Power transformers are the heart and soul of the grid, as they are responsible for maintaining power delivery from power plants and distribution lines connected to homes.
Over the past few years, the demand for solar power has skyrocketed, enabling the need for high-efficiency power transformers that are best suited to solar power plants.
While the traditional design of power transformers is best suited to meet the needs of residential and commercial locations, wind and solar power generation requires the flexibility of power transformer impedance. In addition, renewable energy requires major changes to the infrastructure of energy production and transmission, creating new opportunities for the power transformer industry.
According to a report published by Allied Market Research. The global power transformer Market is expected to reach $50.8 billion by 2027, with a cagR of 7.9% from 2020 to 2027, The market is being driven by increased global demand for electricity, the spread of smart grids and a surge in replacing existing transmission networks.
Some market participants have invested in developing new power transformer designs to minimize power losses during transmission. What's more, many companies are working to reinvent power transformers, replacing the metal in the transformer core with a novel metal component.
On the other hand, the world badly needs smart power transformers. Upcoming electronic devices require reliable and stable power sources. The life expectancy of a power transformer should match its maintenance cost. As a result, several companies have invested in smart transformers that are equipped with smart grid software systems.
Smart transformers and the latest software systems that monitor the performance of power transformers and maximize the productivity of electronics are the next big thing in the market. In addition, smart transformers can change power lines in dangerous climates or emergencies. These transformers have become popular over the past few years due to their additional security and wide variety of applications.
This is an exciting time for the power transformer market. The popularity and demand of smart cities is expected to drive the demand for power transformers to unprecedented levels. Moreover, the gradual replacement of power transformers and the rise and popularity of intelligent power transformers will inevitably increase the demand of power transformer manufacturers.
