Transformer market to reach value of $48.18 B by 2031
A high demand for transformers is creating new growth frontiers in the transformer market.
Players in the transformer manufacturing industry are developing products to optimize power generation and power distribution processes in these end-use industries. To this end, trends of technological advancements in electronic transformers are likely to shape the future of transformer industry. The transformer market is projected to expand at a CAGR of 5.6 % during the forecast period from 2022 to 2031.
Availability of transformers in a wide product range for large-scale residential and industrial applications creates vast revenues streams in the transformer market. Key applications of transformers in power generation, transmission, distribution, and usage to serve the demand for continuous and reliable energy supply underpins massive revenue potential in the transformer market.
According to published data, uptake of renewable energy increased by 3 % in 2020 globally. China alone reported nearly half of the global increase in renewable energy. Renewable energy emerged as the fastest-growing energy source in the USA in recent decades. In the renewable energy sector, transformer is used to convert direct current (DC) to alternating current (AC) for use in domestic, businesses, and electrical grids.
Increasing need for adoption of renewable energy strengthens demand to drive the transformers market size during the forecast period. Furthermore, increasing power consumption and rising public- private investment in renewable energy is contributing to transformer market growth.
Source: PR Newswire