/PRNewswire/ — Power Transformer Market in terms of revenue was estimated to be worth $27.9 billion in 2024 and is poised to reach $37.7 billion by 2029, growing at a CAGR of 6.2% from 2024 to 2029 according to a new report by MarketsandMarkets™. This growth is primarily driven by the need to strengthen power distribution networks to keep up with the rising global demand for electricity. Furthermore, the market stands to gain from the increasing capacity of renewable energy sources and substantial investments in industrial production, both of which are expected to boost the demand for Power Transformers. Another key factor contributing to this expansion is the growing adoption of high-voltage direct current systems, which is expected to further accelerate market growth during the forecast period.