Report Overview:
The global power transformer market was valued at approximately USD 21.6 billion in 2022 and is expected to grow steadily, reaching USD 38.4 billion by 2032. This growth corresponds to a compound annual growth rate (CAGR) of 6.1% over the forecast period from 2023 to 2032, driven by increasing demand for energy infrastructure upgrades and renewable integration.
The global Power Transformer Market is undergoing significant growth, largely fueled by increasing global electricity demand, the shift toward renewable energy, and the need to modernize aging grid infrastructure. Power transformers are essential for transmitting electricity over long distances, and as industries expand and urban populations grow, the need for efficient energy transmission has intensified. From utility-scale grid projects to industrial zones and rural electrification efforts, transformers are at the core of energy reliability and sustainability efforts.
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