Global transformer market to expand at 7.43% CAGR by 2023
A new market research report on the global transformers market is available, titled „Global Transformer Market Research Report: Information by Type (Distribution Transformer, Power Transformer, and Others), Power Rating, Cooling Type, Insulation, End-User, Region (Americas, Europe, Asia Pacific and Middle East & Africa) – Forecast till 2023“.
According to the report, the global transformer market was valued at $39.3 billion in 2016 and is estimated to reach $64.5 billion by 2023 with a CAGR of 7.43% over the forecast period.
The biggest new investment over the succeeding decade is expected in China and India as they seek to meet rising electricity demand while renovating their grids. Developed countries will also be investing significantly, particularly in smart grid infrastructure and renewable energy integration. Transmission and distribution investment is expected to be significant in all major geographies.
Oil-cooled transformers accounted for the largest market share in 2016, and this segment is projected to register the highest CAGR of 7.68% during the forecast period.
By type, power transformer accounted for the largest market share of 49.7% in 2016, with a market value projected to grow at a CAGR of 8.55% during the forecast period.
By insulation, liquid-Immersed segment accounted for the largest market share of 58.6% in 2016, with a projected growth at a CAGR of 7.61% during the forecast period.
The key players in the global transformer market include ABB, Eaton, Schneider Electric, Siemens, Crompton Greaves, and Mitsubishi Electric, Toshiba, Bharat Heavy Electricals, Hyosung Power & Industrial Solutions, and SPX Transformer Solutions, among others.
Source: Market Research Future