Global power transformer market to reach $37.6B by 2023
A new market research study has been made available, titled “Global Power Transformers Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2023”.
According to the report, the global power transformers market was valued at $22.3 billion in 2016, and is expected to reach $37.6 billion by 2023, growing at a CAGR of 7.7% from 2017 to 2023, reports Globe Newswire.
The key factors driving the growth of the global power transformers market are accelerating demand for smart grids, development of transmission and distribution networks and increasing cross-country electricity trade.
In 2016, the oil-cooled power transformer sector held the major market share of the global power transformers market in the cooling type segment.
The liquid-immersed transformer is the largest sector in the insulation type segment of the power transformers market.
In the rating segment, small power transformers dominated the global power transformer market by holding the majority of market share.
Geographically, Asia-Pacific accounts for the major market share and is expected to hold the largest market share during the forecast period.
Some of the key players in the global power transformer market profiled in the report include Siemens AG, Crompton Greaves Limited, ABB Ltd. General Electric Company, Alstom SA, Mitsubishi Electric Corporation, Toshiba Corporation, Bharat Heavy Electricals Limited, Hyosung Group, SPX Transformer Solutions, Inc.
Source: Globe Newswire