Transformers market to hit $103 B by 2031
Allied Market Research reports the transformers market will grow from $58.6 B in 2021 to $103 B by 2031 at a CAGR of 6.1 %.
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The transformers market size stood at $58.6 B in 2021 and is anticipated to reach $103 B by 2031, growing at a CAGR of 6.1 % in the forecast period from 2022 to 2031, according to a recent report published by Allied Market Research.
One of the major drivers of the transformers market is the continuous rise in electricity consumption worldwide. Expanding industries, increasing residential power needs, and urban infrastructure development are pushing utilities to invest heavily in power transmission and distribution networks.
The regions covered in this report are North America, Europe, Asia-Pacific, LAMEA. The LAMEA region is projected to grow at the highest CAGR of 6.6 %, driven by energy transition initiatives, infrastructure development, and expanding manufacturing sectors.
Countries across North America, Europe, and Asia-Pacific are rapidly upgrading their energy systems, with smart grids driving demand for advanced transformers that improve power quality, grid flexibility, distributed generation, and renewable energy integration. In both the US and Europe, the growth of electric vehicles (EVs) is further accelerating the need for expanded charging infrastructure, boosting demand for high-efficiency transformers capable of supporting these new electrical loads.
The key market players include ABB Ltd., Siemens AG, General Electric, Eaton, Toshiba Corporation, Schneider Electric, Mitsubishi Electric Corporation, CG Power & Industrial Solutions, VTC/GT, and SGB-SMIT, among others.
Source: EIN Presswire
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