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Rising electricity demand complemented by sustained scaling up of renewable energy worldwide will boost investments in power transmission and distribution (T&D) infrastructure and grid assets, including transformers. The global transformer market revenue is expected to reach $64.24 billion in 2030; a market rebound is expected from 2022 onward. Though a mature market, the demand for both power and distribution transformers will be boosted by strong growth in electricity demand, rising rate of electrification, economic growth, and increasing population across China, India, Asia, the Middle East, and Africa. In addition, ageing power grid leading to wider market adoption of electrification and the transition from fossil fuel to clean energy will boost the demand for T&D equipment, primarily transformers.

Power transmission bottlenecks, such as underdeveloped infrastructure causing losses and overloading of transmission lines will encourage effort toward higher regional interconnectivity, leading to the development of high-voltage transmission systems and higher power transformer demand. Grid hardening, grid modernization, urgent network upgrades, and improved system resilience will have a positive bearing on market demand. Industry development will be directed toward higher adoption of energy-efficient and intelligent transformers and ecofriendly/green transformers.