The global Power Transformers Market is forecast to grow by USD 12.96 billion between 2023 and 2028, at a CAGR of 6.47%, according to Technavio. This growth is driven by the modernization of outdated transformers, the expansion of T&D networks, and increasing renewable power capacity. Modern transformers enhance efficiency and reduce energy losses. Meanwhile, the growing T&D infrastructure, particularly in emerging economies, increases demand for power transformers. The expansion of renewable energy sources like solar and wind also requires transformers to integrate power into the grid, propelling market growth.

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