The major factor related to the growth of the market, in the Asia Pacific, keeps growing demand for oil and gas and the increasing quantity of oil and gas plants in the region, especially in India and China. India could be the 10th largest importer and 19th largest exporter of oil in the world. For instance, based on the International Energy Agency (IEA), India's natural gas consumption will rise 4.5% while global demand will rebound by 3.6% in 2021. While, by 2024, the global gas demand is forecast to be up 7% from 2019's pre-COVID levels. This in turn is likely to propel the Special Transformer Market growth.
According to the United States Energy Information Administration (EIA), the planet consumed 92.2 million barrels per day (b/d) of petroleum and other liquid fuels in 2020. These industries require high current voltage during the production process. Thus, require special transformer, because it converts low voltage to high voltage with suprisingly low energy loss. Consequently, there is an enormous demand for special transformer in a variety of industries, which accelerates the growth of the Special Transformer Market.In June 2021, Hitachi ABB Power Grids launched a portfolio of transformer products for offshore floating applications.
It is designed to overcome the challenging offshore environment and withstand the physically demanding conditions on floating structures. Moreover, the demand for special transformers has increased due to the rapidly growing steel industry. According to the India Brand Equity Foundation (IBEF), in 2019, India was the world's second-largest steel producer with 111.2 million tons (MT). Special transformers, in the steel industry, facilitate proper supply of current in a wide selection of applications, through on-load or off-load regulation, leading to process optimization. This in turn is likely to augment the growth of the Special Transformer Market.
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