Insights on the power transformers global market to 2027
Transformers play a pivotal role in the generation, transmission and distribution (T&D) of electricity.
Image for illustration purposes.
Transformers play a pivotal role in the generation, transmission and distribution (T&D) of electricity.
Growth in the global market is steered by rising demand for electricity and the resulting new power projects coupled with expansion of the T&D network. The urgent need to replace and upgrade aging power infrastructure in the developed countries, growing prominence of renewable energy, expansion and interconnection of grid infrastructures, and exponential increase in power consumption in both developed and developing countries requiring efficient management of electricity transmission and distribution represent important factors driving growth.
Amid the COVID-19 crisis, the global market for power transformers estimated at $23.9 B in the year 2020, is projected to reach a revised size of $32.6 B by 2026, growing at a CAGR of 5.1 % over the analysis period. Oil-immersed, one of the segments analysed in the report, is projected to grow at a 5.4 % CAGR to reach $20.5 B by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the dry-type segment is readjusted to a revised 4.6 % CAGR for the next 7-year period.
The power transformers market in the USA is estimated at $6.9 B in the year 2021. The country currently accounts for a 27.1 % share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of $6.6 B in the year 2026 trailing a CAGR of 7.8 % through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8 % and 4.6 % respectively over the analysis period.
Key players: ABB Limited, GE Grid Solutions, Siemens AG
Source: Business Wire