Global transformers market to reach $24.5B by 2022
A new report on the global transformers market is available, titled “Global Transformers Market Size, Share, analysis, Trends and Forecast, 2022 by Acute Market Reports”.
According to the report, the global transformers market is expected to reach $24.47 billion by 2022 at a CAGR of 8.53%, reports Run Direct Magazine.
100 MVA to 500 MVA products are estimated to dominate the industry due to their varied usage in distribution and transmission network for step-up and step-down application.
501 MVA to 1200 MVA variants find applications for ultra high-voltage direct current (UHVDC) and high-voltage direct current (HVDC) power generation and are expected to witness considerable growth owing to increasing energy demands from developing regions including Asia Pacific and Middle East.
North America is projected to progress as an emerging market due to the increasing modernization and industrialization in this region.
Source: Run Direct Magazine