TRANSFORMER MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 

Transformer Market Analysis:

It is anticipated that the transformers market will exhibit a Compound Annual Growth Rate (CAGR) of over 6.5% during the projected period. The market has been adversely affected by the outbreak of COVID-19, but it has now returned to pre-pandemic levels.

The primary driving force behind the transformers market is the escalating power demand, which is in line with the increasing population and the global trend towards renewable-based power generation. This has necessitated adjustments in the transmission infrastructure. However, the market growth is expected to be impeded by challenges such as high initial costs in the near future.

The emergence of technological innovations, such as smart transformers for smart grids, presents opportunities for the transformers market. Smart transformers operate independently to regulate voltage, monitor and manage power demand fluctuations, and provide feedback in a power supply system. The utility can also have remote access to smart transformers.

Over the next few years, the Asia-Pacific region is expected to dominate the market due to the growing power demand in rural and semi-urban areas.

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