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Global Power Transformer Market: Industry Analysis and Forecast 2027 The market scenario is expected to be driven by rising demand for traditional grid infrastructure refurbishment and rising investments in infrastructure spending. Also, the industry outlook is expected to be strengthened by large-scale renewable energy integration and the implementation of electrification initiatives in both developed and emerging economies. Apart from the electricity consumption, other factors driving the global power transformer market growth include an increased emphasis on renewable electric power generation, the implementation of smart grids and smart transformers, and the replacement of existing aged power transformers. Power transformers are an essential component of a power grid. The use of smart grids is expected to increase as people become more aware of CO2 emissions. Smart grids allow for remote control of grid instruments and instant response to fluctuating power demand. Due to their benefits, smart power transformers are becoming more common.