Acorrding to a report by Market.Biz, global and regional power transformer market is valued at USD 16.48 Billion in 2017 and will grow at USD 26.45 billion by the end of 2023.
Power transformer market is estimated to register CAGR of 8.20% between 2017 and 2023.
“2018-2023 Global and Regional Power Transformer Industry Production, Sales and Consumption Status and Prospects Professional Market Research Report” says 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 & distribution sector in developed as well as developing countries.
Currently, small power transformer is the largest segment of the power transformer market, primarily due to its use in various applications. However, 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.
Major key market players are Siemens AG, General Electric Company, Hyosung Group, Hyundai Heavy Industries Co Ltd, Toshiba Corporation, Crompton Greaves Limited, SPX Transformer Solutions Inc, ABB Ltd, Bharat Heavy Electricals Limited and Mitsubishi Electric Corporation.
Source: Chronicle India