DUBLIN–(BUSINESS WIRE)–The “Bangladesh Transformer Market Outlook 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
The market would register significant growth in revenues owing to increasing power consumption and growing renewable energy production.
Three phase oil transformers would be the fastest growing segment. The government has increased its power budget under the 8th Five Year Plan and is constantly working to upgrade the transmission and distribution infrastructure of the country and expand its grid system with plans like the Power System Master Plan and Energy Efficiency and Conservation Master Plan 2030.
Due to the outbreak of COVID-19 pandemic, the market has registered a minimal decline of 5-10% as most of the projects of the government are pre- scheduled and continued as usual. However, the demand from private sector registered a decline in the year 2020.
According to the publisher, Bangladesh Transformer Market revenue size is projected to grow at a CAGR of 6.8% during 2022-2028F. The Bangladesh government has implemented programmes to improve the power supply network in the country, with plans like Power System Master Plan 2016 and Energy Efficiency and Conservation Master Plan 2030 that is focused towards increasing the electricity generation capacity of the country over the coming years which would create ample opportunities for power & distribution transformers market in Bangladesh.
The government plans to generate 4100 MW of electricity through renewable sources by 2030 from current capacity of 780 MW in 2021. The upcoming construction projects such as Rooppur Nuclear Power Plant, Padma Bridge, Dhaka Metro among many others require the installation of transformers to achieve higher efficiency for meeting the increased electricity consumption thereby driving the aforesaid market over the forthcoming period.
Bangladesh Transformer Market Analysis, By types
In terms of market revenue share by types, ‘three phase oil transformers have captured around 69% of the market revenues for the year 2021 as power utilities are the largest buyers of transformers in Bangladesh and three phase oil transformers are mostly used for distribution purposes in urban areas.
Bangladesh Transformer Market Analysis, By private vs government application
The government segment accounted for around 72% of the market revenue share for the year 2021 owing to the large number of ongoing power distribution network expansion projects throughout Bangladesh in order to achieve 100 percent electricity coverage targets. However, the burgeoning construction sector coupled with the development of commercial, industrial and healthcare sectors would bolster the demand from the private sector over the coming years.
Bangladesh Transformer Market Analysis, By regions
Central region held the maximum revenue share in the overall market for the year 2021 owing to the presence of large-scale industrial and commercial projects in Dhaka. Some of the ongoing projects such as the Dhaka metro rail project, Padma Rail Link project and the development of textile industry, hotel chains and hospitals in the central region would bolster the demand for transformers in the central region on account of the requirement of continuous power supply for all these developments.
Key Highlights of the Report
Company Profiles
Market Scope and Segmentation
By Type
By KVA Ratings (For Single Phase-oil)
By KVA Ratings (For Three Phase-oil)
By KVA Ratings (For Dry)
By Applications
By Regions
For more information about this report visit https://www.researchandmarkets.com/r/hyd6x1
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