Group 1 - The global data center market is projected to grow from $242.72 billion in 2024 to $584.86 billion by 2032, with a compound annual growth rate (CAGR) of 11.62% [1] - Approximately half of the power demand for data centers will be met by renewable energy sources, driving the demand for transformers and switches [1] - The current backlog of transformer orders is significant, with delivery cycles expected to remain high until 2025, indicating a supply chain bottleneck [2] Group 2 - The global trade of power transformers has increased by 80% from 2018 to 2023, with China accounting for 25% of the total trade, highlighting its dominance in the market [3] - The U.S. and European markets have seen their transformer trade volumes double since 2018, indicating a reliance on imports from countries like Mexico, Europe, and South Korea [3] - In the context of a global transformer shortage, Chinese transformer manufacturers are positioned to benefit significantly [3]
国泰海通｜电新：电力设备出海专题——数据中心等带动变压器，开关需求，供给缺口明显
国泰海通证券研究·2025-11-26 13:12