Power Transformer Market Size

Power Transformer Market Size

Power Transformer Market was valued at USD 20.7 billion in 2023 and is projected to grow at a CAGR of 6.7% from 2024 to 2032, owing to the increasing demand for electricity along with rapid urbanization and industrialization, particularly in emerging economies. Additionally, investments and technological advancements in smart grids and grid automation are fostering the adoption of advanced power transformers.

Government initiatives and regulatory policies aimed at reducing carbon emissions and improving energy efficiency further bolster the market growth, as they encourage the deployment of high-efficiency transformers. The global shift towards renewable energy sources, such as wind and solar power, necessitates the integration of power transformers into the grid for efficient energy transmission and distribution. Aging power infrastructure in developed regions is also prompting significant investments in modernization and replacement projects.