Growing Deployment of Smart Grids and Introduction of Innovative Technologies to Boost Market Growth
The power generation sector across the European Union has evolved at a gradual pace over the past couple of decades, due to considerable advancements in technology and growing emphasis on improving efficiency. In addition, mounting environmental concerns pertaining to the efficient use of various resources have compelled the power & energy sector to invest in research & development activities to discover innovative concepts and technologies. The proliferation of cutting-edge power electronics and information & communication technologies is set to play an essential role in the development of the Europe distribution transformer market during the forecast period. Growing deployment of ‘smart grids’ and emergence of such innovative concepts are likely to set the tone for the growth of the Europe distribution transformer market in the upcoming years.
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The current evolution of the power sector across the European region introduces a new set of challenges related to the regulation of the various electricity distribution utilities. At present, the European Union has expressed a strong desire to save energy and promote the use of renewable energy resources by curating several programs, including the Intelligent Energy Europe Programme. The residential, commercial, and industrial sectors across Europe are largely focusing on optimizing the use of energy by purchasing distribution transformers at least lifecycle costs. As regulatory norms across the continent continue to tighten the screws regarding energy security and minimizing greenhouse gas emission, the demand for highly efficient and environment-friendly distribution transformers has witnessed considerable growth in the past few years– a trend that is set to continue during the forecast period.
At the back of these factors, the Europe distribution transformer market is set to attain a market value of ~US$ 7 Bn by the end of 2030.
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Cost-effective Solutions to Assist European Countries Attain Objectives
The Intelligent Energy Europe Programme has garnered considerable popularity in the European region. The program encompasses an array of strategies that are aimed toward the development of smart grids and energy distribution– a factor that is expected to provide an impetus to the manufacturing of efficient distribution transformers in the region. Strategies for development and diffusion of Energy-efficient Distribution Transformers (SEEDT) is among the multiple projects that promote and encourage the deployment of distribution transformers that are energy-efficient.
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Energy-efficient distribution transformers are high in demand across the European region, as they have proved to be highly profitable for investors. In addition, energy-efficient transformers also play a key role in attaining energy-saving targets set by the European regulatory bodies. The European energy policy has placed energy efficiency as high priority due to which, the Europe distribution transformer market is expected to witness considerable movement in the forthcoming years. The SEEDT includes several proposals that aim to change the regulatory framework for electricity distribution companies, mandatory standards, and labelling.
Governments across the European region are investing resources in the promotion of energy-efficient distribution transformers– another top factor that is projected to increase the demand.
Market Participants to Introduce New Solutions to Strengthen Foothold
Amid ongoing changes in the European energy and power sector, several participants operating in the current market landscape are launching innovative energy-efficient solutions to strengthen their foothold in the market. Several fairs are organized across the continent wherein market participants showcase their latest solutions. Leading participants operating in the Europe distribution transformer market are increasingly focusing on leveraging advanced technologies to develop next-generation distribution transformers.
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For instance, in 2018, ABB launched the world’s first digitally integrated power transformer, which is likely to be one of the most groundbreaking innovations in the Europe distribution transformer market. ABB, at the Hanover Fair in 2018, revealed the ABB Ability ™, a power transformer that is equipped with remote monitoring and data analytics technologies. Such innovations are anticipated to improve the reliability and at the same time, enable optimum utilization of various grid assets and power networks.
While some participants are focusing on integrating digital technologies into their products, several companies are solely focusing on introducing new distribution transformers to the market. For instance, in September 2019, Murata announced the launch of the highly innovative distribution transformer particularly designed for high frequency and high power applications.
Energy Consumption Dinks in 2024 amid COVID-19 Pandemic
The onset of the COVID-19 pandemic is expected to have a short-term impact on the Europe distribution transformer market. The novel COVID-19 coronavirus, which was first detected in China’s Hubei province in December 2019 has emerged as a lethal health threat, which has impacted more than 140 countries. Among various industries that are affected by the pandemic, the power industry is also treading through a sluggish period. The evaluation of the COVID-19 pandemic on power generation and supply across the European region unveils that the demand from the industrial sector has remained lower than that in 2019 due to the lockdown imposed by several countries.
However, nuclear power availability in major European countries such as Germany is expected to remain steady as safety measures were put in place to ensure continuity of operations. Industrial production in several European nations has declined in the first half of 2020. Logistical delays and slowdown in the production are on the cards due to the COVID-19 pandemic as a result of which, the European distribution transformer market is likely to witness sluggish growth in 2020.
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