![]() The introduction of such power equipment is, therefore, set to take this market to new heights in the coming years. Furthermore, the fabrication of transformers using bio-based ingredients enables quieter operation, making them deployable in dense human settlements or in sensitive areas, such as schools and hospitals. For example, eco-friendly transformers are made using biodegradable materials, such as ester oil, which is non-toxic and ensures reduced emissions during the manufacturing process. These machines offer distinct advantages over traditional transformers. To allay fears mounting from such possibilities, power companies are now focusing on developing and installing eco-friendly transformer cores and related infrastructure. The processes of power generation and distribution require large and heavy machinery and equipment, which can prove harmful to the environment in the long run. Introduction of Eco-friendly Transformers to Boost the Market In addition, the report contains tangible insights into the regional dynamics shaping the market, as well as incorporates a granular examination of the key market players profiles and strategies. The report delivers a holistic evaluation of all market segments and offers an in-depth analysis of the market drivers, trends, restraints, and opportunities. By geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Based on application, the market is segmented into power, electronics, power transmission, and others. In terms of transformer type, the market is categorized into power transformers, distribution transformers, isolation transformers, autotransformers, and others. The enormous demand for electricity has, therefore, heightened the need for essential power management tools, such as transformer core, which are necessary to stabilize the grid and distribute power in a safe and secure manner. The World Energy Council, for instance, predicts that by 2050, global electricity generation will increase between 123% and 150%. The meteoric rise in the demand for electricity and power has caused rapid growth in the production of electricity worldwide and will continue on this path for the foreseeable future. According to the US Environmental Protection Agency (EIA), between 20, global energy consumption will increase by 50%, led primarily by developing economies. Power consumption around the world is rising at an unprecedented pace and is set to accelerate over the next few decades. ![]() He called on the EU to strengthen and expand its current grid supply chain to “avoid bottlenecks,” adding that, to achieve this, it must “radically simplify grid planning processes and clarify rules on grid connection and curtailment.The global transformer core market size is expected to grow at a prolific speed owing to the increasing production of electricity worldwide, highlights Fortune Business Insights in its report, titled Transformer Core Market, 2023-2030. Parres said that “grids are the backbone of Europe’s decarbonised future energy system” and the continent must double its annual investment in them to “deliver a seamless integration of renewable energy in line with the EU 2030 targets.” He joined Hitachi Energy in 2020 and became its renewables chief the following year. Parres previously spent two decades at Swedish-Swiss multinational ABB, where he worked on integrating renewables into the grid. He was made CEO of the German manufacturer a year later. He later headed up the wind power division at Spain’s Acciona, which was bought by Nordex in 2016. 'Unfair and a security threat': Don't be tempted by half-price Chinese wind turbines, warns European industry chiefīlanco, 53, previously spent over a decade working at Spanish wind turbine manufacturer Gamesa before its merger with Germany’s Siemens.
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