Europe Transformer Market size is anticipated to witness substantial growth between 2021 and 2027 on account of rising demand for electricity along with large scale integration of renewable energy sources. Favorable government norms for restoration & replacement of existing grid infrastructure along with increasing consumer focus toward sustainable electricity networks and smart monitoring units will propel the market outlook.
European Market, By Core
Stringent government norms toward rural electrification along with growing measures to minimize power theft will drive the closed core-based European transformer industry. Applicability of these products across medium and low sized power grid networks along with increasing digitalization of power utilities will augment the market landscape. This technology integrates key advantages including minimal flux leakage, effective mechanical strength, and less malfunction rates.
European Market, By Product
Power transformer segment is predicted to grow at lucrative rate through 2027 owing to rising infrastructural spending followed by favorable policies toward restoration and extension of long route transmission and distribution networks. Ongoing development and refurbishment of the existing grid infrastructure coupled with increasing network expansion will significantly boost the industry demand.
European Market, By Installation
Indoor transformer sector will gain an appreciable momentum during the forecast period due to flourishing real estate sector along with rising investment toward infrastructural developments. Furthermore, constant development of sustainable energy sources has led to the growth of micro-grid networks.
European Market, By Insulation
Increasing private and public investments for upgradation and expansion of grid infrastructure will propel the gas insulated transformer segment. Introduction of gas insulated transmission cables coupled with extension of high voltage network will further sway the industry size. Ongoing regulatory policies to integrate efficient grid infrastructure along with incorporation of wide range frequency distribution networks will strengthen the market growth potential.
European Market, By Country
Surging electricity demand along with rising regulatory focus inclined toward the incorporation of smart grid technologies is set to fuel the Germany transformer market. Increasing installation of enhanced electrical equipment coupled with deployment of cutting-edge transformer units is set to impel the market revenue.
The global economy is at a standstill from COVID-19 and its uncommon effect of this health crisis on companies from all divisions. Thus, the demand for these units may observe a marginal decline due to the supply chain disorders and less on-site operations. However, power sector being the necessity will have minimal or no affect toward the installation of these units.
Competitive Industry Landscape
Major players operating across the industry include ABB, Arteche, PFIFFNER Group, TRENCH Group, Celme, Hyosung Power & Industrial Systems, Mitsubishi Electric Corporation, General Electric, Siemens, Schneider Electric, CG Power and Industrial Solutions, Toshiba Corporation, IMEFY Group, and Eaton. Industry players are aiming to introduce advance technologies acquisitions, mergers and forming strategic alliances to sustain their position in the market.