Europe Distribution Transformer Market Forecast 2020-2028
The Europe distribution transformer market is anticipated to register a CAGR of 7.43% during the forecast period, 2020-2028. The consumption of electricity in Europe is considerably high, which makes it a major market for distribution transformers. The continuous requirement for modernizing and developing vast electric power management and distribution networks is among the other factors augmenting the market growth.
The Europe distribution transformer market growth is further analyzed by segregating the region into countries such as Russia, Belgium, Italy, the UK, Germany, Poland, France, and the rest of Europe that includes Netherlands, Greece, Switzerland, and Austria. In Belgium, the mounting demand for electricity is driving market growth. The total production of all the energy-producing facilities is 80 billion KWh, that is, 97% of the country’s total usage. In countries like Poland, which has vast coal reserves, the electricity generation capacity is dominated by coal-and-lignite based power plants. The extensive network of power transmission lines and substations makes it possible to transmit energy from power plants to the customer.
The rest of Europe's market is believed to be one of the top expanding markets all through Europe. The growing trend of employing environment-friendly energy sources led by a primary concern of environmental protection and quick minimization of energy theft practices are the significant factors driving the market. In addition, the governments of these countries are offering subsidies and tax holidays to encourage the deployment of sophisticated distribution transformers. Denmark aims that by 2030, at least half of the energy consumption should be produced by renewables, and by 2050, be a low-carbon society free from fossil fuels. The country is moving ahead to meet these targets and become a global leader.
Wilson Power Solutions, ABB Ltd, Siemens AG, Schneider Electric SA, Starkstrom Gerätebau GmbH, etc. are some of the leading companies operating in the market.
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