Selbyville, Delaware,, March 06, 2024 (GLOBE NEWSWIRE) --
The phase shifting transformer market is expected to reach USD 303.3 Million by 2032, as reported in a research study by Global Market Insights Inc.
As global electricity demand rises, the pressure mounts on power grids to efficiently integrate renewable energy sources while maintaining reliability. Phase shifting transformers are pivotal in this task, managing power flow, voltage regulation, and phase angle control to optimize grid performance. By mitigating grid congestion and balancing load distribution, these transformers ensure stable and efficient grid operation. They facilitate the seamless integration of intermittent renewable energy, smoothing fluctuations and enhancing grid resilience. Moreover, governments are prioritizing renewable energy transition across all sectors which can be ascertained from the fact that as per World Economic Forum, by 2025, renewable energy will account for 35% of global power generation.
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Additionally, rise in industrialization and urbanization is another driver behind the growth of phase shifting transformer market. Urban areas require robust power grids to support critical infrastructure, including residential, commercial, and industrial facilities. Moreover, industries such as manufacturing, mining, and construction rely heavily on a steady and uninterrupted power supply to sustain operations. Phase shifting transformers ensure grid stability and reliability by managing power flow and voltage regulation, thereby meeting the escalating demand for electricity in industrialized and urbanized regions.
The <400 MVA rating segment is poised to grow rapidly through 2032, as these transformers are commonly used in medium-voltage distribution networks, industrial facilities, and commercial buildings to regulate voltage levels, balance load distribution, and improve power quality. With the increasing electrification of industries and the expansion of urban infrastructure, the demand for < 400 MVA phase shifting transformers is expected to grow steadily, particularly in emerging economies undergoing rapid industrialization and urbanization.
The phase shifting transformer market share from industrial application segment is anticipated to expand at a swift pace by 2032, as industries such as manufacturing, mining, oil and gas, and petrochemicals rely heavily on electrical power for their operations. Phase shifting transformers ensure stable and reliable power supply to industrial facilities, enabling uninterrupted production processes and minimizing downtime. Additionally, these transformers are used in industrial power systems to optimize voltage regulation, power factor correction, and harmonic mitigation, thereby improving energy efficiency and reducing operating costs.
North America phase shifting transformer market is set to gain traction till 2032, driven by the region's extensive power infrastructure, technological advancements, and increasing investments in grid modernization projects. The deployment of smart grid technologies, integration of renewable energy sources, and expansion of T&D networks are driving the adoption of phase shifting transformers in the region. Additionally, government initiatives to enhance grid reliability, improve energy efficiency, and reduce carbon emissions are creating opportunities for regional market growth.
Major contenders in the phase shifting transformer market are Siemens AG, ABB Group, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, Eaton Corporation plc, Toshiba Corporation, Hyundai Electric & Energy Systems Co., Ltd., Crompton Greaves Limited, Wilson Transformer Company amongst others.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Phase shifting transformer industry 3600 synopsis, 2018 - 2032
Chapter 3 Phase Shifting Transformer Market Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.5 Porter's Analysis
3.5.1 Bargaining power of suppliers
3.5.2 Bargaining power of buyers
3.5.3 Threat of new entrants
3.5.4 Threat of substitutes
3.6 PESTEL Analysis
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About Global Market Insights Inc.
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.
