Transformer Market 2022 - 31 | Industry Share, Size, Growth

Rise in adoption of renewable energy and increase in demand for continuous and reliable electricity supply are driving the global transformer market size. Companies in the market are focusing on high-growth industries such as oil & gas, automotive & transportation, and metals & mining to expand their business post the peak of the COVID-19 pandemic. Continuous technological innovations in electronic transformers are expected to fuel the market during the forecast period. Key players in the market are developing light weight and compact transformers with improved safety, increased capacity, and lower energy losses. They are also developing industry-specific transformers, such as arc furnace transformers and rectifier transformers, primarily to differentiate their products from competitors.

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Transformer is a device that converts electric energy from one alternating current circuit to one or more other circuits by increasing (stepping up) or decreasing (stepping down) the voltage. Power transformers, distribution transformers, instrument transformers, and electronic transformers are some of the types of transformers available in the market. Transformers are used in various applications such as power generation, distribution, transmission, and usage. They are employed in various residential and industrial applications, primarily in distribution and regulation of power over long distances. The operation principle of all types of transformers designed for different applications such as electromagnetic induction is the same, while their applications vary depending on system requirements. Novel approaches in technology are expected to drive the future of the transformer industry. These approaches include the usage of high-temperature materials to provide users with a variety of economic, environmental, and safety benefits.

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Increase in Generation of Renewable Energy Driving Global Transformer Market
Depletion of fossil fuels and rise in implementation of government regulations to promote the adoption of renewable energy are expected to propel the demand for transformer during the forecast period. Rise in power consumption and increase in public-private investment in the renewable energy sector are also contributing to market growth. In the renewable sector, transformer is used to convert direct current (DC) power generated by an energy-harvesting device to alternating current (AC) electricity for usage in homes, businesses, and electrical grid environments.

Rise in Demand for Energy in Developing Economies Propelling Transformer Market

Rapid industrialization and urbanization is significantly contributing to the rise in demand for power in developing economies. Additionally, increase in infrastructure expenditure in Asia Pacific has led to a surge in energy consumption. According to the IEA, demand for electricity in Asia Pacific increased by approximately 8% in 2021, up from 2% in 2020. This rise in demand for energy was primarily driven by China and India; the two countries recorded an increase of 10% in 2021. According to the National Energy Administration (NEA), total power consumed in China reached 8.31 trillion kilowatt-hours (kWh) in 2021. The figure represented 14.7% growth from that in 2019, bringing the two-year average rise to 7.1%. However, high initial investment is expected to restrain the global transformer market.

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Growth in Adoption of Renewable Energy Augmenting Power Transformer Segment

In terms of type, the global transformer market has been segmented into power transformer, distribution transformer, instrument transformer, electronic transformer, and others. The power transformer segment contributed approximately 40% share of the global transformer market in 2021, owing to the rise in adoption of renewable energy such as solar and wind power and increase in demand for micro-grid operations. Power transformer is primarily used in power generation and transmission to step up or step down voltage. It is employed in several industries including metal & mining and oil & gas.

Regional Outlook of Transformer Market
Asia Pacific dominated the global transformer market in 2021, due to rapid industrialization in the region. The market in the region is also expected to record the fastest growth rate during the forecast period, owing to the substantial increase in demand for electricity in China, Japan, and India.

North America held the second largest share of nearly 31% of the global transformer market in 2021. Growth of the market in the region can be ascribed to the presence of key players and early adoption of advanced technologies in the power industry. The U.S. constituted the largest share of the market in North America in 2021, led by the rise in investments in R&D of novel transformers in the country. Demand for transformer is higher in Middle East & Africa than that in South America; however, the market in South America is estimated to grow at a faster pace compared to that in Middle East & Africa.

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Analysis of Key Players in Global Transformer Market

The global transformer market is consolidated, with a small number of large-scale vendors controlling majority of the share. Key players in the transformer manufacturing industry are investing significantly in comprehensive research and development of new products. Expansion of product portfolios and mergers and acquisitions are major strategies adopted by players. Eaton, GE, Hitachi Energy Ltd., HYUNDAI ELECTRIC & ENERGY SYSTEMS CO., LTD., Kirloskar Electric Company, Mitsubishi Electric Corporation, Rockwell Automation, Inc., Schneider Electric, Siemens Energy, TDK Corporation, and Toshiba Energy Systems & Solutions Corporation are prominent entities operating in this market. The global transformer market report concludes with key insights in the large power transformers market, transformer monitoring systems (TMS) market, and distribution transformer market.

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