LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Transformers Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the utilities industry. This report breaks down the data and analysis behind the procurement of transformers and acts as an all-inclusive guide for making smart purchasing decisions.
“The rise in investments in electric distribution and generation projects, especially in emerging economies such as India and China, has resulted in higher demand for electrical utility products such as power and distribution transformers,” says SpendEdge procurement analyst Anil Seth. “Old transformers are increasingly being replaced with new and modern versions by the electric utility and power generation companies to improve the performance of their transmission lines and electric grids,” added Anil.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Transformers Market:
- Increase in demand for large power transformers
- The rise in adoption of smart grids
- Increase in energy efficiency of transformers
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Increase in demand for large power transformers:
Leading power distribution companies across the globe are increasingly using large power transformers. This is because they help in reducing energy losses during transmission of electricity from the electric grid to residential and commercial complexes. Moreover, the production cost of large power transformers is expected to decline over the forecast period owing to their increasing demand. The increase in demand is in turn leading to an increase in production of large power transformers and subsequent achievement of economies of scale.
The rise in adoption of smart grids:
The adoption of smart grids is expected to increase substantially over the forecast period owing to the several benefits they offer including the reduction in blackouts, higher efficiency during distribution, and reduction in electricity theft. Smart grids involve the incorporation of smart devices such as advanced metering technology and IoT in a single autonomous energy system. They also help in reducing energy losses associated with the transportation of electricity by electricity distribution companies.
Increase in the energy efficiency of transformers:
Energy efficiency is one of the major concerns of electricity distribution companies. This has prompted leading suppliers to develop new designs and use materials that can enhance the overall performance of transformers. Moreover, the increase in energy efficiency of transformers will lead to a reduction in electricity transmission losses, which in turn reduces the total cost of operation of electricity grids.
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