Reportlinker.com announced the release of a new market research report "Global Power Transformers Industry".
According to the report, global power transformers market is forecast to reach $31.5 billion by 2025, driven by surging demand for energy; rising investments in new power plants; rising utility spending on upgrading transmission and distribution infrastructure to the smart grid standard; and strong sales of energy efficient and eco-friendly transformers.
Continuous technology innovation such as development of alternative fuels and breakthrough in innovative designs of large power transformers will help drive future growth in the market.
Asia-Pacific including China is a major market worldwide led by factors such as GDP gains, expanding population and energy needs, rapid industrialization, strong investments in the development of the power generation and transmission infrastructure, and implementation of energy-efficiency standards that call for immediate upgrades to new transformers capable of fulfilling minimum energy efficiency requirements.
