployment of such grids all over the world, there has been an upsurge in the demand for step up/down transformers. Step up/down transformers being one of the fundamental part of the electrification systems has found their new role in the globally popular grid network which is increasing its demand and bringing new growth opportunity for step up/down transformers.
Step up and step-down transformers are used at different places for different functionality. Step-up transformers are used at power stations where they are used to produce very high voltages needed for the transmission of electricity through the national grid power lines.
As these high voltages are dangerous to be used in the home, so the step-down transformers are used locally to reduce the voltage to safe levels. These plays a very important part in the electrification process as without step-up transformers, it would be very difficult and complex to provide electricity to every area due to losses and without step-down transformer, it would be too dangerous to use the electrical products due to high voltage circuits which can lead to electric shocks.
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Some of the drivers for the step up/down transformers market are, recent focus on power and industrial markets and continuous investments in the same. Another factor which is fueling the market growth in Step up/down transformers is the deployment of the smart grids globally, which needs these step up/down transformers for the distribution process and the renewable capacity addition and replacements.
Few other factors which are driving the growth for step up/down transformers are blanket agreements which spans multiple years, increased partnerships between EPCs and utilities, huge potential in HVDC market and introduction of transformer oil alternatives which absorbs the heat produced by the alternating current.
One of the restraints for step up/down transformers market is the complex and time consuming process for the selection and deployment of these transformers due to the quality checks and regulations involved.
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Some of the key players of Step up/down transformers market are: ABB, Siemens, General Electric, Schneider Electric, CG Power and Industrial Solution Limited, Hammond Power Solutions Inc., Mitsubishi Electric Power Products Inc., SPX Transformer Solutions Inc., Eaton, WEG, Fuji Electric, Hyosung Power & Industrial Systems Performance Group, Kirloskar Electric, MGM Transformer Company, Prima Transformers, Synergy Transformers, Virginia Transformer, and Others.
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On the basis of geography, step up/down transformers market can be segmented across North America, Latin America, Western Europe, Eastern Europe, China, SEA and other APAC, Japan, and Middle East & Africa. Among various regions, in Asia, China and India are seen to be the largest markets and Indonesia is seen to be an emerging market with 500 generation and transmission projects lined up till 2025, in the Step up/down transformers market.
The MEA region is experiencing several movements for the step up/down transformers market with Qatar and UAE having events like World Cup and Expo 2020 in Dubai. The African countries are getting a lot of investments due to their delayed start in the transmission projects from China and other regions. The North America market for the step up/ down market is seen to be leading followed by Western Europe and China, with most significant European countries being Germany and U.K. among others.
The report is a compilation of first-hand information, qualitative, and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The step up/down transformers market can be segmented on the basis of rating, output, cooling type, pricing, application and region.
On the basis of rating, the step up/down transformers market can be divided into;
On the basis of output, the step up/down transformers market can be segmented into;
On the basis of cooling type, the step up/down transformers market can be segmented into;
On the basis of pricing, the step up/down transformers market can be segmented into;
On the basis of application, the step up/down transformers market can be segmented into;
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The step up/down transformers market is likely to record a CAGR of 5.3% during the forecast period.
The step up/down transformers market has high growth potential due to the rise in smart grid deployments across end-use industries.
The manufacturers of the step up/down transformers industry are likely to find the most opportunities in the Asia Pacific region.
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