Large Power Transformer Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast The global large power transformer market size is projected to register a considerable CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growing focus on renewable electric power generation, rising consumption of electricity, and deployment of smart transformers as well as smart grids.
A power transformer is an electric device that is used to transfer electric energy from one electric circuit to multiple electric circuits. Large power transformer is a custom built piece of equipment, which is a critical component of the bulk transmission grid. Large power transformers forms crucial part of the power grid and helps in transmission of power without changing frequency. Large power transformer is majorly used in stepping down and stepping up the voltage at the electrical power generating station and distribution station. Large power transformers are special ordered machineries which require highly skilled workforces and modern manufacturing equipment and facilities. Covid-19 has impacted the private & public investments in large power transformers.
Market Trends, Drivers, Restraints, and Opportunities
Increasing investments in transmission and distribution infrastructure is estimated to propel the market expansion during the forecast period. Rapid growth in renewable energy sector is major factor driving the market growth. Complexity in designing the large power transformers is anticipated to impede the market expansion in the coming years. High cost of power consumption is projected to hamper the market growth during the forecast period.