1. Increasing global energy demands is expected to drive growth of the global power transformers market during the forecast period
Increasing electrification ration in emerging economies such as India, Brazil, China, and Russia has led to increase in demand for power generation. Moreover, increase in load growth and high transmission and distribution losses highlights the need for more substations. As there are rapid economic development and increased need for uninterrupted and reliable power supply in the aforementioned countries, the power demand is expected to increase in the near future. Therefore, these factors are expected to drive growth of the global power transformers market during the forecast period.
2. Renewal and upgrading of existing networks in mature economies is expected to propel the global power transformers market growth over the forecast period
In the majority of mature countries, electrical grid infrastructure is reaching the end of its operational lifespan following a strong investment in the 1970s. The average useful life span of a transformer is around 25 to 30 years. Furthermore, aging equipment is incompatible with the current technical and environmental requirements. Many governments have also made attempts to extend the life of a transformer over the past 20 years, but today the need to replace already existing equipment with more efficient units compatible with latest standards and smart grids has arrived. Therefore, these factors are expected to propel the global power transformers market growth over the forecast period.

Get HOLISTIC Request Sample Copy: https://www.coherentmarketinsights.com/insight/request-sample/4390
The volatility of raw material prices is expected to restrain growth of the global power transformers market during the forecast period
Raw materials used in the manufacturing of power transformers are copper, steel, aluminum, and oil. However, price s raw materials such as steel and oil have been highly volatile in the recent past. Cold-rolled coil steel is used for the manufacture of Cold Rolled Grain Oriented (CRGO) steel, which is in turn used for the manufacture of transformers. Similarly, crude oil prices have been very volatile and unpredictable over the past few years. The chart below illustrates the volatility in the price of crude oil in US$ per barrel over the past five years. Thus, these factors are expected to restrain growth of the global power transformers market during the forecast period.
2. Lack of standardization of products is expected to hamper the global power transformers market growth over the forecast period
Another prevalent challenge in the market is the lack of standardization of products. Currently, there is no standardization of the product in the market, which makes it challenging for manufacturers to provide uniform products. Therefore, these factors are expected to hamper the global power transformers market growth in the near future. 
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
Contact Us:
Name: Mr. Shah
Phone: US +12067016702 / UK +4402081334027
Email: [email protected]