Power transformer market increasing demands and sales 2018 to 2026
Global Power Transformer Market was valued $ 15.80 B in 2017 and is expected to reach $ 50.30 B by 2026, at a CAGR of 15.31 % during a forecast period.
Market
Global Power Transformer Market was valued $ 15.80 B in 2017 and is expected to reach $ 50.30 B by 2026, at a CAGR of 15.31 % during a forecast period.
Increasing demand for energy around the globe attached with rapid growth in electrical infrastructure projects can propel the global power transformer market. Stringent energy efficiency acquiescence, growing rate of installation of green transformers, and developments in smart transformer technologies can additional boost the market growth. Increasing use of smart grid system has also enlarged the requirement for power transformers to achieve operative transmission of electric power.
The large power transformer segment is increasing at a high rate owing to rise in high-voltage direct current transmission projects in many expanses across the world. Extra high voltage and similar projects are being commenced to reduce transmission losses between large distances. Furthermore, small power leading the market transformers as it embraces more than three windings, single phase, auto-transformer and low noise generating.
Asia Pacific is projected to emerge as the fast grow in the global power transformer market. Speedy industrialization, urbanization, and growing rural electrification are some of the major regional drivers in the power transformer market. Great investments from governments in electrical infrastructure projects will project the demand for power transformers in the region.
Based on the region, the power transformer market is spread by Europe, Middle East and Africa Asia Pacific, North America, and Latin America.
Key players in the global power transformer market are: ABB, GE, Toshiba, Schneider, TBEA, Siemens AG, General Electric Company, and Crompton Greaves Limited
Source: Kentucky News 24