Transformer Core Market to Reach $ 7.5 Billion by 2024
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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Transformer Core Market"
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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.
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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.
“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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