BD power transformer market to rise by 4.2pc CAGR till 2027
Bangladesh Power and Distribution Transformer Market is projected to grow at a CAGR (compound annual growth rate) of 4.2 per cent during 2021-27 financial years, according to Business Wire.
The Bangladesh power and distribution transformer market is anticipated to witness significant growth during the forecast period on account of increasing electricity consumption and the surging construction sector coupled with the development of smart infrastructure buildings in the country, it said.
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Further, the increased demand for electricity from the industrial and manufacturing sector has resulted in the installation of advanced power transformers to achieve higher efficiency, which would positively impact the overall market growth of power and distribution transformers in the country during the forecast period.
However, due to prevailing weak economic conditions and nationwide lockdown imposed by the sudden outbreak of the coronavirus pandemic in the past few months, the market witnessed sluggish growth in the year 2020.
The government has implemented programmes to improve the power supply in the country, with one of the plans being Energy Efficiency and Conservation Master Plan 2030 that is focused on increasing the electricity generation capacity of the country over the coming years.
The power sector of the country has embarked the topmost priority coupled with renewable energy playing a vital role in meeting the demand for electricity especially in the off-grid areas of the country.
The government has set a target to generate about 15% of the total electricity from renewable energy resources over the coming period, thereby strengthening the power sector and creating numerous opportunities for the transformer market in the country.
Further, upcoming construction projects such as Rooppur Nuclear Power Plant, Padma Bridge among many others require the installation of power and distribution transformers to achieve higher efficiency for meeting the increased electricity consumption thereby driving the aforesaid market over the forthcoming period.
The power utility segment of the market is anticipated to dominate the market during the forecast period owing to the significant rise in energy demand and consumption along with the favorable government policies to flourish the power sector in the nation.
The Bangladesh power and distribution transformer market report comprehensively covers the market by types, power rating, cooling system, applications, and regions. The report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Bangladesh's power and distribution transformers market is projected to secure tremendous growth in the years ahead owing to an increased manufacturing sector at a considerable rate.