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An electrical transformer is referred to as a static system that transfers electrical energy from one circuit to another by means of electromagnetic induction. The transformer consists of the main winding, the secondary winding and the magnetic core. Basically, it converts energy without altering its frequency, but by varying voltage levels in different electrical applications. There are different types of electric transform i.e. power and distribution which are used for different purpose and in different industries accordingly. More industrialization and urbanization with technological advancement is expected to drive the market during forecast period.
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Rising investment by governments towards enhancing power infrastructure and growing modernization of pre-existing power grids especially in developed nations is driving the growth of the electrical transformer market. However, the high initial and maintenance cost may restrain the growth of the electrical transformer market. Furthermore, rising global demand for electricity, along with robust urbanization and industrialization is anticipated to create market opportunities for the electrical transformer market during the forecast period.
The key players profiled in this study includes Company: Accord Transformer and Switchgear Pvt. Ltd., CG Power and Industrial Solutions Limited, General Electric Company, Hitachi ABB Power Grids, HYUNDAI ELECTRIC and ENERGY SYSTEMS CO., LTD., Mitsubishi Electric Corporation, Schneider Electric, Siemens AG, SPX Transformer Solutions Inc., Toshiba Energy Systems and Solutions Corporation
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