Power transformer market to reach 8.64 % CAGR in 2023
Market Research Future has published a research report about the global power transformer market that predicts the market will be at 8.64 % CAGR and worth $34.5 B by 2023.
Investments in the energy sector owing to infrastructural developments is expected to be the primary driver of the market. The staggering growth of the renewable energy sector thanks to policies outlined by developed nations to minimize emissions can be instrumental to the market demand in the coming years.
Regions covered in this report are North America, Europe, Asia Pacific, Latin America and the Middle East and Africa.
During the forecast period, the market in Europe is set to surge at a striking rate due to the replacement of aging infrastructure along with the increasing rate of installation of eco-friendly transformers. The Asia Pacific region is likely to emerge as the fastest growing market. In this region, updates and upgrades of existing transmission and distribution infrastructure to serve the growing demand for electricity are regular.
The key players are: Mitsubishi Electric Corporation. Toshiba Corporation, ABB, Hyosung Power & Industrial Solutions, Bharat Heavy Electricals Limited, Hyundai Electric & Energy Systems Co., Schneider Electric, SPX Transformer Solutions, Siemens AG, Crompton Greaves, and SGB-SMIT Group.
Source: Industry Herald