Power Transformer, an effective energy solution for smart grid technology, to witness a CAGR of 7.71% during 2017-2023

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NEW YORK, Sept. 14, 2018 (GLOBE NEWSWIRE) -- The global power transformers market was valued at  in 2016, and is expected to reach , growing at a  from 2017 to 2023. The key factors driving the growth of the global power transformers market are accelerating , development of transmission and distribution networks and increasing cross country electricity trade. Governments are taking initiatives by spending  and logistics costs on replacing old power transformers, with the focus of meeting ever-growing electricity demands. The trend to deploy power transformers in lucrative regions coupled with a need to establish better and effective transmission networks will increase the business opportunity for the power transformers market.

In 2016, the  sector held the major market share of the global power transformers market in the cooling type segment. Additionally, the is the largest sector in the insulation type segment of the power transformers market. In the rating segment,  dominated the global power transformer market by holding the majority of market share. In the end-user segment, the industrial sector dominates the global power transformers market.

The key players in the global power transformer market are Siemens AG, Crompton Greaves Limited, ABB Ltd. General Electric Company, Alstom SA, Mitsubishi Electric Corporation, Toshiba Corporation, Bharat Heavy Electricals Limited, Hyosung Group, SPX Transformer Solutions, Inc.

Geographically, Asia-Pacific accounts for the major market share and is expected to hold the largest market share during the forecast period. The growth of the market in the region is governed by the increasing expenditure on the power infrastructure and mega scale projects in the Asia-Pacific region. Economies such as China and India provide boost to the market growth in the Asia-Pacific region. Upgrading electrical infrastructure coupled with rising economies of scale tends to drive the growth of the market in the region. Developing nations, such as Brazil and Middle-Eastern countries, are the key market for the growth of the power transformer.

In the U.S. and European region, replacement of aging grid infrastructure and large-scale integration of renewables are driving the global power transformers market.

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Globe Newswire: 14:04 GMT Friday 14th September 2018

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