Global Power Transformer Market is predicted to grow at approximately 8% by 2023
Pune, India, May, 2018 /MRFR Press Release/- The power transformer market is expected to grow over the CAGR of around 8% during the period 2018 to 2023.
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The need for uninterrupted electricity supply is growing because of the rise in world population and rapid industrialization. Power outages, which can severely affect productivity & the daily lives of people, and the current necessity for up gradation of existing transmission infrastructure, are driving the market for power transformer, which act as reliable electricity transmission solution.
Currently, the power transformer market is in the growth stage. This is due to the increase in demand for power, and in cross-border power transmission, global initiatives to use more renewable & non-conventional energy sources, smart grids, and the global need to upgrade transmission grids, boost the global power transformer market.
Market Research Analysis
Asia-Pacific region is expected to grow at the fastest rate
The power transformer market in the Asia-Pacific region is currently leading and is followed by Europe market. The rapid industrial development in the countries such as India and China, where there are issues with continuous electricity supply, is driving the market for power transformers. Also R&D and utilization of ultra-high voltage transformers in China and India will drive power transformer market.
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Scope of the Report
This study provides an overview of the global power transformer market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global power transformer market by its cooling type, by rating, by regions.
- By Cooling Type
- By Power Rating
- Small power
- Medium power
- Large power
- By Region
- North America
- Asia Pacific
- Rest of the World
The key players of global power transformer market are ABB Group (Switzerland), Siemens Ltd. (Germany), General Electric Company (USA), Crompton Greaves Ltd. (India), Toshiba Corporation (Japan), Hyundai Heavy Industries Co., Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), Hyosung Corporation (South Korea), Bharat Heavy Electricals Limited (India) and SPX Transformer Solutions, Inc. (U.S.A).
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