Power Transformers Market Size, Share | Industry Report 2024

Global Power Transformers Market was valued at $20.2 Billion in 2015 and is estimated to grow at a CAGR of over 6.9% from 2016 to 2024.

The rising demands for electricity across the globe, growing investment in technology, infrastructure up gradation are expected to be key drivers for the market expansion. The growing number of initiatives pertaining to the development of smart grids, use of renewable energy and construction of several new power projects in emerging economies are anticipated to provide thrust to the short term and long term growth prospects.

The existing transformers are required to be updated to meet the current and future environmental and technological specifications. The growing demand for eco-friendly products and several supporting initiatives for the development of smart grid projects are also expected to drive the market growth in the future. Furthermore, the several developing and emerging economies are expanding the cross border electricity trade, and are significantly investing in modern infrastructure to reduce transmission losses and improve operational efficiency.

Integration of wind, solar, and thermal energy grids is leading to excess capacity on the present transmission lines, which can lead to frequent disruption of services. The industry participants are aggressively competing to update the old generation systems, and also to develop new Greenfield power projects.

Rising awareness about low-carbon emission, service expansion, growing number of Polychrolrinated Biphenyls (PCB) replacement programs, and increasing CAPEX in transmission and distribution network is also expected to boost the power transformers market over the next few years.

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Key findings from the study: -
• Global Power Transformers Market was valued at $20.2 Billion in 2015 and is estimated to grow at a CAGR of over 6.9% from 2016 to 2024.
• Integration of wind, solar, and thermal energy grids is leading to excess capacity on the present transmission lines, which can lead to frequent disruption of services.
• General Electric Company, Toshiba Corporation, Crompton Greaves Limited, Siemens AG and Mitsubishi Electric Corporation to lead market growth.

Ameri Research has segmented the Power Transformers Market by material categories, product type, end-use and region:

Browse Full Report @ www.ameriresearch.com/product/power-transformers-market/

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