Transformer demand from 2019 to 2029 and beyond: The impact of Covid-19 on future markets
After GDP drop of 5% worldwide, The International Monetary Fund estimates recovery and the growth of 4%
by Steve Aubertin
Image source: TM
The purpose of this analysis is to assess the future of the global market for transformers following the global pandemic that has swept the world since the start of 2020. Our original estimates were produced during the last quarter of 2019 and therefore pre-dated the pandemic. The scale and ferocity of the spread of the virus became clear during the first and second quarters of 2020, and the disruption to life worldwide is becoming clear. This has prompted a re-examination and a re-calibration of the future scenarios that were being proposed at the start of 2020. Much has changed in the period between December 2019 and the fall of 2020 and the ramifications of those changes in a few short months will be present – at least for the next 10 years – if not longer.
After GDP drop of 5 % on the worldwide level during 2020, The International Monetary Fund estimates recovery in 2021 and the growth of 4 %
Previous, pre-COVID-19 analyses and estimates projected the average yearly growth rate (CAGR) of the transformers market to be 3.48 % up to 2028. However, those projections have to be re-evaluated due to the global COVID-19 pandemic and its impact on the economies worldwide, and consequently on electrical power capacities and transformers market. To read the full analysis, click here.
Keywords: COVID-19, GDP, installed capacity, prediction, transformer market
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