Transformer core market to grow at 4.2% CAGR by 2023
A new market research analysis on the global transformer core market is available, titled “Transformer Core – Global Market Outlook (2017-2023)”.
According to the study, the global transformer core market was valued at $7.1 billion in 2016 and is projected to grow at a CAGR of 4.2% from 2017-2023 to reach $9.5 billion by 2023, reports Digital Journal.
The market is driven by growing government investments in renewable power projects, rapid urbanization and industrialization in emerging countries and rising demand for electricity from various industries.
Power transformer segment dominated the market share due to increasing development of power grids and power generation projects worldwide.
Asia Pacific is expected to dominate the market throughout the forecast period due to the rise in infrastructural and industrial development in China, India, and other developing economies.
Latin America is anticipated to gain an investment to furnish the rising demand for electricity. Europe will show substantial growth due to ongoing aging infrastructure replacement activities in the region.
The key players in the market are ABB Ltd., Siemens AG, Mitsubishi Electric Corporation, Crompton Greaves, Toshiba Corporation, Hitachi, Ltd., Fuji Electric Co. Ltd. and Ferroxcube International Holding B.V.
Source: Digital Journal