The rise in the usage of electricity, the replacement of existing power transformers, and the increased adoption of smart grids and smart transformers are driving the global power transformer market. An increase in demand for electricity and the emergence of renewable power sources boost the adoption of high-voltage transmission technologies such as UHV, HVAC, and HVDC power transformers.
Most poor countries have under-utilized resources of energy while in developing countries there is a need for improvement throughout the power system. The advent of Ultra high voltage (UHV) transmission (1100KV and above) has resulted in the need for an upgrade of transmission networks throughout the world. Power transformers help integrate new renewable power plants into the existing transmission networks. Thus, the emergence of renewable energy as a primary source of energy offers long-term growth opportunities for the global power transformers market.
However, raw material cost, complexity in the design and construction of power transformers as well as supporting infrastructures needed for stable and life-long transformer operation makes power transformers expensive and unaffordable. Research shows that renewable energy as a primary source of energy offers long-term growth opportunities for the global power transformers market.