As an indispensable component in the power system, power transformers' market size and development trend are bound to gradually increase. The increase in global electricity production, the construction of smart grids and the development of ultra-high voltage transmission technology are the blowout period of the transformer market.

Analysis of global market size in recent years

Total electric power production is experiencing blowout growth: In 2019, total global electric power production reached 26,960.8TWh, and will increase to 28,466TWh in 2021. This continued growth supports the development of the power transformer industry.

The market size is obviously on the rise: from 2019 to 2022, the global power transformer market will show steady growth, and the market size in 2022 will be approximately US$23 billion.

Regional market distribution of power transformers

Dominance of Asia Pacific: Asia Pacific accounted for 50% of the global market in 2021, and will further expand to 51% in 2022. This growth was mainly driven by power transmission and distribution projects and industrial growth in the region.

Significant growth of North America market: North America accounted for 21% of the global market in 2021 and grew to 23% in 2022. Penetration of renewable energy and replacement of aging grids are key drivers.

Stable development of the European market: The European market accounted for 13% of the global market in 2021, and despite shrinking in 2022, the penetration of renewable energy and the popularity of electric vehicles still drive the market.

Market expansion plan

With the aging of the power system in North America, the popularization of clean energy systems in Europe, the promotion of new policies in China, and the popularization of new energy vehicles around the world, the transformer market will be more extensive in the future and the market will be more segmented. The specific product market and scale analysis are An important step for us to embrace the wave of the times.

To summarize, the global power transformer market is experiencing steady growth, with Asia Pacific and North America being the major market players. Technological innovation and policy drivers are key factors driving market development. With the global pursuit of renewable energy and smart grids, the future development prospects of the power transformer industry are promising. Chuanglian Huitong Electric will embrace the wave of the times, be at the forefront of the times, adhere to the original intention, communicate with heart, and connect with electricity!