Global Autotransformer Market Projected to Grow with 3.72% CAGR: Energy Efficiency and Renewable Integration Drive Demand – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Autotransformer Market – Forecasts from 2023 to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global autotransformer market is on a trajectory of significant growth, anticipated to achieve a Compound Annual Growth Rate (CAGR) of 3.72% during the forecast period.
Autotransformers, which utilize a single winding for voltage conversion, are experiencing rising demand due to their efficiency, smaller size, and applications in power transmission, electrical appliances, and laboratories.
Key Market Drivers:
- Energy Efficiency at the Forefront: The demand for energy-efficient power transformers is a key driver for the autotransformer market. Their role in voltage regulation and the ability to match electricity production with distribution requirements is crucial for efficient power transmission. The need for autotransformers is poised to grow with the expansion of electricity demand due to global industrialization and urbanization.
- Renewable Energy Integration: Autotransformers play a pivotal role in managing varying voltage levels generated by renewable energy sources such as solar and wind. They step up or down the voltage to match grid requirements for distribution. With the surge in renewable energy adoption, the demand for autotransformers is expected to increase, as renewable sources aim to constitute a substantial share of global electricity generation.
- Asia-Pacific’s Prominence: The Asia-Pacific region is expected to hold a significant market share due to increasing electricity demand, focus on renewable energy, urbanization, and industrialization. Countries like China, India, and Japan are driving growth in the autotransformer market through initiatives to modernize their power grids and enhance energy efficiency.
Notable Market Developments:
- Advanced Designs for Efficiency: Leading companies are introducing innovative designs to enhance efficiency and reduce environmental impact. GE Grid Solutions introduced the Prolec-GE autotransformer design with a split winding and advanced cooling system, while Siemens Energy developed the environmentally friendly “Sensformer” utilizing biodegradable insulating fluid.
- Real-time Monitoring: Advancements in autotransformer technology are contributing to real-time monitoring and control. ABB’s digital autotransformer features an integrated sensor system for monitoring and managing performance in real-time.
Market Segmentation:
By Type:
- Single Phase
- Three Phase
- Variable
By Application:
- Power Transmission & Distribution
- Electrical Appliances
- Laboratories
- Induction Motors
- Others
Companies Mentioned:
- ABB Ltd.
- Hitachi Energy Ltd. (Hitachi Group)
- Johnson Electric Coil Company
- Lenco Electronics Inc.
- Meidensha Corporation
- MGM Transformer Company
- Osborne Transformer Corporation
- Trutech Products
For more information about this report visit https://www.researchandmarkets.com/r/h1y27t
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