Global Transformer Market Estimated to Reach $80.1Billion by 2025
Posted on Jun 3 2020 3:51 PM "Rise in industrialization and centralization along with surge in adoption of new flexible transformers for different industrial uses are driving the growth of the market." The Global Transformer Market is estimated to reach $80.1billion by 2025, growing at a CAGR of 6.7% from 2020 to 2025.The transformers are electrical machines designed to transfer electricity from one circuit to another with varying voltage level. Increase in current brings increase in voltage levels therefore transformers are designed to bring the required voltage level by setting or stepping the voltages as per the requirement. The transformers are designed so that they can be used in the wider range and wider applications for various industrial purposes with a broader market prospects. In power systems the transformer brings safety and efficiency by raising and lowering voltage levels as per the requirements. The use of transformers in various industrial applications, s...