SPECIAL TRANSFORMER MARKET ANALYSIS
Global Special Transformer Market: Regional Insights
The special transformer market in Asia Pacific accounted for the largest market share in 2017 and expected to remain largest over the forecast period. The factor attributed to the growth of the market is growing demand for oil & gas in emerging economies such as India and China further leads to increasing number of oil and gas plants in the region. This factor is expected to further increase demand for special transformer in Asia Pacific. For instance, according to India Brand Equity Foundation’s (IBEF) analysis, consumption of oil in India was 3.85 million barrels per day (mbpd) in 2014 and it increased to 4.0 mbpd in 2015. Similarly, the consumption of gas in India was 54.20 billion cubic meter (bcm) in 2017 and is expected to reach 143.08 bcm in 2030.
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