Global phase-shifting transformers market to grow at 6.68% CAGR by 2023
A new research study on the global phase-shifting transformers market by Decision Databases analyses the present scenario and projects the growth prospects of the global phase-shifting transformers market for the forecast period 2018-2023.
According to the report, over the next five years the phase-shifting transformers market will register a growth of 6.8% CAGR, reaching $100 million by 2023, from $73 million in 2017.
The market will be driven by the growing need for power grids worldwide, especially in developing economies such as India, Brazil, and Saudi Arabia, with upcoming long-distance transmission network projects.
However, the market is expected to decline in certain developed countries such as the US, Japan, and Australia in the long term future, thereby restricting the scope of future market growth in these countries.
The main market players profiled in the report are Siemens, ABB, Tamini, Baoding Tianwei Baobian Electric, among others.
Source: Decision Databases