Average lead time for large power transformers, 2021-2024
Chapter 2. Investment needs and challenges infrastructure to develop new transmission lines and upgrade existing grids. Total 2025 to USD 219 billion by 2035 in the STEPS. In addition, projected growth of Compared to 2021, in 2024 the global average lead time for large power transformers increased from about 1.5 to 3 years. Prices for key materials such as copper and aluminium remain high. Many cable manufacturers are operating at full capacity, with market participants reporting wait times for subsea cables extending until the early 2030s. A global IEA survey found that prices of power transformers and cables nearly doubled between 2019 and 2024, driven by increasing demand and raw materials costs. Despite some signs of the industry scaling up manufacturing capacity, including the completion of a large-scale HVDC cable manufacturing facility by LS Cable & System in July 2025, the