The report presents a comprehensive research of the global buchholz relay market by application, including power transformers and distribution transformers. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: need for flexible power systems and changing energy landscape
The power demand across the world has grown exponentially. The main factors driving this demand is the increasing population, and the rising global economy and this trend is expected to continue during the forecast period. During 2016-2035, the world population is expected to increase by 1.3 billion. Currently, energy security is one of the key national agendas for any country.
According to a senior analyst at Technavio for tools and components research, “The global generation of electricity from fossil fuels is projected to reach 61% by 2020. However, this depends on the actions and execution of protocols regarding the creation of an environmentally sustainable system. The increasing population and rising developmental activities would require considerable amounts of power to sustain the pace of such economic growth.”
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Market trend: emerging nations becoming energy investment hotspots
In countries such as India, Mexico, and several countries in Africa and the Middle East, considerable investments were made in the energy sectors in 2017. Various international players are focusing more and more on these emerging economies, as governments introduce reforms to increase the competition in their energy sectors and deploy excess global capital. The potential opportunities in the market for these power utility investors were created due to these reforms and are expected to impact the global buchholz relay market.
Market challenge: financially weak distribution sector
Additional cost is incurred in smart grid systems, which include the cost of replacement of transmission lines, distribution systems, power delivering systems, substation digitization, and digital controls. High initial capital investments are required by power utilities and independent power producers (IPPs). In countries such as the US, the deployment cost of smart grid technology is expected to increase over the next 20 years. Aging power infrastructure and rising need for renewable power grid integration are the main factors behind this increase. Additionally, upgrading power grids to accomplish compatibility with smart grid solutions proves to be cost-sensitive for power utilities.
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