A new market study titled “2018-2023 Global Special Transformers Consumption Market Report” projects that the global special transformers market will register a 5.2% CAGR in terms of revenue over the next five years.
According to the report, the special transformers market was worth $1.8 billion in 2017 and is expected to reach $2.43 million by 2023.
The product average price declined in the past few years due to technology development, and this trend is expected to continue in the few future years due to maturing of manufacturing technology and cost of raw materials.
Companies engaged in this market are focusing on technological innovation, equipment upgrades, and process improvements, to reduce costs and improve quality.
The major market players profiled in the report include ABB, SIEMENS, Alstom, Toshiba, TBEA, Tianwei, among others.
Source: Research Beam