Power transformer market to total $37bn by 2026
100 MVA–500 MVA transformer units will observe growth on account of their low installation cost, extensive demand and compact size
The global power transformer market is set to reach $37 billion by 2026, according to a recent report.
Growing investment towards expansion of transmission networks, along with increasing deployment of renewable energy is positively influencing the deployment for these units, said the report by research firm, Global Market Insights.
100 MVA–500 MVA transformer units will observe growth on account of their low installation cost, extensive demand and compact size, it said.
The rising installation of these units at electrical substations and generating stations to convert electrical power to high or low voltage for transmission will fuel the business dynamics, the report added.
Pole mounted transformers units will witness significant incorporation owing to faraway load centres across constrained grid accessibility. While compact size in line with easy deployment on single poles will boost the product penetration, thereby limiting the risk of harm to animals and minimising vandalism.
The pole-mounted transformer market has gained industry penetration on account of its capability to service urban and rural commercial and residential loads, the report said.