Power transformer market to hit $63 B by 2030
The Power Transformers Market, valued at $34.6 B in 2022, is about to undergo substantial growth according to a recent market research report.
Image for illustration purposes
The Power Transformers Market, valued at $34.6 B in 2022, is about to undergo substantial growth according to a recent market research report.
The market is projected to reach $63.2 B by 2030, with a projected CAGR of 7.8 % over 2022–2030. Factors such as the increasing demand for electricity and the growth of renewable energy sources are contributing to the development of the power transformers market.
Furthermore, the rising demand for electricity worldwide and the growing use of renewable energy sources resulted in increased demand for power transformers. Such transformers play a vital role in transferring energy from power generation facilities to end users and transforming the voltage levels as required for different applications. In addition, developing new technologies such as smart grid systems is also expected to create new demand for specialized power transformers.
Source: Globe Newswire