Industrial Application to Lead Europe LV/MV Transformers Market till 2024
Replacement of ageing transformers with
energy-efficient transformers coupled with rising focus of governments of
various countries to increase power generation through renewable energy to
drive Europe LV/MV transformers market through 2024
According to TechSci Research report,
“Europe
LV/MV Transformers Market By Type, By Configuration, By Application,
Competition, Forecast & Opportunities, 2014 – 2024’’, LV/MV transformers market in Europe is forecast to reach $ 1.7 billion by
2024, on account of rising focus of governments
of various European countries towards environment sustainability. Governments
are announcing various regulations and initiatives for the same. Additionally,
countries such as Germany, Spain, and Italy
are installing renewable energy at a faster pace and also providing incentive
policies for their adoption. Furthermore, replacement of ageing transformers
with energy efficient transformers would positively influence Europe LV/MV transformers
market during forecast period
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Industrial
application accounted for the largest share in Europe LV/MV transformers market in
2018 and is likely to maintain its dominance during forecast period as well, on
account of increasing industrialization and investments in the region. Among
countries Germany, Russia and France are the major demand generating countries
in the region owing to rising renewable energy installations, increasing investments
in transmission & distribution sector and upgradation of age-old transmission
& distribution infrastructure in these countries. Some of the major
players in Europe LV/MV transformers
market are ABB Ltd., Siemens AG., General Electric, CG Power and Industrial
Solutions Limited, Schneider Electric SE, Eaton Corporation plc, Legrand SA, Mitsubishi
Heavy Industries, Ltd., Hitachi Ltd., among others.
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“Factors like growing
installations in renewable energy, establishment of various new trans-European
energy networks such as North Sea Offshore Grid (NSOG), North-south electricity
interconnections in western Europe (NSI West Electricity) are fueling growing
in Europe LV/MV transformers market.
Moreover, increasing
per capita electricity consumption
coupled with growing demand for uninterrupted power is further expected to
propel demand for LV/MV transformers across Europe over the next five years.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Europe LV/MV Transformers Market By Type, By Configuration,
By Application, Forecast & Opportunities, 2014 – 2024’’ has evaluated
the future growth potential of Europe LV/MV transformers market and provides
statistics and information on market size, structure and future market growth.
The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyses the emerging trends along with essential drivers,
challenges and opportunities in Europe LV/MV transformers market.
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