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Transformers are essential electrical equipment for the reliable and efficient power distribution. Growing electricity demand along with the increasing utilization of renewable energy sources have resulted in significant investments toward transmission & distribution (T&D) infrastructure and grid refurbishment. The developing countries across the globe have witnessed a substantial surge in the economic growth and the electrification rate. The existing electric infrastructure across the globe is aging and requires significant improvements in its operations. The leading players in the industry are focusing on several R&D activities to provide transformers with enhanced efficiency while lowering the overall environmental impact. Moreover, regulatory bodies worldwide have catalyzed investments across the energy and electrical infrastructure, which is further set to stimulate the industry growth.
Rising public and private investments toward the expansion and upgrading of grid infrastructure with an aim to establish a reliable and affordable electric supply network will augment the transformer market. Bulk investments from several financial institutions including the World Bank and Asian Development Bank (ADB) has positively influenced the advancement of existing electric infrastructure.
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