Transformer Market Soars to $28.27B by 2024 Amid Supply Chain Strains, Prolonged Delivery Cycles

Published: Sep 24, 2024 09:18

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The transformer market is projected to reach US$28.27 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 9.7% anticipated from 2024 to 2029. According to the International Energy Agency (IEA) report, taking a 50MVA power transformer as an example, the procurement cycle has been extended from 11 months in the past to 18 months due to manufacturers' difficulties in coping with labor and material shortages. Leading overseas transformer manufacturers have long queues of orders on hand, with delivery cycles continually lengthening. With an overall low self-sufficiency rate, transformers are currently in a "seller's market.

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