Power Transformer Market Current Development Status & Growth Opportunities 2023 to 2030.

Power Transformer Industry Overview

The global power transformer market size was worth USD 22.83 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.1% from 2023 to 2030.

Increasing electricity demand in emerging and developed countries with rising investment in infrastructure is expected to be the key driving force for the market’s growth over the forecast period. High demand and supportive initiatives for smart grid development have resulted in the need for smart meters, which is expected to positively impact power transformer industry growth over the next five years. Additionally, a number of government initiatives for installing technologically advanced power transformers and modernizing the existing power grids for improving energy efficiency and minimizing losses are projected to positively impact demand for the power transformer industry.

Gather more insights about the market drivers, restrains and growth of the Power Transformer Market

The power transformer industry will be driven by rising transmission network research and the fast use of non-traditional and renewable energy sources for generating electricity in remote places during the assessment period. Smart grids can be accessed and monitored remotely, and they can rapidly adjust to changes in electricity demand. Additionally, they guarantee effective cooling and power delivery, which lowers carbon emissions. During the projection period, the development of green transformers, high voltage transmission technologies, and strict government regulations aimed at lowering greenhouse gas emissions will support the expansion of the worldwide power transformer industry.

Due to the environmental safety precautions and cutting-edge features supplied by eco-friendly products, traditional transformers are expected to be replaced. These are incompatible with the current environmental and technological criteria. Moreover, developed nations are incorporating wind and other renewable sources into cross-border electricity trading, which is increasing the pressure on aging networks.

Additionally, due to the current aging infrastructure, challenges like short circuits occur frequently, creating profitable growth potential for players in the power transformer industry. A super grid and smart grid are being developed since low-carbon emissions are becoming a bigger concern. Additionally, it is predicted that increasing PCB replacement programs, burgeoning green initiatives, and service expansions in resource-based industries would all present significant prospects for the power transformer industry.

The primary materials used in the production of power transformers are steel, aluminum, and copper. The sale of power transformers will be restricted in middle- and low-income nations due to an increase in the overall price of these raw materials. Power transformers are more expensive than traditional power distribution systems due to fluctuations in the raw material supply and disruptions in the supply channels and distribution brought on by pandemics.

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Power Transformer Market Segmentation

Grand View Research has segmented the global power transformer market based on core, insulation, phase, rating, application, and region:

Power Transformer Core Outlook (Revenue, USD Billion, 2018 - 2030)