USA, San Francisco: According to a new report by Grand View Research, Inc., "Power Transformer Market Analysis By Product (100 MVA to 500 MVA, 501 MVA to 800 MVA, 801 MVA to 1200 MVA) And Segment Forecasts To 2020", the global power transformer market size is expected to reach USD 28.22 billion by 2020.
In the report it is estimated that Asia Pacific will dominate the industry owing to factors such as economic, industrial and social development in the countries such as China and India, reports PR Newswire.
Asia Pacific power transformer market is anticipated to grow at a CAGR of over 6.0% from 2014 to 2020.
In North America and Europe, replacement of aging power infrastructure is estimated to boost volume sales in these regions. Further, various initiatives undertaken by European nations in order to deploy green transformers are projected to positively impact demand.
Source: PR Newswire