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Global power transformer market to grow at 8% by 2023
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The new market research report has been provided, titled "Global Power Transformer Market Cooling (Oil Cooled Air Cooled)", according to power (low power, medium power and high power) and region - global forecast to 2023 ".
According to the report, global power transformer market is expected to grow at the CAGR of around 8% during the period 2017 to 2023, reports Digital Journal.
The market growth is driven by the increase in demand for power, and in cross-border power transmission, global initiatives to use more renewable and non-conventional energy sources, smart grids, and the global need to upgrade transmission grids.
The Asia-Pacific region is currently leading the market and is followed by Europe market. The rapid industrial development in the countries such as India and China, where there are issues with continuous electricity supply, is driving the market for power transformers. R&D and utilization of ultra-high voltage transformers in China and India will additionally drive the market.
The main players in the power transformer market are ABB Group (Switzerland), Siemens (Germany), General Electric Company (USA), Crompton Greaves Limited (India), Toshiba (Japan), Hyundai Heavy Industries Ltd. Korea) (Japan), Hyosung (Korea), Bharat Heavy Electric Co., Ltd. (India) and SPX Transformer Solutions, Inc. (USA).
Article from:
www.digitaljournal.com/

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