変圧器タップ交換器と電圧制御リレー市場- 世界の産業規模、シェア、動向、機会、予測、セグメント別、用途別、設置タイプ別、エンドユーザー別、地域別、競合別、2020-2030年

変圧器タップ交換器と電圧制御リレーの世界市場規模は2024年に29億4,000万米ドル、2030年には49億9,000万米ドルに達すると予測、CAGRは9.07%。

変圧器タップ交換器と電圧制御リレー市場とは、電力変圧器に不可欠な構成要素であるタップ変更装置と電圧調整リレーの開発、生産、展開に焦点を当てた世界の産業を指します。これらの技術は、電圧の安定性を維持し、電力品質を向上させ、電力会社の変電所、産業プラント、再生可能エネルギーシステムなど、さまざまな用途における送配電ネットワークの効率的な運用を確保する上で重要な役割を果たしています。タップ・チェンジャーは、オンロード・タップ・チェンジャー（OLTC）とオフロード・タップ・チェンジャー（DETC）に分類され、変圧器の巻線比を変えることによって変圧器の出力電圧を調整するために使用される機構です。

オンロード・タップ・チェンジャーは高圧変圧器で広く使用されており、電力供給を中断することなく継続的な電圧調整を可能にするため、リアルタイムの送電網運用に不可欠です。一方、オフロード・タップ・チェンジャーは、計画的なメンテナンス時や低負荷時など、臨時の調整で十分な場合に使用されます。これらのシステムを補完する電圧制御リレーは、電圧レベルを監視し、タップ位置制御を通じて是正措置を開始し、電圧変動、低電圧、過電圧状態を防止します。これらのデバイスは、ダイナミックな負荷条件や断続的な再生可能エネルギー源の統合により、より正確で応答性の高い電圧制御メカニズムが必要とされる現代の電力網において、ますます不可欠となっています。

市場促進要因

送電網の信頼性と電圧調整に対する需要の高まり

主な市場課題

高いメンテナンス要件と運用の複雑さ

主な市場動向

スマートグリッド技術の統合がタップ切替器とリレーの近代化を促進

目次

第1章 概要

第2章 調査手法

第3章 エグゼクティブサマリー

第4章 顧客の声

第5章 世界の変圧器タップ交換器と電圧制御リレー市場展望

• 市場規模・予測
  • 金額別
• 市場シェア・予測
  • 用途別（発電、配電、再生可能エネルギー）
  • 設置タイプ別（屋内、屋外、ハイブリッド）
  • エンドユーザー別（公益事業、産業、商業）
  • 地域別
• 企業別（2024）
• 市場マップ

第6章 北米の変圧器タップ交換器と電圧制御リレー市場展望

• 市場規模・予測
• 市場シェア・予測
• 北米：国別分析
  • 米国
  • カナダ
  • メキシコ

第7章 欧州の変圧器タップ交換器と電圧制御リレー市場展望

• 市場規模・予測
• 市場シェア・予測
• 欧州：国別分析
  • ドイツ
  • 英国
  • イタリア
  • フランス
  • スペイン

第8章 アジア太平洋地域の変圧器タップ交換器と電圧制御リレー市場展望

• 市場規模・予測
• 市場シェア・予測
• アジア太平洋地域：国別分析
  • 中国
  • インド
  • 日本
  • 韓国
  • オーストラリア

第9章 南米の変圧器タップ交換器と電圧制御リレー市場展望

• 市場規模・予測
• 市場シェア・予測
• 南米：国別分析
  • ブラジル
  • アルゼンチン
  • コロンビア

第10章 中東・アフリカの変圧器タップ交換器と電圧制御リレー市場展望

• 市場規模・予測
• 市場シェア・予測
• 中東・アフリカ：国別分析
  • 南アフリカ
  • サウジアラビア
  • アラブ首長国連邦
  • クウェート
  • トルコ

第11章 市場力学

• 促進要因
• 課題

第12章 市場動向と発展

• 合併と買収
• 製品上市
• 最近の動向

第13章 企業プロファイル

• ABB Ltd.
• Siemens Energy AG
• General Electric Company（GE Grid Solutions）
• Reinhausen Manufacturing GmbH（Maschinenfabrik Reinhausen GmbH）
• Schneider Electric SE
• Eaton Corporation plc
• Mitsubishi Electric Corporation
• Howard Industries, Inc.
• Zhejiang Horizon Electric Power Co., Ltd.
• Toshiba Energy Systems & Solutions Corporation

第14章 戦略的提言

第15章 調査会社について・免責事項

Global Transformer Tap Changers & Voltage Control Relay Market was valued at USD 2.94 Billion in 2024 and is expected to reach USD 4.99 Billion by 2030 with a CAGR of 9.07%. The Transformer Tap Changers & Voltage Control Relay Market refers to the global industry focused on the development, production, and deployment of tap-changing devices and voltage regulation relays that are integral components of power transformers. These technologies play a critical role in maintaining voltage stability, enhancing power quality, and ensuring the efficient operation of transmission and distribution networks across various applications including utility substations, industrial plants, and renewable energy systems. Tap changers-classified into on-load tap changers (OLTC) and off-load tap changers (DETC)-are mechanisms used to regulate the output voltage of transformers by altering the transformer winding turns ratio.

On-load tap changers are widely used in high-voltage transformers, allowing continuous voltage regulation without interrupting the power supply, making them essential for real-time grid operations. Off-load tap changers, on the other hand, are used where occasional adjustments are sufficient, typically during planned maintenance or low-load conditions. Complementing these systems, voltage control relays monitor voltage levels and initiate corrective actions through tap position control, thereby preventing voltage fluctuations, under-voltage, and over-voltage conditions. These devices are increasingly essential in modern electrical grids, where dynamic load conditions and the integration of intermittent renewable energy sources require more precise and responsive voltage control mechanisms.

Key Market Drivers

Rising Demand for Grid Reliability and Voltage Regulation

The global expansion of electricity demand, especially in developing regions, has intensified the need for highly reliable power transmission and distribution systems, thus driving the demand for transformer tap changers and voltage control relays. With increasing industrialization, urbanization, and digitalization, power grids are experiencing greater stress due to fluctuating loads and intermittent renewable energy sources. To ensure voltage stability, prevent outages, and minimize fluctuations that can damage sensitive electronic equipment, utilities and grid operators are increasingly integrating advanced voltage regulation technologies. Transformer tap changers play a pivotal role in adjusting the transformer winding turns ratio, thereby maintaining a constant output voltage despite input fluctuations.

Similarly, voltage control relays detect deviations in voltage levels and initiate timely corrective actions, enhancing grid responsiveness. In modern smart grids, the integration of SCADA and IoT systems has further elevated the need for automated tap changers and intelligent relays to manage voltage dynamically and remotely. As the complexity of electricity networks continues to grow, particularly with distributed energy resources such as solar PV, wind turbines, and energy storage systems, voltage regulation solutions have become indispensable. Tap changers with on-load capabilities and relays equipped with real-time monitoring and communication features are being adopted to support continuous voltage control without service interruptions.

Moreover, with global targets for energy efficiency and system reliability tightening, utilities are actively upgrading old transformers and substations with modern voltage regulation components. This replacement trend also fuels the aftermarket demand for high-performance tap changers and voltage control relays. Furthermore, the increasing reliance on automation, smart metering, and decentralized power networks demands consistent voltage profiles, thereby further cementing the market relevance of these solutions. In summary, the rising focus on grid reliability and voltage consistency across utility, industrial, and commercial sectors continues to act as a key growth driver for the transformer tap changers and voltage control relay market. Over 70% of global utilities are investing in grid modernization to enhance voltage stability and reliability. Global power outages result in economic losses exceeding USD 100 billion annually, driving the need for voltage regulation systems. Nearly 65% of transmission and distribution upgrades now include voltage regulation components and grid stability solutions. The global demand for smart transformers and voltage regulators is growing at a CAGR of over 9%. More than 80 countries have implemented grid codes mandating voltage control and reactive power compensation. Asia-Pacific and North America collectively account for over 60% of global spending on voltage regulation and grid reliability technologies. Over 50% of renewable energy projects globally integrate voltage control systems to maintain grid balance.

Key Market Challenges

High Maintenance Requirements and Operational Complexity

One of the primary challenges faced by the Transformer Tap Changers & Voltage Control Relay Market is the high maintenance demand and operational complexity associated with tap changer systems, especially on-load tap changers (OLTCs). These components are critical for voltage regulation in power transformers and are subjected to continuous mechanical and electrical stress. Over time, frequent switching operations cause wear and tear, necessitating regular inspection, oil filtration, contact replacement, and servicing to prevent performance degradation or failure. The intricate mechanical design of tap changers often requires specialized personnel and tools for diagnostics and repairs, which increases operational costs for utilities and grid operators.

Additionally, any unexpected malfunction or failure in a tap changer can lead to transformer outages, impacting power supply reliability and grid stability. This concern becomes more significant in aging power infrastructure where older tap changer designs may not be compatible with modern voltage control technologies, making upgrades and retrofits costly and technically challenging. Moreover, improper maintenance scheduling or a lack of predictive diagnostic systems can result in sudden breakdowns, further escalating downtime and repair expenses. The complexity is compounded in regions with limited access to skilled workforce and technical expertise, thereby limiting market penetration.

Key Market Trends

Integration of Smart Grid Technologies Driving Modernization of Tap Changers and Relays

The ongoing evolution of power transmission and distribution networks toward smart grid infrastructure is a prominent trend transforming the Transformer Tap Changers & Voltage Control Relay Market. Utilities worldwide are rapidly modernizing legacy grid systems to support bi-directional power flow, real-time load balancing, and advanced voltage regulation. As a result, transformer tap changers and voltage control relays are increasingly being integrated with intelligent electronic devices (IEDs), digital sensors, and communication interfaces to enable dynamic, remote, and automated voltage regulation. Tap changers are now embedded with digital control systems capable of monitoring transformer load, grid voltage conditions, and energy consumption patterns to make real-time adjustments, improving grid reliability and efficiency.

Likewise, voltage control relays are becoming smarter with advanced microprocessor-based technologies and digital signal processing capabilities that allow precise voltage control, quick response to fluctuations, and enhanced fault detection. This shift aligns with the growing need for seamless integration of renewable energy sources such as solar and wind, which introduce variability and complexity into the power grid. By enabling dynamic voltage regulation and automated tap-changing under load, smart devices support voltage stability even in decentralized and distributed generation environments. Governments and utilities are also emphasizing grid resilience, further propelling the adoption of intelligent voltage control technologies.

Furthermore, the incorporation of IoT, AI, and predictive analytics into these systems helps optimize asset performance and maintenance schedules, leading to reduced operational costs and extended equipment life. As the global grid infrastructure embraces digital transformation, manufacturers are investing heavily in R&D to introduce compact, efficient, and software-driven tap changers and relays that align with smart grid architecture. This integration trend is not only elevating operational efficiency but also creating new value propositions for energy providers aiming to future-proof their infrastructure in an increasingly electrified and decentralized energy landscape.

Key Market Players

• ABB Ltd.
• Siemens Energy AG
• General Electric Company (GE Grid Solutions)
• Reinhausen Manufacturing GmbH (Maschinenfabrik Reinhausen GmbH)
• Schneider Electric SE
• Eaton Corporation plc
• Mitsubishi Electric Corporation
• Howard Industries, Inc.
• Zhejiang Horizon Electric Power Co., Ltd.
• Toshiba Energy Systems & Solutions Corporation

Report Scope:

In this report, the Global Transformer Tap Changers & Voltage Control Relay Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Transformer Tap Changers & Voltage Control Relay Market, By Application:

• Power Generation
• Power Distribution
• Renewable Energy

Transformer Tap Changers & Voltage Control Relay Market, By Installation Type:

• Indoor
• Outdoor
• Hybrid

Transformer Tap Changers & Voltage Control Relay Market, By End-User:

• Utilities
• Industries
• Commercial

Transformer Tap Changers & Voltage Control Relay Market, By Region:

• North America
  • United States
  • Canada
  • Mexico
• Europe
  • France
  • United Kingdom
  • Italy
  • Germany
  • Spain
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• South America
  • Brazil
  • Argentina
  • Colombia
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Kuwait
  • Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Transformer Tap Changers & Voltage Control Relay Market.

Available Customizations:

Global Transformer Tap Changers & Voltage Control Relay Market report with the given Market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional Market players (up to five).

Table of Contents

1. Product Overview

• 1.1. Market Definition
• 1.2. Scope of the Market
  • 1.2.1. Markets Covered
  • 1.2.2. Years Considered for Study
• 1.3. Key Market Segmentations

2. Research Methodology

• 2.1. Objective of the Study
• 2.2. Baseline Methodology
• 2.3. Formulation of the Scope
• 2.4. Assumptions and Limitations
• 2.5. Sources of Research
  • 2.5.1. Secondary Research
  • 2.5.2. Primary Research
• 2.6. Approach for the Market Study
  • 2.6.1. The Bottom-Up Approach
  • 2.6.2. The Top-Down Approach
• 2.7. Methodology Followed for Calculation of Market Size & Market Shares
• 2.8. Forecasting Methodology
  • 2.8.1. Data Triangulation & Validation

3. Executive Summary

• 3.1. Overview of the Market
• 3.2. Overview of Key Market Segmentations
• 3.3. Overview of Key Market Players
• 3.4. Overview of Key Regions/Countries
• 3.5. Overview of Market Drivers, Challenges, and Trends

4. Voice of Customer

5. Global Transformer Tap Changers & Voltage Control Relay Market Outlook

• 5.1. Market Size & Forecast
  • 5.1.1. By Value
• 5.2. Market Share & Forecast
  • 5.2.1. By Application (Power Generation, Power Distribution, Renewable Energy)
  • 5.2.2. By Installation Type (Indoor, Outdoor, Hybrid)
  • 5.2.3. By End-User (Utilities, Industries, Commercial)
  • 5.2.4. By Region
• 5.3. By Company (2024)
• 5.4. Market Map

6. North America Transformer Tap Changers & Voltage Control Relay Market Outlook

• 6.1. Market Size & Forecast
  • 6.1.1. By Value
• 6.2. Market Share & Forecast
  • 6.2.1. By Application
  • 6.2.2. By Installation Type
  • 6.2.3. By End-User
  • 6.2.4. By Country
• 6.3. North America: Country Analysis
  • 6.3.1. United States Transformer Tap Changers & Voltage Control Relay Market Outlook
    • 6.3.1.1. Market Size & Forecast
      • 6.3.1.1.1. By Value
    • 6.3.1.2. Market Share & Forecast
      • 6.3.1.2.1. By Application
      • 6.3.1.2.2. By Installation Type
      • 6.3.1.2.3. By End-User
  • 6.3.2. Canada Transformer Tap Changers & Voltage Control Relay Market Outlook
    • 6.3.2.1. Market Size & Forecast
      • 6.3.2.1.1. By Value
    • 6.3.2.2. Market Share & Forecast
      • 6.3.2.2.1. By Application
      • 6.3.2.2.2. By Installation Type
      • 6.3.2.2.3. By End-User
  • 6.3.3. Mexico Transformer Tap Changers & Voltage Control Relay Market Outlook
    • 6.3.3.1. Market Size & Forecast
      • 6.3.3.1.1. By Value
    • 6.3.3.2. Market Share & Forecast
      • 6.3.3.2.1. By Application
      • 6.3.3.2.2. By Installation Type
      • 6.3.3.2.3. By End-User

7. Europe Transformer Tap Changers & Voltage Control Relay Market Outlook

• 7.1. Market Size & Forecast
  • 7.1.1. By Value
• 7.2. Market Share & Forecast
  • 7.2.1. By Application
  • 7.2.2. By Installation Type
  • 7.2.3. By End-User
  • 7.2.4. By Country
• 7.3. Europe: Country Analysis
  • 7.3.1. Germany Transformer Tap Changers & Voltage Control Relay Market Outlook
    • 7.3.1.1. Market Size & Forecast
      • 7.3.1.1.1. By Value
    • 7.3.1.2. Market Share & Forecast
      • 7.3.1.2.1. By Application
      • 7.3.1.2.2. By Installation Type
      • 7.3.1.2.3. By End-User
  • 7.3.2. United Kingdom Transformer Tap Changers & Voltage Control Relay Market Outlook
    • 7.3.2.1. Market Size & Forecast
      • 7.3.2.1.1. By Value
    • 7.3.2.2. Market Share & Forecast
      • 7.3.2.2.1. By Application
      • 7.3.2.2.2. By Installation Type
      • 7.3.2.2.3. By End-User
  • 7.3.3. Italy Transformer Tap Changers & Voltage Control Relay Market Outlook
    • 7.3.3.1. Market Size & Forecast
      • 7.3.3.1.1. By Value
    • 7.3.3.2. Market Share & Forecast
      • 7.3.3.2.1. By Application
      • 7.3.3.2.2. By Installation Type
      • 7.3.3.2.3. By End-User
  • 7.3.4. France Transformer Tap Changers & Voltage Control Relay Market Outlook
    • 7.3.4.1. Market Size & Forecast
      • 7.3.4.1.1. By Value
    • 7.3.4.2. Market Share & Forecast
      • 7.3.4.2.1. By Application
      • 7.3.4.2.2. By Installation Type
      • 7.3.4.2.3. By End-User
  • 7.3.5. Spain Transformer Tap Changers & Voltage Control Relay Market Outlook
    • 7.3.5.1. Market Size & Forecast
      • 7.3.5.1.1. By Value
    • 7.3.5.2. Market Share & Forecast
      • 7.3.5.2.1. By Application
      • 7.3.5.2.2. By Installation Type
      • 7.3.5.2.3. By End-User

8. Asia-Pacific Transformer Tap Changers & Voltage Control Relay Market Outlook

• 8.1. Market Size & Forecast
  • 8.1.1. By Value
• 8.2. Market Share & Forecast
  • 8.2.1. By Application
  • 8.2.2. By Installation Type
  • 8.2.3. By End-User
  • 8.2.4. By Country
• 8.3. Asia-Pacific: Country Analysis
  • 8.3.1. China Transformer Tap Changers & Voltage Control Relay Market Outlook
    • 8.3.1.1. Market Size & Forecast
      • 8.3.1.1.1. By Value
    • 8.3.1.2. Market Share & Forecast
      • 8.3.1.2.1. By Application
      • 8.3.1.2.2. By Installation Type
      • 8.3.1.2.3. By End-User
  • 8.3.2. India Transformer Tap Changers & Voltage Control Relay Market Outlook
    • 8.3.2.1. Market Size & Forecast
      • 8.3.2.1.1. By Value
    • 8.3.2.2. Market Share & Forecast
      • 8.3.2.2.1. By Application
      • 8.3.2.2.2. By Installation Type
      • 8.3.2.2.3. By End-User
  • 8.3.3. Japan Transformer Tap Changers & Voltage Control Relay Market Outlook
    • 8.3.3.1. Market Size & Forecast
      • 8.3.3.1.1. By Value
    • 8.3.3.2. Market Share & Forecast
      • 8.3.3.2.1. By Application
      • 8.3.3.2.2. By Installation Type
      • 8.3.3.2.3. By End-User
  • 8.3.4. South Korea Transformer Tap Changers & Voltage Control Relay Market Outlook
    • 8.3.4.1. Market Size & Forecast
      • 8.3.4.1.1. By Value
    • 8.3.4.2. Market Share & Forecast
      • 8.3.4.2.1. By Application
      • 8.3.4.2.2. By Installation Type
      • 8.3.4.2.3. By End-User
  • 8.3.5. Australia Transformer Tap Changers & Voltage Control Relay Market Outlook
    • 8.3.5.1. Market Size & Forecast
      • 8.3.5.1.1. By Value
    • 8.3.5.2. Market Share & Forecast
      • 8.3.5.2.1. By Application
      • 8.3.5.2.2. By Installation Type
      • 8.3.5.2.3. By End-User

9. South America Transformer Tap Changers & Voltage Control Relay Market Outlook

• 9.1. Market Size & Forecast
  • 9.1.1. By Value
• 9.2. Market Share & Forecast
  • 9.2.1. By Application
  • 9.2.2. By Installation Type
  • 9.2.3. By End-User
  • 9.2.4. By Country
• 9.3. South America: Country Analysis
  • 9.3.1. Brazil Transformer Tap Changers & Voltage Control Relay Market Outlook
    • 9.3.1.1. Market Size & Forecast
      • 9.3.1.1.1. By Value
    • 9.3.1.2. Market Share & Forecast
      • 9.3.1.2.1. By Application
      • 9.3.1.2.2. By Installation Type
      • 9.3.1.2.3. By End-User
  • 9.3.2. Argentina Transformer Tap Changers & Voltage Control Relay Market Outlook
    • 9.3.2.1. Market Size & Forecast
      • 9.3.2.1.1. By Value
    • 9.3.2.2. Market Share & Forecast
      • 9.3.2.2.1. By Application
      • 9.3.2.2.2. By Installation Type
      • 9.3.2.2.3. By End-User
  • 9.3.3. Colombia Transformer Tap Changers & Voltage Control Relay Market Outlook
    • 9.3.3.1. Market Size & Forecast
      • 9.3.3.1.1. By Value
    • 9.3.3.2. Market Share & Forecast
      • 9.3.3.2.1. By Application
      • 9.3.3.2.2. By Installation Type
      • 9.3.3.2.3. By End-User

10. Middle East and Africa Transformer Tap Changers & Voltage Control Relay Market Outlook

• 10.1. Market Size & Forecast
  • 10.1.1. By Value
• 10.2. Market Share & Forecast
  • 10.2.1. By Application
  • 10.2.2. By Installation Type
  • 10.2.3. By End-User
  • 10.2.4. By Country
• 10.3. Middle East and Africa: Country Analysis
  • 10.3.1. South Africa Transformer Tap Changers & Voltage Control Relay Market Outlook
    • 10.3.1.1. Market Size & Forecast
      • 10.3.1.1.1. By Value
    • 10.3.1.2. Market Share & Forecast
      • 10.3.1.2.1. By Application
      • 10.3.1.2.2. By Installation Type
      • 10.3.1.2.3. By End-User
  • 10.3.2. Saudi Arabia Transformer Tap Changers & Voltage Control Relay Market Outlook
    • 10.3.2.1. Market Size & Forecast
      • 10.3.2.1.1. By Value
    • 10.3.2.2. Market Share & Forecast
      • 10.3.2.2.1. By Application
      • 10.3.2.2.2. By Installation Type
      • 10.3.2.2.3. By End-User
  • 10.3.3. UAE Transformer Tap Changers & Voltage Control Relay Market Outlook
    • 10.3.3.1. Market Size & Forecast
      • 10.3.3.1.1. By Value
    • 10.3.3.2. Market Share & Forecast
      • 10.3.3.2.1. By Application
      • 10.3.3.2.2. By Installation Type
      • 10.3.3.2.3. By End-User
  • 10.3.4. Kuwait Transformer Tap Changers & Voltage Control Relay Market Outlook
    • 10.3.4.1. Market Size & Forecast
      • 10.3.4.1.1. By Value
    • 10.3.4.2. Market Share & Forecast
      • 10.3.4.2.1. By Application
      • 10.3.4.2.2. By Installation Type
      • 10.3.4.2.3. By End-User
  • 10.3.5. Turkey Transformer Tap Changers & Voltage Control Relay Market Outlook
    • 10.3.5.1. Market Size & Forecast
      • 10.3.5.1.1. By Value
    • 10.3.5.2. Market Share & Forecast
      • 10.3.5.2.1. By Application
      • 10.3.5.2.2. By Installation Type
      • 10.3.5.2.3. By End-User

11. Market Dynamics

• 11.1. Drivers
• 11.2. Challenges

12. Market Trends & Developments

• 12.1. Merger & Acquisition (If Any)
• 12.2. Product Launches (If Any)
• 12.3. Recent Developments

13. Company Profiles

• 13.1. ABB Ltd.
  • 13.1.1. Business Overview
  • 13.1.2. Key Revenue and Financials
  • 13.1.3. Recent Developments
  • 13.1.4. Key Personnel/Key Contact Person
  • 13.1.5. Key Product/Services Offered
• 13.2. Siemens Energy AG
• 13.3. General Electric Company (GE Grid Solutions)
• 13.4. Reinhausen Manufacturing GmbH (Maschinenfabrik Reinhausen GmbH)
• 13.5. Schneider Electric SE
• 13.6. Eaton Corporation plc
• 13.7. Mitsubishi Electric Corporation
• 13.8. Howard Industries, Inc.
• 13.9. Zhejiang Horizon Electric Power Co., Ltd.
• 13.10. Toshiba Energy Systems & Solutions Corporation

14. Strategic Recommendations

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