MV transformers market to grow at 4.5% CAGR by 2027
The recently published report titled “Medium Voltage Transformers Market: Global Industry Analysis (2012 –2016) and Opportunity Assessment (2017 – 2027)” projects that the global medium voltage transformers market will expand at a value CAGR of 4.5% over the forecast period 2017–2027.
According to the report, the global medium voltage transformers market is expected reach a value of $14.8 billion by the end of 2027 end.
In terms of volume, the market is expected to account for the sales of 899,241 units by the end of 2027.
Growing industrialisation coupled with increasing demand from the construction sector across the globe is estimated to drive the growth of the global medium voltage transformers market.
APEJ along with North America and Western Europe holds the highest market potential in the global market in the forecast period.
According to the report, three-phase transformers are likely to replace single-phase transformers owing to less power losses in three phased equipment.
Some of the main market players profiled in the report include ABB Group, Kirloskar Electric Company, Siemens AG, MGM Transformer Company Co., General Electric Company, Amran Inc., Hitachi, Ltd., Tianan Electric Group Co., Ltd., Fuji Electric Co. Ltd., RITZ Instrument Transformers GmbH, Schneider Electric SE, RECO Transformer Pvt. Ltd., Eaton Corporation PLC, Mitsubishi Electric Corporation, Jinpan International USA Ltd., Končar Distribution and Special Transformers, Inc., CG Power & Industrial Solutions Ltd., Fortune Electric Co., Ltd., Schaffner Holding AG, and Hammond Power Solutions Inc.
Source: Future Market Insights