Transformer core market to grow at a CAGR of 3.5%

The transformer core market is projected to reach $8,897 M by 2022, growing at a CAGR of 3.5% from 2016 to 2022 accoring to Allied Market Research.

The market for transformer core is on a continuous rise due to increase in government investment in renewable power projects as well as the rapid industrialization and urbanization. Rising demand for electricity from various industries, increasing demand for transmission, and expansion of power projects to integrate renewable energy resources along with rapid urbanization globally are the major drivers of the market.

Key players profiled in the report include ABB Ltd., Siemens AG, Mitsubishi Electric Corporation, Crompton Greaves, Toshiba Corporation, Hitachi, Ltd., Fuji Electric Co. Ltd., and Ferroxcube International Holding B.V.

Regions covered in this report are Asia Pacific, LAMEA, Europe and North America.

Source: Hi Tech News Daily