Power Transformer Market Size

Power Transformer Market Size

Power Transformer Market size exceeded USD 19 billion in 2022 and is projected to expand at over 6.5% CAGR from 2023 to 2032. The increasing deployment of renewable energy backed by escalating environmental concerns and an increased emphasis on mitigating carbon and GHG emissions will propel the demand for power transformers. Major economies, including China, several North American and Eurozone nations, and others, are taking up necessary initiatives and implementing stringent targets and regulations to ensure environmental sustainability.

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Such norms, in turn, have compelled various countries to adopt cleaner energy sources, including renewables, thus, augmenting power transformer market revenues. For instance, as of October 2022, India achieved its NDC target with total non-fossil-based installed energy capacity reaching 159.95 GW, accounting for an estimated 41.4% of the overall installed electricity capacity. In addition, as per the updated NDC, the country commits to decreasing the Emissions Intensity of its GDP by almost 45% from the 2005 level by 2030.These elevated renewable generation targets will boost the requirement to update the existing grid infrastructure to integrate decentralized grids into the main network, further strengthening the industry outlook. However, the high initial costs and surging replacement prices associated with the product may act as a growth barrier. Global current transformer industry is likely to cross USD 93.4 billion by 2030.