A new market study by Research Mentor offers an analysis of the global distribution transformer market in the forecast period 2018-2023, aiming to determine tendency towards the products as well as the business prominence in the industry.

According to the report, the global distribution transformer market is expected to witness a crucial demand over the projected period.

The market is valued at $13.68 billion in 2017 and is predicted to reach $20.11 billion by the end of 2023, with growing CAGR of 6.63% from 2018 to 2023.

This growth can be attributed to capacity addition plans due to high demand for electricity and growing renewable generation leading to increased demand for distribution transformers to supply the generated power to the loads.

Technological advancement in North America is boasting the market growth, while Europe has been constantly enhancing the development which drives the market owing to use of distribution transformers in various sectors. The distribution transformer market in Asia Pacific shows a huge rise, especially in India and China.

The global market players analyzed in the report include Eaton Corporation PLC, General Electric, Wilson Power Solutions, Hammond Power Solutions Inc, Hyosung Corporation, Transformers and Rectifiers India Limited, Siemens AG, Hitachi Ltd, Brush Electrical Machines Ltd, Vantran Industries Inc, Schneider Electric, ABB Ltd, Emerson Electric Co, Crompton Greaves Ltd, SGB-Smit Group, etc.

Source: Research Mentor