Transformer Market Insights By Growth, Emerging Trends And Forecast By 2030

Transformer Market Overview

The transformer market size crossed USD 45 billion in 2021, but from 2022 to 2030, it is expected to grow at a CAGR of 7.1%. This expansion is attributed to increased grid modernization program deployment.

Transformers are electrical devices created to move electricity with different voltage levels through one circuit to another. Transformers are made to bring the needed voltage level by adjusting or stepping the voltages by the requirement since a rise in current leads to an increase in voltage levels.

The transformers are made to be employed in a larger variety of applications for various industrial reasons with more market potential. The transformer improves safety and efficiency in power networks by raising and reducing voltage levels as needed.

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The market is expanding due to the use of transformers for various industrial purposes and growth in the use of different transformer ratings across the globe.

The pad-mounted transformer industry has seen two key trends emerge: energy efficiency and digitization. Increasing output is one method of hitting power goals. Another way to increase the total power capacity is through energy efficiency, which helps achieve lower carbon emission goals by reducing waste and consumption.

Market Segmentation

The market is divided into categories based on the core, application, winding, product, installation, insulation, cooling, phase, mounting, mating, and geographical areas. During the anticipated time, the worldwide transformer market trends are expected to expand moderately.

By Application

Depending on the application, the market is divided into Air, Gas, Solid, Oil, and Others.

By end-users

Depending on the various types of propulsion, the market is divided into Utility, Residential & Commercial, and Industrial segments.

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Regional classification

Latin America, North America, Asia-Pacific, Europe, and the Caribbean comprise the market segments. Due to the requirement to expand the grid infrastructure to accept additional renewable energies, the North American market is anticipated to grow more quickly. Because of the growing investment in infrastructure within the real estate sector, transformer market earnings are expected to expand.

The need for new transformers due to the increased demand for alternative energy sources will propel the European market for these transformers to new heights. Updating the current and aging transmission networks is a crucial component of growth.

Because of a rise in power consumption, the transformer industry in the Asia Pacific region will see a considerable rise in revenue. The extensive use of renewable energy sources will also significantly affect growth.

As commercialization and industrialization in Africa, the Middle East, and Latin America continue to increase rapidly, this will substantially impact the world's need for transformers.

Industry news

Global initiatives to construct smart grids will spur company expansion. Many research projects are currently being launched to create cutting-edge technologies for optimal grid operations. For example, solid-state transformers and power flow controllers are made to optimize power delivery and thus improve resilience, which might aid in the market's growth. In addition, the industry outlook will be enhanced by adaptive networks, incorporating intelligent communication and control systems and other interactive functionalities.

Due to their versatile application under various voltage situations, closed-core power transformers have been widely used in the industry. The longer operating life expectancy also aligns with the improved transformation capacity to accommodate renewable energy.

The market is expanding due to increased industrialization and centralization. It is also growing due to the rapid adoption of innovative flexible transformers for various industrial applications.

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Key Players

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.)

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