Transformer Market share is expected to reach USD 75 Billion by 2027, expanding at a compound annual growth rate (CAGR) of 6% during the forecast period.
According to the latest research report, the worldwide transformer market share will grow at a CAGR of 7.43% during the projected 2022-2030. Intense expansion is expected in the transformer market in the coming years owing to circumstances such as a substantial worldwide investment push to enhance current electricity transmission facilities and rising demand from the public and the government for cleaner, greener energy sources. Because of their role as high-efficiency electricity distribution equipment, converters are drawing a lot of attention from investors worldwide.
The global transformer market size is expected to increase significantly during the projection timeframe of 2022-2030, owing to the increasing need for electricity in emerging countries. Power initiatives targeted at lowering transmission and distribution losses and increasing demand for transformers are expected to boost the transformer sales volume significantly. A meaningful paradigm change in worldwide power consumption has occurred, with a gradual radical departure of carbon-based energy sources into renewable energy sources. These changes in the renewable sector are expected to impact transformer market dynamics throughout the world in the coming years.
This report contains all the information on the global transformer market analysis and the market strengths. The report also includes the culmination of dynamics, segmentation, key players, regional analysis, and other essential factors. And a detailed analysis of the global transformer market forecast for 2030 is also included in the report.
The rising demand for electricity in the hotel and healthcare industries will go a long way toward alleviating these problems. A rise in the manufacturing of health goods like hand sanitizers and other sanitizing agents due to heightened public awareness about wellness in the wake of the epidemic has fueled global industrialization. As a result, the transformer market's predicted CAGR of 6percent throughout the projection period might be evened out by such growth.
A wide range of variables will influence the global transformer market growth. Global transformer market trends will be bolstered by rising electrification initiatives in emerging nations and government incentives for large-scale incorporation and focus on alternative energy sources over the projected period. An increasing need for intelligent monitoring devices and environmentally friendly power systems will fuel the industry's growth, fueled by rising demand for new infrastructure. There are several reasons why the transformer industry is expected to develop rapidly shortly.
Worldwide transformer market trends will be fueled by aging assets and new power production projects that employ recycled materials throughout the forecast timeframe. The transformer valuation is poised for considerable expansion due to global industrialization and commercialization, as well as dynamic development in the global property industry. Infrastructural development is expected to rise, fueled by an increased influx of significant investments from the private and governmental sectors throughout the projected period, further stimulating the market.
Government measures aimed at promoting power generation and rising concern about reducing power theft will help increase the market share of closed core transformers in the coming years.
The COVID-19 shutdowns and the accompanying global economic recession were the industry's most significant problems. There was a wide range of difficulties and income losses due to the closure of trade channels and the prolonged severance of supply networks. There was a postponement in the implementation of numerous planned electricity projects and a halt to many others that already were started. The epidemic also lowered tax revenues and reduced personal and government discretionary cash. The worldwide transformer sector has faced substantial problems due to all of these issues.
The most prominent influence on the global electricity grid is price. More extended project schedules and substantial financial expenditures are required to produce power transformers. Additionally, only a few businesses produce high-quality electrical grade steel. Converters are costly and unaffordable because of the requirement to build the infrastructure required for their long-term functioning. A better supervisory approach and higher-quality materials may minimize transformer costs in the long run. This, in turn, increases their life span. On the opposite, it is necessary to build new high-voltage transmission lines to fulfill market expectations. Furthermore, power transformer technology is ever-evolving. As a result of these reasons, it will be easier to switch out old transformers with newer models.
According to the reports, the global transformer market is segmented on the core, product, winding, installation, cooling, insulation, phase, mating, mounting, application, and regions. Single-phase transformers and three-phase transformers are the two main types of transformers available on the market today. There has been a considerable increase in demand for three-phase transformers used in a broad range of applications, including supporting huge loads and power transmission of electrical networks in the power production industry. Three-phase transformers are more cost-effective than single-phase transformers when it comes to powering huge loads and distributing a lot of electricity. Since they are thinner and lighter to build and have superior operational properties, three-phase transformers are progressively being employed in power generation.
Depending on the kind of product, utilities, electricity production, administration, and transmission make up most of this market. The market is dominated by energy and power companies. This sector's development is fueled by factors such as the development of supply and distribution lines and technological improvements in the smart grid. Transformers are employed as step-up and step-down converters to switch between low and high voltages. It is common for utility companies to utilize step-up transformers to increase the amount of electricity sent to different transmission lines.
The market is segmented on the core, product, winding, installation, cooling, insulation, phase, mating, mounting, application, and regions. The global transformer market trends are expected to witness decent growth during the forecast period.
The market is segmented into Gas, Oil, Solid, Air, and Others based on the application.
The market is segmented into Residential & Commercial, Utility, and Industrial based on the propulsion types.
The market is broken down into North America, Europe, Asia-Pacific, Latin America, and the Caribbean. The North American market is expected to develop faster because of the need to upgrade the grid infrastructure to accommodate new renewable energies. Transformer market earnings are expected to rise due to the increased investment in infrastructure in the real estate industry. Global demand for alternative energy supplies and the resulting requirement for new transformers will drive the European market for transformers in this area to new heights. As a critical growth element, upgrading the current and aging transmission networks are expected.
The transformer market in the Asia Pacific market will witness a significant revenue increase due to an increase in power consumption. Large-scale integration of renewable energy sources will also substantially impact growth. Conclusion: there will significantly influence worldwide transformer needs as the Middle East, Africa, and Latin America's commercialization and industrialization continue to rise steadily.
Digitalization and intelligent technology adoption have been linked to tight regulatory compliance to boost energy savings by significant market participants. The transformer market perspective is being redefined by product-integrated Research and innovation expenditure and technology partnerships. Improved manufacturing methods aim to achieve economies of scale to make the market more cost-competitive.
The following report comprises of –
|Market Size||2030: Significant Value|
|CAGR||7.43% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Core, Product, Winding, Installation, Cooling, Insulation, Phase, Rating, Mounting, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB Ltd.(Switzerland),Eaton Corporation plc (Ireland),Schneider Electric (France),Siemens AG (Germany),Crompton Greaves Ltd. (India),Mitsubishi Electric Corporation (Japan),Toshiba Corporation (Japan),Bharat Heavy Electricals Limited (India),Hyosung Power & Industrial Solutions (South Korea),SPX Transformer Solutions Inc. (U.S.)|
|Key Market Opportunities||Rising demand for energy in the developing economies|
|Key Market Drivers||
The global market of transformer can surge at 7.43% CAGR by 2030.
Eaton Corporation plc (Ireland), Siemens AG (Germany), Schneider Electric (France), and Crompton Greaves Ltd. (India) are some reputed names in the transformer market.
Increase in investment in electricity distribution infrastructure can impel the transformer market growth.
electromagnetic, capacitor, and optical
The main use of a transformer is to transfer energy between different voltage levels thereby reducing or stopping losses during transmission.