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Insights on the Traction Transformers Global Market to 2026 - Significant Advancements in Railway Infrastructure is Driving Growth
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Traction Transformer Market worth USD 2 91 billion by 2027, registering a CAGR of 5 13% - Report by Market Research Future (MRFR)
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global transformer market is highly lucrative and predicted to witness significant growth at a healthy 6.28% CAGR over the forecast period (2019-2026), reveals the Market Research Future (MRFR) report. A transformer is an electrical machine that is designed for transferring electricity from one specific circuit to another with different voltage levels. There are different forms of transformers that are bifurcated based on a couple of factors such as installation location, winding arrangement, the medium utilized in the core, and the working voltage range.
Fascinating Features that Spur Market Growth As per the Market Research Future report, there are numerous factors that are propelling the transformer market size. These include the rise in centralization and industrialization, a surge in the adoption of new flexible transformers for various industrial uses, a rise in the growth of power generation and transmission technologies and microgrids, growing electricit