Pad Mounted Transformer Market Size

Pad Mounted Transformer Market Size

Pad Mounted Transformer Market size valued at USD 18.5 billion in 2022 and is projected to expand at more than 7% CAGR from 2023 to 2032 driven by favorable regulatory policies and schemes toward the refurbishment of conventional technologies

Increasing demand for electricity is expected to accelerate business growth. The upsurge in Purchasing Power Parity (PPP) in recent years has positively influenced the electricity demand. In addition, the peak load demand has significantly escalated across the globe as a result of the expanding population and continuous suburban movement. As per U.S. Energy Information Administration, the average electricity consumption for a U.S. home was 10,632 kWh annually in 2021 and was set to increase by 2.4% by 2022.

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Soaring capital prices may restrain industry progression

The high initial cost coupled with an escalation in replacement prices of transformers may hinder industry growth. Pad mounted transformers have a higher initial price than other transformers, which is likely to augment the growth of alternate options. Moreover, the limited availability of raw materials due to their expensiveness and dearth, and the slow economic growth of various nations are decreasing the demand for pad mounted transformers. Nonetheless, supportive investment toward the expansion of electricity networks is slated to help the market overcome this issue in the upcoming years