High Demand For Electricity In Developing Economies Like Brazil Favors The Growth Of Transformers During The Forecast Period.
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According to MarketIntelReports' “Global Transformer Market Research Report 2017”:
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A power transformer is supposed to transfer electrical energy from one circuit to another, based on the principle of electromagnetic induction. It consists of a core that has a path for the magnetic flux.
The primary coil that gets current from an AC source, while the secondary coil gets current from the primary winding and transfers it to the load. The industrial transformer is protected from dirt, moisture, and other damages.
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The modernization of existing transformers will boost the demand of the Transformer Market. There has been a growing need for replacing old transformers and the increase in demand for power across the world.
Hence, there is a need to make changes to the existing power infrastructure. In the coming years, there will be a growing demand for the transformer device.
Scope & Regional Forecast of the Transformer Market
The expansion of the utility aided transmission and distribution networks for sustaining the growing energy demand will propel the growth of the Transformer Market. Rising investments to change the existing grid infrastructure in developed regions will drive the growth of the transformers.
The demand for rural electrification along with favorable regulatory framework across the electricity market will brighten the business outlook.
Increasing demand for the cross border power transmission, the initiative to utilize more sources will boost the growth of the transformers catalog. High cost is the factor which restricts the growth of the ac transformer circuit.
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The transformer circuit forms an important part of the power grid. Due to increase in awareness about the Carbon Dioxide emissions, the adoption of smart grids is on the rise.
High demand for electricity in developing countries like Brazil and Middle Eastern countries like Saudi Arabia favors the growth of the electric voltage transformer.
Segmentations & Key Players Involved in the Transformer Market
- Product Type- Single-Phase Transformer and Three-Phase Transformer.
- Application- Chemical Industry, Transportation Industry, and Other.
- Region- North America, Europe, China, Japan, Southeast Asia, and India.
Some of the key players involved in the Transformer Market are as follows:
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