Global power transformers market to reach $38.2b by 2023
A new market research study on the global power transformers market for the forecast period 2017-2023 has been made available by Report Linker.
According to Stratistics MRC, the global power transformers market is estimated at $21.56 billion in 2016 and is expected to reach $38.23 billion by 2023 growing at a CAGR of 8.5% from 2016 to 2023.
The market growth is driven by upgradation of existing power grids, rising demand for energy, positive regulatory scenario and increasing demand for smart transformers.
However, fluctuation in the prices of components, standardization issues and lack of skilled manpower are some of the factors restricting the market growth.
100 MVA to 500 MVA segment is projected to lead the industry over the forecast period due to its diverse usage in distribution and transmission network.
By cooling type, oil-cooled power transformer segment is anticipated to register a larger market share due to the fact that oil-cooled power transformers are considered safer in high voltage applications.
Asia-Pacific held the largest market share and is likely to dominate the market, mainly due to the improving infrastructure and surge in government investments to boost the installed capacity across the countries, including India and China power transformer market.
Some of the key players mentioned in the report are Toshiba Corporation, SPX Corporation, Siemens AG, SGB-SMIT International GmbH., Mitsubishi Electric Corporation, Hyundai Heavy Industries Co. Ltd., Hyosung Power& Industrial Systems Performance Group, General Electric Co, Crompton Greaves Ltd., Bharat Heavy Electricals Limited, ASEA Brown Boveri Group, Alstom SA and ABB Ltd.
Source: Markets Insider