Global distribution transformers market to reach $16.6B by 2020
According to GlobalData’s latest report “Distribution Transformers Market, Update 2016 – Market Size, Competitive Landscape, Key Country Analysis and Forecasts to 2020”, extensive power plant capacity additions, economic growth, and the need to improve access to electricity in the emerging economies of Asia-Pacific (APAC) and the Middle East are driving grid expansion and the distribution transformers market.
The report estimates that the global distribution transformer market is set to rise from $13.74 billion in 2015 to $16.67 billion by 2020, at a compound annual growth rate of 5%, reports Windpower Engineering.
In North America, most of the market growth is driven by the replacement market where the older transformers are being replaced with new, and the case is similar in many developed European countries.
In developing regions, the distribution transformers market is expected to witness tremendous growth, with the APAC region estimated to reach $7.66 billion by 2020. Currently, there is a trend of shifting focus from the Americas towards emerging economies, such as those in the APAC region (China and India) and Latin America.
Some of the key companies profiled in the report include ABB, Alfanar Group, China Power Equipment, Crompton Greaves, Delta Transformers, Fuji Electric, GE Power, Hammond Power Solutions, Han Chang Trans, Hitachi, Hyundai Heavy Industries, LSIS, Mitsubishi Electric Corporation, Schneider Electric, Siemens, Starkstrom-Geratebau GmbH, The Saudi Transformers, Transformers & Rectifiers India, Voltamp Transformers, WEG S.A. and Wilson Transformer Company
Source: Windpower Engineering