June 15, 2021 08:08 ET | Source: Research and Market Research and Market
Dublin, June 15, 2021 (Global News Agency)-"Bangladesh Electricity and Distribution Transformer Market (2021-2027): By Type, Rating,? Distribution Transformer,? By? Cooling System, By Application,? The market forecast by region,? And the competitive landscape" report has been added to ResearchAndMarkets.com's products.
The Bangladesh power and distribution transformer market is expected to grow at a CAGR of 4.2% during 2021-27F.
Due to the increase in power consumption, the booming construction industry and the development of smart infrastructure buildings in the country, the Bangladesh power and distribution transformer market is expected to witness significant growth during the forecast period.
In addition, the increasing demand for electricity from industry and manufacturing has led to the installation of advanced power transformers to achieve higher efficiency, which will have a positive impact on the overall market growth of distribution transformers in the country during the forecast period.
However, due to the generally weak economic conditions in the past few months, coupled with the sudden outbreak of the coronavirus pandemic and the nationwide lockdown, the market will grow slowly in 2020.
The government has implemented plans to improve the country's power supply, one of which is the 2030 Energy Efficiency and Protection Master Plan, which focuses on increasing the country's power generation capacity in the next few years.
The country’s power sector has become a top priority, and renewable energy sources play a vital role in meeting electricity demand, especially in off-grid areas of the country. The government has set a goal that, within a period of time, renewable energy generation will account for about 15% of the total electricity generation, thereby strengthening the power sector and creating numerous opportunities for the country’s transformer market.
In addition, upcoming construction projects, such as the Rooppur nuclear power plant, Padma Bridge, etc., require the installation of power and distribution transformers to achieve higher efficiency to meet the increased power consumption, thereby promoting the above-mentioned market in the future.
Due to the significant growth in energy demand and consumption and the government's favorable policies for the prosperity of the power sector, the electric utility market is expected to dominate the market during the forecast period.
The Bangladesh Electricity and Distribution Transformer Market Report comprehensively covers the market by type, rated power, cooling system, application and region. The report provides a fair and detailed analysis of current market trends, opportunities/high-growth areas and market drivers, which will help stakeholders formulate and adjust their market strategies based on current and future market dynamics.
As the manufacturing industry is growing at a considerable rate, the power and distribution transformer market in Bangladesh is expected to achieve tremendous growth in the next few years. Due to the increase in export practices and domestic use that may use high energy consumption to operate machines, it is estimated that the textile industry will generate high sales revenue in the market. Therefore, the use of electricity and distribution transformers will be increased to ensure regular power supply. It is expected in the next few years It will promote the growth of the power and distribution transformer market in Bangladesh.
For more information about this report, please visit https://www.researchandmarkets.com/r/grew14