Market Research Report
Large Power Transformers - Global Market Outlook (2019-2027)
|Large Power Transformers - Global Market Outlook (2019-2027)|
Published: October 1, 2020
Stratistics Market Research Consulting
Content info: 150+ Pages
Delivery time: 2-3 business days
According to Stratistics MRC, the Global Large Power Transformers Market is accounted for $32.16 billion in 2019 and is expected to reach $67.93 billion by 2027 growing at a CAGR of 9.8% during the forecast period. The continual enhancement of technology, rising energy needs and progressive research & development initiatives are the major factors driving the market growth. However, increasing investments in T&D infrastructure is restraining the market growth.
Power transformers connect electrical networks or systems of different voltages to allow power exchange between them. Power transformers are used for power generation, power transmission, electro-intensive industrial applications, and consumer applications.
Based on end user, the residential segment is likely to have a huge demand due to rising demand for electricity, increasing population and rapid urbanization. By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to the raised demand for energy and the technical developments that took place in this region. China and India are projected to significantly fuel the market owing to the rising electrification in these nations.
Some of the key players profiled in the Large Power Transformers Market include ABB Ltd, Crompton Greaves Ltd, General Electric Company, Hyosung Power & Industrial Systems Performance Group, Hyundai Heavy Industries Co Ltd, Mitsubishi Electric Corporation, SGB-SMIT International GmbH, Siemens AG, SPX Corporation and Toshiba Corporation.
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Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances