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Transformers market to reach $102 B by 2031

According to a report by Allied Market Research, the global transformers market industry is anticipated to generate $102.96 B by 2031, with a CAGR of 6.1% from 2022 to 2031.

The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

The global transformers market is growing due to an increase in demand for power supply, an increase in the incorporation of sustainable resources to deliver power, an increase in urbanization, modernization, and the introduction of innovative technologies. However, fluctuations in raw material costs limit the market expansion. On the other hand, the demand for transformers has increased as the cost of inexhaustible energy sources for power generation has decreased, resulting in favourable market growth conditions in the coming years.

 

Source: PR Newswire

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