Rapid industrialization, rising urbanization and increasing investment towards renewable energy development projects to fuel global transformer core market through 2024
According to TechSci Research report, “Global Transformer Core Market By Type, By Region, Competition, Forecast and Opportunities, 2024”, the global transformer core market is projected to surpass $ 7.5 billion by 2024 on account of rising electricity demand across developed as well as developing economies. Transformer core market is also significantly benefitting from the expansion of grid networks in developing economies, rising investments in grid renovation projects in developed economies and continuing integration of renewable power with conventional grids.
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In terms of Type, the global transformer core market has been categorized into Power Transformer, Distribution Transformer, Isolation Transformer and Auto Transformer. Power transformer segment accounted for the largest portion of the global market for transformer core in 2018 and the segment is expected to account for a considerable portion during forecast period as well. Rapid industrialization and urbanization in major developing economies such as China and India is leading to a continuous rise in demand for grid elements and, in turn, fueling demand for transformer core.
Asia Pacific is expected to grab the largest share of global transformer core market during the forecast period. Surge in industrial and infrastructure development activities in the region over the past few years is the major factor attributable to the leading position of the region in the global transformer core market. “The ever-rising demand for electricity is the foremost factor augmenting the global transformer core market. Moreover, rapid industrialization and urbanization in major developing economies is creating staggering demand for electricity, which in turn, is boosting the global transformer core market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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“Global Transformer Core Market By Type, By Region, Competition, Forecast and Opportunities, 2024” has evaluated the future growth potential of global transformer core market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global transformer core market.
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