Global transformer market to reach $89.34 B in 2030
Rising electrification, renewables, and industrial growth drive transformer market toward $89.34B globally by 2030, led by APAC and EMEA.
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According to a GlobalData’s report, the global market for power transformers is projected to reach $35.83 B, while the distribution transformers market is anticipated to attain $53.51 B in 2030.
The Asia Pacific power transformers market is set to grow from $12.35 B in 2024 to $18.96 B in 2030. The region’s economic growth has driven commercial activity and spurred numerous nations to invest in large-scale development programs.
National electrification programs, expanding renewable energy portfolios, market reforms, and the substantial industrial bases in China and India are poised to contribute to the new infrastructure development, thereby bolstering the regional market. With the demand for power set to increase in the Middle East and Africa, the EMEA is estimated to be the fastest growing region, with a CAGR of 7.7 %, over the forecast period.
Conversely, countries in Africa and the Middle East are expected to demonstrate significant demand for distribution transformers, spurred by the ongoing power sector reforms. The growth in the EMEA is likely to be at a CAGR of 9.1 % over the forecast period and the Americas market is estimated to grow at a CAGR of 6.9 %.
The rise of distributed technologies further amplifies the demand for distribution transformers.
Source: Yahoo Finance
#CAGR#Distribution transformers#global transformer market#GlobalData#Growth#power sector reforms
