Global power transformer market to reach $50.8 B by 2027
The global power transformer market size was valued at $27.7 B in 2019, and is expected to reach $50.8 B by 2027.
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The global power transformer market size was valued at $27.7 B in 2019, and is expected to reach $50.8 B by 2027, registering a CAGR of 7.9 % from 2020 to 2027, according to a new Research and Markets report.
The rise in the usage of electricity, replacement of existing power transformers, and increase in adoption of smart grids and smart transformers drive the global power transformer market. Increase in demand for electricity and emergence of renewable power sources boosts the adoption of high voltage transmission technologies such as UHV, HVAC and HVDC power transformers. Most of poor countries have under-utilised resources of energy while in developing countries there is a need for improvement throughout the power system. Advent of Ultra high voltage (UHV) transmission (1100KV and above) has resulted in the need for upgrade of transmission network throughout the world. Power transformers help integrate new renewable power plants to the existing transmission networks. Thus, the emergence of renewable energy as a primary source of energy offers long-term growth opportunities to the global power transformers market.
The regions covered in this report are North America, Europe, Asia-Pacific, and LAMEA.
Major players in the power transformer industry include Bharat Heavy Electricals Ltd., CG Power and Industrial Solutions Ltd., EMCO Ltd., General Electric Company, Hitachi Ltd., Kirloskar Electric Co. Ltd., Schneider Electric SE, Siemens AG, TBEA Co. Ltd., and Toshiba Corporation.
Source: GlobeNewswire