Portland, OR, June 22, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global power transformer market garnered $27.7 billion in 2019, and is anticipated to reach $50.8 billion by 2027, registering a CAGR of 7.9% from 2020 to 2027.
Increase in demand for electricity across the globe, replacement of existing transmission networks, and rise in adoption of smart grids drive the growth of the global power transformer market. However, high installation, logistics, and supporting the infrastructure cost of the transformer hinder the market. On the contrary, surge in use of renewable and non-conventional energy sources is expected to open new opportunities for the market players in the coming years.
Get detailed COVID-19 impact analysis on the Power Transformer Market: https://www.alliedmarketresearch.com/request-for-customization/174?reqfor=covid
COVID-19 scenario: The recent pandemic has adversely affected the power transformer industry.
- The dampened demand for oil and plummeting pricing and production would negatively impact the market growth.
- The shutdowns and restrictions on production will hamper the market growth.
- However, the continued operation of nuclear power plants and the availability of electric services would minimize the overall impact on market growth.
The global power transformer market is divided on the basis of rating and geography. Based on rating, the market is segmented into low, medium, and high. The medium segment is expected to manifest the highest CAGR of 8.7% during the study period. Moreover, the segment held the largest share in 2019, accounting for nearly half of the market.
The global power transformer market is analyzed across several regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across Asia-Pacific held the largest share in 2019, contributing to more than two-fifths of the market, and is expected to register the fastest CAGR of 9.0% of the market.
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The global power transformer market report includes an in-depth analysis of the major market players such as CG Power and Industrial Solutions Ltd., General Electric Company, Kirloskar Electric Co. Ltd., Siemens AG, Bharat Heavy Electricals Ltd., EMCO Ltd., Hitachi Ltd., Schneider Electric SE, and TBEA Co. Ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.