According to a new research report by Global Market Insights, transformer market size that was estimated over $60 billion in 2019 is expected to reach $90 billion by 2026.  

The power transformer market is set to grow due to increasing peak load energy consumption and coherent reforms favoring the integration of long route electric infrastructure, the report says.

Moreover, electricity-for-all programs in conjunction with utilities and governments striving towards energy efficiency will boost the industry growth.

Ongoing industrialization and large-scale suburban migration across emerging economies have considerably increased electricity consumption which in turn will fuel the demand for efficient electrical equipment.

According to type, dry type transformer market is expected to witness a growth of over 7% by 2026.

By region, Asia Pacific, Middle East and Africa remain the prominent regions for industry participants due to higher demand for electrical components and overall turnkey solutions.

Source: Global Market Insights