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How far would global transformer industry trends be influenced by the escalating furor of urbanization and renewable energy integration?

The current urbanization mania and the soaring population have undeniably led to an upsurge in power demand, thereby driving global transformer industry. Indeed, the market is estimated to witness an annual installation of 6 million units of transformers by 2024. Statistics indicate that when compared to the consumption about three decades back, electricity consumption has increased to 21.15 trillion kilowatt hours in 2015. The invention of numerous new electronic gadgets and the dependency on electricity to run various components that used other energy resources in the past have contributed to this increase in electricity consumption.

global transformer industry