Dive Brief:
- The global market for transformers will grow to nearly $19.7 billion by 2020, up from $10.3 billion in 2013, according to consulting firm GlobalData.
- The 9.6% compounded annual growth rate will be driven by demand in China, India and the Middle East, GlobalData said.
- ABB leads the transformer market with a 12% share, followed by Tebian Electric Apparatus, Siemens and Alstom Grid.
Dive Insight:
“The growth of global electricity demand is driving the construction of new power plants, as is the need to improve the connectivity of the electricity grid and ensure that demand is met,” said Sowmyavadhana Srinivasan, GlobalData's senior analyst. More than one billion people in the world have no electricity service, so demand for equipment to serve them will surely continue to rise.