Government Focus toward Rural Electrification Drives Transformer Industry’s Growth
Stringent government policies toward rural electrification along with growing concern toward minimizing power theft is expected to foster the closed voltage transformer market share. Increase in applicability of these units across low & medium power grid networks coupled with the rise in digital transformation of power utilities will further augment the business landscape. This technology has experienced significant upsurge owing to its effective mechanical strength, minimal flux leakage, less failure rates and operational flexibility.
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Flourishing Real Estate Sector Expected to Accelerate Demand for Indoor Voltage Transformers
Robust growth across the real estate sector coupled with the rise in space constraints will sway the product demand. Positive outlook toward infrastructural development favored by the rise in investments from private and public entities to sustain the programs and regulatory initiatives will complement the industry statistics. Ongoing integration of sustainable energy sources has further led to the expansion of micro-grid networks, which in turn is expected to strengthen the business landscape.
Large-scale Integration of Renewable Resources Fuels Demand for Voltage Transformers
The surge in government focus toward deployment of clean energy systems followed by the increase in inclination toward grid stability & reliability complements the business landscape. Ongoing adoption of self-sustaining power networks in line with the rise in investments to establish a sustainable electrical network is expected to stimulate the industry outlook and hence, the market is expected to prosper in the coming years.
Emerging technological advancements and the rise in electricity consumption are projected to elevate industry growth over the next five years. Huge investment in power plant infrastructure coupled with the increase in demand for smart meters is projected to positively impact demand. Further, several government initiatives for modernizing the existing grids combined with installation of technologically advanced systems is anticipated to drive power transformer market growth.
The increase in awareness regarding low carbon emission due to service expansions in resource-based industries is anticipated to offer prominent growth opportunities for the industry. Advanced features offered by eco-friendly devices are projected to replace traditional transformers, which are not compatible with current technical and environmental requirements. However, pricing pressure on manufacturing companies coupled with fluctuating raw material prices are expected to hamper the growth of the market.
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COVID-19 Impact Analysis
- The unfavorable global effects of COVID-19 are already evident and had a big impact on the voltage transformer market in 2020.
- The World Health Organization (WHO) declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths globally. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy’s already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the voltage transformer to a great extent as consumers’ consumption and demand patterns are changing amidst the pandemic.
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