Power Transformers Market Analysis | APAC to Dominate Market Growth through 2023-2027
The Power Transformer Market around the world is estimated to witness a staggering growth of USD 11,575.07 million between 2022 and 2027 accelerating at a compound annual growth rate (CAGR) of 6.15% between 2023 and 2027. Modernization of existing transformers, expansion of T&D driving the demand for power transformers, and expansion of renewable power generation capacity are some of the prime determinants of this market advancement.
When it comes to market segmentation Power Transformer Market can be categorized by type (liquid immersed and dry type), end-user (commercial power, residential power, and industrial power), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
APAC to Dominate Market Growth of Power Transformers Market
37% of the growth of the global market during the forecast period will be generated from the APAC region due to the growing electricity consumption in the region owing to factors like rapid urbanization and better living standards boosting electricity consumption with key countries being India and China.
Improvement in economic conditions in the region has propelled the demand for efficient production and distribution of electricity which has further boosted the market growth.
Glimpse of the Fastest-Growing Topography of the Power Transformers Market
Technavio's report offers an up-to-date analysis of the current global market scenario, the latest trends and drivers, and the overall market environment.
Power Transformers Market: Core Companies
Private Players are ensuring efficient production and distribution of electricity. The expansion of the private sector into the power generation sector has reduced the total price of electricity and intensified market competition in the power sector.
Some of the major key players in the market landscape are ABB Ltd., ALTRAFO Srl, Altro Transformers Pty. Ltd., CG Power and Industrial Solutions Ltd., DuPont de Nemours Inc., Eaton Corp. Plc, Etel Transformers Pty ltd, Fuji Electric Co. Ltd., General Electric Co., Hammond Power Solutions Inc., Hitachi Ltd., Hyundai Electric and Energy Systems Co. Ltd., etc.
Technavio's research report segments the market into major segments and the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers that are likely to impact the market in focus along with complete qualitative and quantitative analyses of market leaders with a wider understanding of the business ecosystem. Download our sample report on the Power Transformers Market
Power Transformers Market: Key Highlights of the Report for 2023-2027