Power transformers play a key role in ensuring a reliable power reaches industrial and urban areas. The growth in the power transformer market is directly related to the rising energy demand, the transmission line innovations and the replacement of aged transformer systems worldwide.
What other key factors are going to influence the growth of the power transformer market?
Haseeb
The global power transformer market is expected to be around US$ 30 billion by 2025, compared to the market size of around US$ 20 billion in 2019.
The power transformer is a static device that operates on two or more windings, which convert a system of electromagnetic induction into a new system of current and voltage normally, operate at the same frequency, with varying values for the electrical power transmission.
The power transformer market has been driven by demand for power, the transmission of cross-border power, a global effort to use more renewable and unconventional resources, smart grids, and national transmission networks.
The high demand for ultra- high voltage transmission technology in developing markets such as Brazil, China and India is further fuelling the growth. Due to rising power demand, there are more investments expected in high transmission lines which will drive demand for high-voltage power transformers.
North America and Europe will see more demand growth due to the high expected replacement demand in the coming years. The power infrastructure, particularly in the US, is outdated and cause damage if not replaced.
Furthermore, the increased focus on sustainable energy has stimulated demand for power transformers around the world. Governments policies to promote sustainable energy mix will further flourish the market.