Growing 7.9% per year, the global power transformer market is expected to surpass $50.8 billion by 2027, according to Allied Market Research. The firm’s latest report on the market, Global Power Transformer Market, Outlook & Forecast 2020–2027, valued its size at $27.7 billion in 2019 as the starting point for the study.
Apart from general growing consumption of electricity, key factors driving the market include increasing focus on renewable electric power generation, deployment of smart grids and smart transformers, and replacement of aged equipment.
“Price is the most significant factor that affects the whole power system throughout the world,” the report states, noting that manufacturing of power transformers requires long construction time and huge capital investment. “Also, high quality electrical grade steel is manufactured by only selected few companies.”
Medium power transformers, rated at 100 to 500 MVA, make up the largest of the three rating segments, accounting for 46% in 2019 and expected to grow at a slightly higher rate of 8.7% during the forecast period. By region, Asia-Pacific is expected to continue as the most active part of the world due to upcoming power grid expansion and upsurge in renewable power. For more info, see www.alliedmarketresearch.com.