Transformer Market Share and Challenges | Global Industry Drivers, Trends ,Top Key Vendors, and Forecast 2023

Transformer Market Highlights:-
The global transformer market is a very dynamic market and is expected to witness phenomenal growth over the forecast period. The growth of the transformer market is primarily due to several factors such as upsurge in transmission & distribution infrastructure investments, and evolution in renewable energy sector. This growth can mainly be attributed to transformer systems operations, which act as a highly efficient transmission & distribution equipment. However, the growth of the market can be restrained by the high initial capital cost of transformer and reluctance among the utility authority to replace aging Infrastructure.

Global Transformer market was valued at USD 39,316.8 million in 2016 and is estimated to reach USD 64,514.9 million by 2023 with a CAGR of 7.43% over the forecast period.

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Leading Key Players:-
The key players of global transformer market are ABB Ltd., (Switzerland), Eaton Corporation plc (Ireland), Schneider Electric (France), Siemens AG (Germany), Crompton Greaves Ltd. (India), and Mitsubishi Electric Corporation (Japan). Toshiba Corporation (Japan), Bharat Heavy Electricals Limited (India), Hyosung Power & Industrial Solutions (South Korea) and SPX Transformer Solutions, Inc. (U.S.) are among others.


Market Segmentations:-
The transformer market has been segmented based on cooling type, power rating, type, insulation, and end-user. On the basis of cooling type, Oil-Cooled Transformer accounted for the largest market share of 57.2% in 2016, with a market value of USD 22,493.1 million. It is projected to register the highest CAGR of 7.68% during the forecast period. Based on power rating, Small Power accounted for the largest market share of 45.5% in 2016, with a market value of USD 17,881.3 million; projected to witness a CAGR of 7.57% during the forecast period. Based on type, Power transformer accounted for the largest market share of 49.7% in 2016, with a market value of USD 19,540.5 million; projected to register a CAGR of 8.55% during the forecast period. Based on insulation, Liquid-Immersed segment accounted for the largest market share of 58.6% in 2016, with a market value of USD 23,039.7 million; projected to register a CAGR of 7.61% during the forecast period. Based on End-User, Utility accounted for the largest market share of 43.1% in 2016, with a market value of USD 16,938.5 million; projected to witness a CAGR of 7.79% during the forecast period.

Scope of the Report:-
This study provides an overview of the global transformer market, tracking five market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume and share for Americas, Europe, Asia Pacific and Middle East & Africa. The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global transformer market by type, by end-users, and by region.

Global Transformer Market, By End-User
• Utility
• Residential & Commercial
• Industrial

Global Transformer Market, By Region
• Americas
• Europe
• Asia Pacific
• Middle East & Africa

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Market Research Future Analysis:-
The growing urbanization and industrialization with development of new data centers across the world, are continuously enhancing the technological aspects. This advancement has created a growing demand for electrical appliance and infrastructure in utility, residential & commercial and industrial sectors. The growth is inter-related with the growth in the transmission and distribution network, to supply power to all major end-users with appropriate power rating and frequency. All these major factors contribute hugely in the development of new transmission and distribution network across the globe, which indirectly boosts the transformer market.

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