Grid Modernization and Renewable Goals Fuel Market Rise
The global power transformer market was valued at approximately USD 21.6 billion in 2022 and is expected to grow steadily, reaching USD 38.4 billion by 2032. This growth corresponds to a compound annual growth rate (CAGR) of 6.1% over the forecast period from 2023 to 2032, driven by increasing demand for energy infrastructure upgrades and renewable integration.
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