According to a recently published market analysis, the global power transformer market was valued $15.8 billion in 2017 and is expected to reach $50.3 billion by 2026, growing at a CAGR of 15.31% during the forecast period.

The market is driven by increasing demand for energy around the world coupled with a rapid growth in electrical infrastructure projects. Implementation of stringent energy efficiency regulations and, consequently, a growing rate of installation of green transformers, and development of smart transformer technologies additional boost the market growth. However, high installation costs of new technologies can hamper the global power transformer market growth to an extent.

According to the report, oil-immersed transformer segment holds the largest share of the market.

By size, the large power transformer segment is growing at a high rate due to a rising number of HVDC transmission projects across the world.

Asia-Pacific is expected to emerge as the fastest growing region in the global power transformer market due to speedy industrialization, urbanization, and growing rural electrification.

Some of the key players profiled in the report include ABB, Siemens, General Electric, Crompton Greaves, Toshiba, Hyundai Heavy Industries, Mitsubishi Electric, Hyosung, Bharat Heavy Electricals, SPX Transformer Solutions, etc.

Source: Trends Market Research