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Power transformer market to exceed $35B by 2024
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800 MVA power transformer market due to the rapid development of the market in the development of the industry, in recent years there has been a significant turn for the better.
Energy efficiency measures and expansion of smart-grid networks will further accelerate the product penetration. In 2017, in compliance to the smart grid agreement, Sweden, France, Germany, Italy, and UK proposed investments worth $133.7 billion with an aim to sustain the rapid smart grid adoption across the region, according to the report.
The U.S. power transformer market will grow owing to ongoing investments toward refurbishment of existing electricity infrastructure. Middle East & Africa market will further progress owing to ongoing deployment of decentralized generation units coupled with rapid expansion of micro-grid networks.
Escalating infrastructural investments from institutions including the International Finance Corporation, and African Development Bank (ADB), across the region will positively impact the business landscape. In 2017, ADB declared investments over $12 billion to sustain the soaring electricity demand across Africa,
Some of the key players in the power transformer market include GE, ABB, Schneider Electric, Siemens, Crompton Greaves, Mitsubishi Electric, Hyosung, Toshiba, Hyundai Electric, Minister, SPX Transformers, Celme, Kirloskar and BHEL.
Article from:
http://www.transformers-magazine.com/

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