Asia-Pacific will drive global distribution transformers market beyond $16.6 billion by 2020, says GlobalData
The global distribution transformers market is set to rise from $13.74 billion in 2015 to $16.67 billion by 2020, at a compound annual growth rate of 5%, according to research and consulting firm GlobalData. The company’s latest report states that the need to expand and upgrade existing distribution infrastructure to serve the growing demand for electricity will lead to a positive growth of the distribution transformers market over the forecast period. In the emerging economies of Asia-Pacific (APAC) and the Middle East, extensive power plant capacity additions, economic growth, and the need to improve access to electricity are driving grid expansion and the distribution transformers market. ….