Transformer Core Market Size to Grow USD 3.5 billion by 2030, growing at a CAGR of 4.3% | Valuates Reports

Transformer Core Market

The global transformer core market size was valued at $8.9 billion in 2020, and is projected to reach $13.5 billion by 2030, growing at a CAGR of 4.3% from 2020 to 2030.

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Transformer Core Market by Core (Closed, Shell, and Berry), Product (Distribution Transformer, Power Transformer, and Instrument Transformer), Winding (Two Winding, Auto-transformer), Cooling (Dry Type and Oil Immersed), Insulation (Gas, Oil, Solid, and Air), and Application (Residential & Commercial, Utility, and Industrial): Global Opportunity Analysis and Industry Forecast 2021-2030

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Transformer core comprises primary, secondary, or tertiary windings utilized in different grades, and are installed in transformers according to the transformer type and capacity. A low reluctance magnetic path known as the core of the transformer, common to all the windings, increases the overall efficiency of transformers. The efficiency of a transformer depends on the flux linkages between the core windings. The global transformer core market has witnessed considerable growth in the recent past, owing to rise in government investment in renewable power projects and rapid industrialization & urbanization. The World Bank reported that the power consumption in Latin America is anticipated to increase by twofold from 2010 to 2030, and is expected to obtain an investment of approximately $430 billion to cater to the growing electricity demand. Thus, increase in the number of power transformers, in turn, boosts the growth of the market.

The COVID-19 pandemic has negatively impacted the global transformer core market. The manufacturing of the transformer core was halted for a specific period due to the high peak of the COVID-19 situation, which highly impacted the sales of the transformer core. Furthermore, import & export activities were significantly impacted, which, in turn, adversely affected the industries using transformer core, thereby affecting the global transformer core market.

Increase in demand for electricity production across the globe and rise in integration of renewable sources of energy to produce electricity drive the transformer core market growth. However, transformer cores are highly expensive due to the high consumption of copper wires present in the core which may act as the restraining factor for the market. In addition, Asia-Pacific is projected to register significant growth as compared to the saturated markets of North America and Europe. The amount of transformer cores used in distribution transformers is expected to reduce, owing to increase in expansion of power grids and power generation projects, thus fueling the total number of power transformers.

The global transformer core industry is segmented on the basis of core, product, winding, cooling, insulation, application, and region. Depending on core the market is categorized into closed, shell, and berry. On the basis of product, it is segmented into distribution transformer, power transformer, and instrument transformer. As per winding, it is divided into two winding and auto-transformer. By cooling, it is bifurcated into dry type and self-cooled. According to insulation, it is classified into gas, oil, solid, and air. Depending on application, it is fragmented into residential & commercial, utility, and industrial. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global transformer core market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Arteche, Corefficient S.R.L., Eilor Magnetic Cores, Foshan Juli Electromechanical Co., Ltd., KRYFS, Megger, Metglas, Inc., Nicore Magnetic Cores, Power Core Industries, and VilasTranscore Ltd.

Global Transformer Core Market, by Core

By core, the shell segment dominated the global transformer core market in 2020, and is projected to remain the fastest growing segment during the forecast period. As they are more compact and a great mechanical strength, it is attributed to rise in demand for core in shell core transformer.

Global Transformer Core Market, by Product

On the basis of product, the power transformer segment dominated the global transformer core market in 2020, and is projected to remain the fastest growing segment during the forecast period. This is attributed to rise in demand for high rated power transformers across wind generation power plants, which, in turn, increases the demand for the market.

Global Transformer Core Market, by Winding

Depending on winding, the auto transformer segment dominated the global transformer core market in 2020, and is projected to remain the fastest growing segment during the forecast period. This is attributed to rise in demand for auto transformer as they are more efficient, smaller in size, and require less copper, hence are cost-effective, compared to double wound transformers.

Global Transformer Core Market, by Cooling

As per cooling, the dry type segment dominated the global transformer core market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to their advantages since, they do not require cooling oil and used to increase or decrease voltages and currents in an electrical circuit.

Global Transformer Core Market, by Insulation

On the basis of insulation, the gas segment dominated the global transformer core market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to implementation of regulatory norms toward efficient grid infrastructure that lead to increase in the demand for the market.

Global Transformer Core Market, by Application

By application, the industrial segment dominated the global transformer core market in 2020, and is projected to remain the fastest growing segment during the forecast period. This is attributed to rise in industrialization in developing countries.

Global Transformer Core Market, by Region

Region wise, Asia-Pacific dominated the global market in 2020, and is projected to remain the fastest growing segment during the forecast period. This is attributed due to high demand of electricity by large population and shifting trends toward use of energy-efficient technologies, which, in turn, propel the demand for transformer core.

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