LONDON--(BUSINESS WIRE)--The global power transformers market is expected to grow by USD 8.78 billion as per Technavio. This marks a market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 6%.
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Read the 120-page report with TOC on "Power Transformers Market Analysis Report by Type (Liquid-immersed power transformers and Dry-type power transformers), Geographic Landscape (APAC, Europe, MEA, North America, and South America), and the Segment Forecasts, 2020-2024".
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The market is driven by the modernization of existing transformers. In addition, the development of eco-efficient power transformers is anticipated to boost the growth of the power transformers market.
The growing demand for power worldwide has necessitated the renovation and expansion of the existing transmission and distribution infrastructure. Hence, governments across the world are undertaking various initiatives to modernize and improve the existing power infrastructure. Also, many countries are increasingly adopting smart grids to ensure economical, sustainable, and secure electricity supply to all users. This has increased the installation of more power transformers for the effective transmission of electric power. Many such factors are fueling the growth of the global power transformers market.
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Major Five Power Transformers Companies:
CG Power and Industrial Solutions Ltd.
CG Power and Industrial Solutions Ltd. operates its business through segments such as Power Systems and Industrial Systems. The company offers various types of power transformers such as generator step-up transformers, medium power transformers, large power transformers, regulating power transformers, and mobile transformers.
Eaton Corp. Plc
Eaton Corp. Plc operates its business through segments such as Electrical Products, Electrical Systems and Services, Hydraulics, Aerospace, Vehicle, and eMobility. The company offers power transformers for several low-voltage and medium voltage power distribution applications.
Fuji Electric Co. Ltd.
Fuji Electric Co. Ltd. operates its business through segments such as Power Electronics Systems - Energy Solutions, Power Electronics Systems - Industry Solutions, Electronic Devices, Food and Beverage Distribution, Power and New Energy, and Others. The company offers medium and large distribution transformers and small distribution transformers.
General Electric Co.
General Electric Co. operates its business through segments such as Power, Renewable energy, Aviation, and Healthcare. The company offers conventional power transformers, special power transformers, and green transformers.
Hitachi Ltd.
Hitachi Ltd. operates its business through segments such as Information and Telecommunication Systems, Social Infrastructure and Industrial Systems, Electronic Systems and Equipment, Automotive Systems, High Function Materials and Components, Construction Machinery, and Smart Life and Ecofriendly Systems. The company offers high voltage transformers and extra-high voltage transformers.
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Power Transformers Market Type Outlook (Revenue, USD Billion, 2020-2024)
- Liquid-immersed power transformers
- Dry-type power transformers
Power Transformers Market Geographic Landscape Outlook (Revenue, USD Billion, 2020-2024)
- APAC
- Europe
- MEA
- North America
- South America
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Related Reports on Industrials Include:
Global Liquid-Immersed Transformers Market – Global liquid-immersed transformers market by type (power transformers and distribution transformers) and geography (APAC, North America, Europe, MEA, and South America).
Global Distribution Automation Solutions Market – Global distribution automation solutions market by solution (field devices, communication systems, and software and services), deployment (system-level and customer-level), and geography (APAC, Europe, MEA, North America, and South America).
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