June 20, 2023 17:00 ET | Source: Global Market Insights Inc. Global Market Insights Inc.
Selbyville, Delaware, June 20, 2023 (GLOBE NEWSWIRE) -- Box type transformer
Pole Mounted Transformer Market is expected to cross a valuation of USD 32 billion by 2032, according to the latest research report by Global Market Insights Inc.
The the need for reliable and efficient power distribution systems in bolstering the industry growth. Pole-mounted transformers play a pivotal role in delivering electricity to residential, commercial, and industrial areas, ensuring a steady supply of power. The increasing investment in power infrastructure, the need for reliable and efficient power distribution, and the growing adoption of smart grid technology are creating significant product.
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In May 2023, British International Investment, the UK government’s development finance institution, announced a USD 15 million investment in the Indo-Pacific region, for its SUSI Asia Energy Transition Fund. This investment was meant to support energy storage, renewable energy and microgrid projects throughout the continent, as part of the UK’s broader aim to mobilize financing worth USD 40 billion for sustainable infrastructure development by 2027. With the rising demand for electricity and the expansion of power grids, pole mounted transformer market is expected to witness substantial growth in the coming years.
Dry type cooling to gain in traction utility & power distribution grid infrastructure
Dry pole mounted transformer industry size will witness a commendable growth rate during 2023 to 2032, due to its various advantages, such as lower maintenance requirements, enhanced safety, and reduced environmental impact. Dry type transformers are typically air-cooled, which eliminates the need for oil and reduces the risk of fire or oil spills. This makes them ideal for installation in densely populated urban areas, where safety and environmental concerns are paramount.
Residential to remain a key application area
The residential application segment is a significant contributor to pole mounted transformer market expansion. With the growing population and urbanization, there is an increased need for reliable and efficient power supply to residential areas. Pole-mounted transformers, with their compact size and ease of installation, are the preferred choice for residential power distribution. They play a vital role in stepping down the voltage from the main distribution lines to a lower voltage suitable for residential consumption.
Europe emerges as a prominent market for pole mounted transformers
Europe pole mounted transformer industry is set to grow at a substantial pace from 2023-2032. The region's focus on renewable energy and smart grid initiatives, along with the need to modernize aging power infrastructure, is driving the demand for pole-mounted transformers. The European Union's commitment to achieving a low-carbon economy and ensuring energy security is driving the expansion of renewable energy sources and the modernization of power grids, further fueling the demand for pole mounted transformers in the region.
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Pole Mounted Transformer Industry Leaders
The key players operating in pole mounted transformer market landscape are VANTRAN Transformers, Wilson Transformers, Jiangshan Scotech Electrical Co., Ltd., SGB SMIT, ERMCO, Southwest Electric Co., Hitachi Energy Ltd., WEG, Schneider Electric, Siemens Energy, GE, Eaton, and ABB. Manufacturers are investing in research and development to introduce advanced features and technologies in pole-mounted transformers, such as the integration of advanced digital monitoring systems.
Pole Mounted Transformer Industry News
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary 2.1 Pole mounted transformer industry 360° synopsis, 2019 - 2032 2.2 Business trends 2.3 Cooling trends 2.4 Phase trends 2.5 Application trends 2.6 Regional trends Chapter 3 Pole Mounted Transformer Industry Insights 3.1 Industry ecosystem analysis 3.2 Regulatory landscape 3.3 COVID- 19 impact on the industry outlook 3.4 Industry impact forces 3.4.1 Growth drivers 3.4.2 Industry pitfalls & challenges 3.5 Growth potential analysis 3.6 Porter's Analysis 3.7 PESTEL Analysis
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About Global Market Insights Inc.
Oil Immersed Transformer Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.