Power transformer market is projected to reach $29.91 B by 2020
The power transformer market is projected to reach a value of $29.91 B by 2020, from an estimated $20.7 B in 2015, at a CAGR of 7.6 % from 2015 to 2020 according to Markets and Markets.
Increasing energy demand coupled with rising electrical infrastructure projects would drive the demand for power transformers. Apart from this, the replacement of aging infrastructure in North America & Europe and the increasing rate of installation of green transformers are driving the power transformer market.
Global energy production has increased over the past decade, from 15,409.0 TWh in 2000 to 23,536.5 TWh in 2014.
This includes substations, power lines, and associated equipment and new technology. Governments worldwide are investing in T&D network expansion projects, increasing the demand for power transformers.
Regions covered in this report: North America, South America, Asia-Pacific, Middle East, Europe, Africa.
The power transformer market is largely controlled by four major market players including ABB, Siemens AG, General Electric, and Toshiba.
Source: Communal News