DUBLIN--(BUSINESS WIRE )--The "Power Transformers - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Power Transformers Market to Reach $32.6 Billion by 2026
Growth in the global market is steered by rising demand for electricity and the resulting new power projects coupled with expansion of the T&D network. The urgent need to replace and upgrade aging power infrastructure in the developed countries, growing prominence of renewable energy, expansion and interconnection of grid infrastructures, and exponential increase in power consumption in both developed and developing countries requiring efficient management of electricity transmission and distribution represent important factors driving growth.
In addition, efficient transformer designs that use amorphous magnetic materials as cores are likely to experience an increasing adoption in the coming years owing to their ability to reduce noise and iron losses, while exhibiting extended service life. Amid positive GDP scenario and rising construction/infrastructure investments as well as utility spending, the future prospects remain highly favorable for power transformers.
Future growth in the market will be driven by growing prominence of smart cities that require highly capable power transmission networks and the resulting demand for advanced and innovative power transmission systems and solutions. Another important growth driver is the steady proliferation of smart transformers driven by the establishment of smart power grids intended to respond to power requirements from load centers. Growing utility interest in digital technologies including IoT-enabled automated monitoring and smart grids, which enable monitoring of transformer parameters such as tank temperature, voltage applied, etc., is also poised to benefit market adoption in the coming years.
Amid the COVID-19 crisis, the global market for Power Transformers estimated at US$27.1 Billion in the year 2022, is projected to reach a revised size of US$32.6 Billion by 2026, growing at a CAGR of 5.1% over the analysis period.
The U.S. Market is Estimated at $7.3 Billion in 2022, While China is Forecast to Reach $6.6 Billion by 2026
The Power Transformers market in the U.S. is estimated at US$7.3 Billion in the year 2022. The country currently accounts for a 27.1% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$6.6 Billion in the year 2026 trailing a CAGR of 7.8% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 4.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR while Rest of European market (as defined in the study) will reach US$7 Billion by the end of the analysis period.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900