Power transformer market to garner $50.8 B by 2027 at 7.9 % CAGR
The global power transformer market garnered $27.7 B in 2019, and is anticipated to reach $50.8 B by 2027, registering a CAGR of 7.9 % from 2020 to 2027.
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According to the report published by Allied Market Research, the global power transformer market garnered $27.7 B in 2019, and is anticipated to reach $50.8 B by 2027, registering a CAGR of 7.9 % from 2020 to 2027.
Increase in demand for electricity across the globe, replacement of existing transmission networks, and rise in adoption of smart grids drive the growth of the global power transformer market. However, high installation, logistics, and supporting the infrastructure cost of the transformer hinder the market. On the contrary, surge in use of renewable and non-conventional energy sources is expected to open new opportunities for the market players in the coming years.
The recent pandemic has adversely affected the power transformer industry. The dampened demand for oil and plummeting pricing and production would negatively impact the market growth. The shutdowns and restrictions on production will hamper the market growth. However, the continued operation of nuclear power plants and the availability of electric services would minimise the overall impact on market growth.
The regions covered in this report are North America, Asia-Pacific, Europe, and LAMEA.
Source: GlobeNewswire
