Global power transformer market to grow at a CAGR of 8.2 %
Power transformer market will grow from $16.48 B in 2017 to $26.45 B by 2023, at an estimated CAGR of 8.2 % according to Decision Market Reports.
Governments worldwide, due to the rapid increase in electricity demand, are not only focusing on raising generation capacities but also emphasizing on improving T&D infrastructure. Investments have been high in power transmission and distribution sector in developed as well as developing countries. Large power transformer is the fastest growing segment. With countries emphasizing on reducing transmission losses, the use of high voltage transmission technologies such as EHV, UHV, and HVDC has also gone up.
The key market players are: ABB Ltd. , Siemens AG , General Electric Company , Crompton Greaves Limited , Toshiba Corporation , Hyundai Heavy Industries Co., Ltd. , Mitsubishi Electric Corporation , Hyosung Group , Bharat Heavy Electricals Limited , SPX Transformer Solutions, Inc.
Major regions and countries covered in this report are: United States, Europe, China, Japan and India.
Source: Rapid News Network