Transformer core market to grow at 4.2% from 2017 to 2025
A new market report has been published by Credence Research, Inc. titled “Transformer Core Market By Type (Power Transformers, Distribution Transformers and Others) and Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025”.
According to the report, the global transformer core market is expected to grow at a CAGR of 4.2% over the forecast period from 2017 to 2025.
Increase in demand for electricity production across the globe and growth in the integration of renewable energy sources to generate electricity are some major aspects driving the market growth.
On the basis of type, power transformer accounts for a major share in the global transformer core market owing to increasing demand for electricity generation.
Asia Pacific is expected to be the dominant region due to increasing population and increasing demand for sustainable sources of energy. Also, increasing growth of Chinese and Indian economy is a major factor driving the growth of Asia Pacific transformer core market.
Some of the major players operating in the global transformer core market include Ferroxcube International Holdings B.V., Siemens AG, ABB Ltd., Hyosung, Mitsubishi Electric, Toshiba, Crompton Greaves, Fuji Electric and Hitachi Ltd. among others.
Source: Credence Research