Global Power Transformers Market was Valued at US$ 28.69 Billion, with 17,283 Units Shipped, and it is Predicted to Increase at a CAGR of 7.7% Over the Next Five Years 2020-2027

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Power Transformers
Power Transformers

Overview of the Market

The power transformer is a type of transformer that is used to transfer electrical energy between the generator and the distribution primary circuits in any area of the electronic or electric circuit. During the forecast period, these factors are projected to propel the worldwide Power Transformers Market forward. Power transformers connect electrical networks or systems of different voltages to enable power transfer. Power transformers are utilized in a variety of applications, including power transmission, generation, consumer electronics, and electro-intensive industrial applications. Commercial applications for power transformers include hotels, hospitals, workplaces, airports, and universities. 

Drivers of Market Dynamics

During the forecast period, the worldwide power transformers market is expected to rise due to rising global energy consumption. Increasing electrification rates in emerging nations such as India, Brazil, China, and Russia has resulted in an increase in power generation demand. Furthermore, the necessity for more substations is highlighted by rising load growth and excessive transmission and distribution losses. Power consumption is predicted to rise in the near future as a result of rapid economic expansion and a growing requirement for uninterrupted and dependable power supply in the aforementioned countries. 

Over the forecast period, the Global Power Transformers Market is Expected to Develop due to the renewal and upgrading of existing networks in mature economies. Following a significant investment in the 1970s, the majority of developed countries' electrical grid infrastructure is nearing the end of its operational lifespan. A transformer's average usable life is between 25 and 30 years. 

Furthermore, out-of-date equipment is incompatible with today's technological and environmental standards. Over the last 20 years, many governments have attempted to extend the life of transformers, but the time has come to replace existing equipment with more efficient units that are consistent with current standards and smart grids. As a result, over the projected period, these factors are expected to propel the worldwide Power Transformers Market forward.

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