A new report titled “Large Power Transformers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020” has been made available by Transparency Market Research.
According to the report, the large power transformer market is expected to grow at a CAGR of 7.8% between 2014 and 2020, reports Industry Today.
The market, which had an estimated valuation of $18.35 billion in 2013, is projected to rise to $31.05 billion by 2020.
Although demand for large power transformers is rising, the focus is on large power transformers that run on alternative energy sources.
Braving the volatility in raw material costs, particularly copper and electrical steel, is the biggest factor that market players have to contend with.
While currently the developed countries constitute the largest LPT markets globally, the future belongs to the Asia Pacific and RoW economies where new investments are being pumped in to ensure greater energy security.
Source: Industry Today