[118 Pages Report with Detailed Analysis] Welding Transformer Market (Description) : The global transformers market is likely to grow at a significant rate, owing to augmentation in power infrastructure promulgated by surge in demand of electricity. The electricity demand is expected to increase on account of expanding commercial and industrial establishments, and increasing usage of electrical appliances.
Due to the COVID-19 pandemic and Russia-Ukraine War Influence, the global market for Welding Transformer estimated at USD million in the year 2022, is projected to reach a revised size of USD million by 2028, growing at a CAGR of % during the forecast period 2022-2028.
Asia-Pacific is the largest and fastest-growing market, primarily driven by the T&D developments and industrial growth in Southeast Asia, China, and India. The factors that attribute to the growth include the increasing upgradation of power and distribution infrastructure, replacement of aging equipment, and the increasing development in heavy industries, and renewable energy. In addition, the growing need to expand and upgrade the existing T&D infrastructure to serve the growing demand for electricity is expected to lead to a positive growth of the transformers market during the forecast period. Extensive power plant capacity additions, economic growth, and the need to improve access to electricity, particularly in the emerging nations of Asia-Pacific (APAC), are expected to further drive grid expansion and the transformers market.
Top Key players:
Get a Sample PDF of report – https://www.360researchreports.com/enquiry/request-sample/21991746