Global power transformer market to grow at 8% p.a. by 2023
A new market research report has been made available, titled “Global Power Transformer Market by Cooling Type (Oil-Cooled and Air-Cooled), by Power Rating (Small Power, Medium Power and Large Power) and by Region – Global Forecast to 2023.”
According to the report, global power transformer market is expected to grow at the CAGR of around 8% during the period 2017 to 2023, reports Digital Journal.
The market growth is driven by the increase in demand for power, and in cross-border power transmission, global initiatives to use more renewable and non-conventional energy sources, smart grids, and the global need to upgrade transmission grids.
The Asia-Pacific region is currently leading the market 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. R&D and utilization of ultra-high voltage transformers in China and India will additionally drive the market.
The key players in the 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).
Source: Digital Journal