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Key Emerging Trends in the Power Transformer Market
The evolution of electric transmission and distribution investments in infrastructure is continually shaped by the ongoing development of infrastructure. According to a special report on the World Energy Investment Outlook, the total energy investment reached USD 1.7 trillion in 2016. Notably, the electricity sector surpassed oil and gas in investment for the first time, with energy efficiency emerging as the most significant growth sector. The commitment to this transformation is evident in the substantial investments made by OECD countries, amounting to USD 3 trillion. These funds were allocated to the construction of new renewable and conventional power plants, as well as transmission and distribution (T&D) infrastructure, and energy efficiency measures.
In 2016 alone, USD 277 billion was directed towards the investment in transmission and distribution networks. Looking ahead, global electric utilities are anticipated to inject approximately USD 3.2 trillion into new and replacement transmission and distribution infrastructure over the next decade. This significant financial commitment is driven by the need to replace aging infrastructure, ensure reliability, enhance market efficiencies, and contribute to global policy objectives such as the reduction of greenhouse gas emissions in the next two decades. The current phase of growth in the transformer market aligns with the expansion of transmission and distribution grids.
The increasing global demand for energy, coupled with a rising population, presents opportunities for the expansion of transmission and distribution grid infrastructure. Furthermore, the growth in the transmission and distribution network is influenced by a combination of factors, including technology, economic viability, regulatory frameworks, environmental considerations, and the integration of digitalization. In summary, the landscape of investments in electric transmission and distribution infrastructure is undergoing a dynamic transformation, with a substantial focus on renewable energy sources, energy efficiency, and the integration of advanced technologies. The substantial financial commitments from both public and private sectors underscore the importance of these investments in achieving a reliable, efficient, and environmentally sustainable energy future.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | International Requirement for Electricity Is Growing |
| Market Dynamics | · Increased Investments in Distribution and Transmission Infrastructure · Industry Development for Renewable Energy |
Power Transformer Market Highlights:
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