Power transformer market to expand at 8.64% CAGR by 2023
Market Research Future has added a new market study to their offering, titled “Global Power Transformer Market by Cooling Type (Oil-Cooled Transformer, Air-Cooled Transformer), Power Rating (Small Power, Medium Power, Large Power), and Region – Global Forecast to 2023”.
According to the analysts, the global power transformer market is estimated to expand at a CAGR of 8.64 % during the forecast period 2018-2023 owing to the increased energy demand and high investments in the energy sector.
Increasing demand for power which drives global initiative to use non-conventional and renewable energy sources, cross-border power transmission, and smart grids has boosted the power transformer market over the years.
Some of the major players operating in the market are ABB Ltd., (Switzerland), Schneider Electric (France), Siemens AG (Germany), Crompton Greaves Ltd. (India), Mitsubishi Electric Corporation (Japan), Toshiba Corporation (Japan), Bharat Heavy Electricals Limited (India), Hyosung Power & Industrial Solutions (South Korea) and SPX Transformer Solutions, Inc. (U.S.), SGB-SMIT Group (Germany), and Hyundai Electric & Energy Systems Co., Ltd. (South Korea).
Source: Market Research Future