Global transformers market expected to reach $64B by 2019
USA, Connecticut: Innovative Research and Products Inc. (iRAP) has published a new report on global transformers market “Power and Distribution Transformers – Technologies, Materials, Applications, New Developments, Industry Structure and Global Markets”.
According to the report, the global transformers market reached to about $42 billion in 2014, and it is estimated to increase to $64 billion by 2019 at a CAGR of 8.8 % per year from 2014 to 2019.
China has the largest market share followed by the US, Europe, India and Japan.
Key drivers for future transformer market development include an increase in electricity demand in developing countries, replacement of old electric power equipment in matured economies, and a boost for high-voltage power transformers and capital expenditure in the power sector worldwide.
The adoption of energy-efficiency standards in developed markets such as Europe and the United States, as well as in emerging markets such as China and India, are expected to create demand for more efficient power transformers.
The report profiles over two dozen major manufacturers of power transformers and over half a dozen distribution transformer manufacturers.