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Introduction
- Green power transformers are eco-friendly, efficient, and cost-effective, as they reduce carbon footprint, since these transformers use vegetable oil instead of mineral oil. Power transformers are more stable and offer high resistance to fire, electricity, & heat.
- Companies are currently investing more in green power transformers, due to stringent rules and regulations enacted by governments to reduce greenhouse gases and carbon emission. Furthermore, an increase in awareness about eco-friendly products in developed countries is expected to propel the demand for green power transformers in the near future.
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Key Drivers and Restraints of Global Green Power Transformers Market
- Rise in industrialization and urbanization across the globe is estimated to be a key driver of the green power transformers market. The market has been witnessing a significant increase in the demand for transformers across the world in the last few years, and this increase in demand is expected to drive the green power transformers market.
- Substitute for mineral oil and SF6-based power transformers is a key driver of the green power transformers market. Mineral oil becomes unstable at high voltage and heat, which leads to premature degradation of oils and subsequently, results in reduction in the transformer’s life. SF6 is a highly potent greenhouse gas, as it is 22,800 times more potent than CO2 in trapping heat over 100 years. SF6 if entered into the atmosphere can remain there for 3,200 years. Green power transformers have very less impact on the environment, hence, these transformers acting as a substitute for mineral oil and SF6 transformers is the expected to drive the market.
- Lack of environmental awareness and absence of rules and regulations regarding the use of mineral oil- and SF6 based-power transformers is a key factor restraining the global green power transformers market
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Global Green Power Transformers Market: Segmentation
- The global green power transformers market can be segmented based on insulation, installation, phase, power rating, and end-user
- Based on insulation, the green power transformers market can be classified into biodegradable oil, air, and solid. The biodegradable oil segment is estimated to expand considerably during the forecast period as biodegradable oil is derived from the renewable vegetable oil, which provides improved fire safety, transformer life, and environmental benefits.
- Based on installation the green power transformers market can be bifurcated into outdoor and indoor. The outdoor segment is estimated to expand at a significant CAGR, owing an increase in development and installation of electric grid development across the globe due to an increase in the demand for electricity.
- In terms of phase, the green power transformers market can be split into single phase and three phase. The three phase segment is projected to expand at a high CAGR during the forecast period, due to a rise in the demand from the industry and utility sectors.
- Based on the power rating, the global market can be segregated into below 100 kVA, 100 kVA - 500 kVA, and above 500 kVA. Demand for the 100 kVA - 500 kVA green power transformers is expected to be on the higher side due to a rise in the demand from the various industry such as oil & gas, automotive, mining, and renewable energy.
- In terms of end-user, the global market can be split into residential, commercial, industrial, and utilities. Industrial and utility segments are expected to lead the market due to a rise in industrialization. This trend is expected to continue during the forecast period.
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Global Green Power Transformers Market: Regional Segmentation
- Based on region, the global green power transformers market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific dominated the global green power transformers in 2019. The market in the region is projected to expand during the forecast period, owing to a rise in infrastructure, industrialization, and governments’ initiatives to provide electricity to all parts of the countries such as China and India.
- The market in North America is projected to expand significantly during the forecast period due to rapid increase in infrastructure and industrialization in the U.S. and Canada
- The market in Europe is estimated to expand at a steady pace during the forecast period due to steady industrial and infrastructural development
- The market in Latin America and Middle East & Africa are also projected to expand at a steady pace during the forecast period. This can be ascribe to an increase in investment in grid development in the all major countries in these regions.
Key Players Operating in the Market:
- General Electric
- ABB
- Alstom
- Cahors
- Siemens
- Schneider Electric
- WESTRAFO SRL
Global Green Power Transformers Market: Research Scope
Global Green Power Transformers Market, by Insulation
- Biodegradable Oil
- Air
- Solid
Global Green Power Transformers Market, by Installation
- Outdoor
- Indoor
Global Green Power Transformers Market, by Phase
- Single Phase
- Three Phase
Global Green Power Transformers Market, by Power Rating
- Below 100 kVA
- 100 kVA - 500 kVA
- Above 500 kVA
The Global Green Power Transformers Market, End-user
- Residential & Commercial
- Utility
- Industrial
- Others
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