World Transformer Market to hit $90 B by 2026
The transformer market revenue is expected to register 6.3 % CAGR from 2020 to 2026, driven by integration of sustainable energy networks to suffice the rise in peak load electricity demand, as reported in the latest study by Global Market Insights, Inc.
Large scale renewable integration to suffice the rising peak load electricity consumption will drive the industry growth.
The power transformer industry exceeded $25 B in 2019 and is set to grow on account of increasing peak load energy consumption and coherent reforms favoring the integration of long route electric infrastructure. Moreover, the electricity for all programs in conjunction to utility inclination towards energy efficiency will augment the industry growth. Furthermore, efforts to establish a balanced supply & consumption phenomenon through effective management systems will boost both capacity & technological enhancements.
Dry type transformer market is expected to witness a growth of over 7 % by 2026. Effective resistivity to electrical surges & short circuits coupled with environmental sustainability have paved favorable grounds for technological adoption.
The key players in transformer industry covered in this report are: Voltamp, SPX, Celme, Ormazabal, Hyosung, Kirloskar, Daihen, BHEL, GE, ABB, Schneider, Siemens, Toshiba, Mitsubishi, Crompton Greaves, Eaton, and Hyundai.
The regions covered in this report are: North America, Europe, the Middle East and Africa, and Asia-Pacific.
Source: Globe Newswire