Big Market Research has recently added an extensive report on the “Power Transformer Market” It takes into account the market structure, size, and share to project performance of regions based on production volumes
Global power transformer market is expected to grow at a CAGR of 7.07% from 2016 to 2022 to reach $37,353 million by 2022 from $23,019 million in 2015. Power transformers are static transmission machine, which wrap a coil around an electromagnet to transfer electricity with variable frequencies. They are usually rated above 200 MVA, which allow transmission of power over long distances at high voltages thus minimizing the transmission loss. Power transformers have allowed this shift from low-voltage power transmission to high-voltage power transmission.
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Power transformer market is currently in growth stage more so for large transformers. Increase in demand for power, cross border power transmission, global initiative to utilize more renewable and non-conventional energy sources, smart grids, and global need to upgrade transmission networks boost the global power transformer market. Utilization of ultra-high-voltage transmission technology in the developing economies such as China and India demonstrates increase in importance of power transformers. However, high transformer cost as well as cost of protection instruments and supporting infrastructure prevents optimal utilization of power transformers throughout the world.
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