The transformer market is expected to experience significant growth in the coming years. The growing demand for electricity, coupled with the increasing use of renewable energy sources, is expected to drive the demand for transformers globally.

In addition, the need for grid stability, reliability, and efficiency is also expected to fuel the growth of the transformer market. As the power generation mix shifts towards renewable sources such as wind and solar, the role of transformers in facilitating the integration of these sources into the grid becomes more critical.

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Moreover, the increasing investments in the transmission and distribution infrastructure, particularly in developing economies, are expected to drive the growth of the transformer market. The rapid urbanization and industrialization in these countries are driving the demand for electricity, which, in turn, is boosting the demand for transformers.

Furthermore, the development of smart grids and the increasing adoption of electric vehicles are also expected to create new opportunities for the transformer market. The deployment of smart grids requires the installation of advanced transformers, which can improve grid efficiency, reliability, and resilience.

Overall, the transformer market is expected to experience sustained growth in the coming years, driven by the growing demand for electricity, the increasing use of renewable energy sources, the need for grid stability and efficiency, and the development of smart grids and electric vehicles.

Transformer Market Analysis

Transformer Market share is expected to reach USD 75 Billion, expanding at a compound annual growth rate (CAGR) of 7.43% during the forecast period.

COVID-19 Analysis 

COVID-19 outbreak has been an unforeseen calamity of huge proportions for economies and general public alike. The whole nation came to that standstill and every industry suffered. Disruptions in supply chain and shortages of manpower adversely impacted the market. As the companies that operate in this market are struggling in finding operational stability in the light of project delays, this sector is all set in overcoming its challenges and develops substantially over the forecast period. A key factor that will assist under such circumstances is the burgeoning need that is coming from the healthcare and hospitality sector. The growing awareness about healthcare in the post-pandemic world has resulted to an increased production of health products like sanitizers that has increased industrialization across the globe. This growth can even out losses and get the transformer market to its normalcy. 

Drivers 

Deployment of Smart Transformers and Smart Grids to Boost Market Growth 

The deployment of smart transformers and smart grids will boost market growth over the forecast period. Smart grid helps in facilitating the remote access monitoring of grid instruments and responding to fluctuating power demand instantly. A smart power transformer is being increasingly used owing to its perks. This offers optimized power supply, offers efficient cooling, respond to voltage fluctuations, and thus reduce CO2 emissions.