Lighting Transformer Market Expected to Reach $2.1 Billion by 2031 | Growing at a CAGR of 5.6%.
The lighting transformer market size was valued at $1.2 billion in 2021 and is estimated to reach $2.1 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.
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Lighting transformers are transformers that are specifically utilized to work with lighting. A transformer that is used to decouple two circuits is known as an isolation & illumination transformer. These transformers frequently have symmetrical windings with a ratio of 1:1. Increase in the application of transformers in residential and commercial areas is expected to offer opportunities for growth of the market in the near future.
Moreover, growth in demand for low-voltage lighting transformers and a rise in the trend for dimmer switches are factors that drive the market. Resistive dimmers are another name for leading-edge dimmers. These dimmer sets reduce the AC cycle at the input's leading edge. The phrase "leading edge" derives from this. These dimmers are highly popular and are found in many homes. These dimmers are rated in terms of watts, with 1000 Watts being the greatest variety usually found.
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Moreover, rising organic growth strategies by major key players across the Asia-Pacific and North America region have surged demand for the low voltage lighting transformer market, which in turn is expected to provide lighting transformers market opportunities. The high cost of maintenance of low-voltage transformers is expected to hamper market growth.
The Lighting Transformer industry's key market players adopt various strategies such as product launches, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players in the global Lighting Transformer market include,
Pelton Power Technologies Private Limited
Trans Power Tech
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On the basis of type, the electronic transformers segment garnered the highest lighting transformer market share of about 54.68% in 2021 and is expected to maintain its dominance during the forecast period. This is attributed to rise in demand for electronic transformers from various applications including the residential, commercial, and industrial sectors, and other industries.
The rise in demand for electronic transformers from residential and industrial sectors such as homes, and manufacturing industries to convert high power voltage to medium voltage is expected to drive the growth of the market during the forecast period. Moreover, the surge in demand for electronic transformers from industries that require less electrical energy with a voltage of 33kV, and 440V-220V for domestic areas in residential areas is expected to fuel the demand for the global electronic transformers market during the analyzed time frame.
The isolation transformer segment garnered the second-largest share in 2021, in terms of revenue, and is expected to grow at a CAGR of 5.5%. Isolation One circuit is separated from another by a transformer. Isolation transformers are frequently employed in situations where delicate equipment needs to be shielded from harmful voltage or current levels crossing a major power source.
North America is expected to exhibit a CAGR of 5.9% during 2021-2031.
By type, the electronic segment is expected to exhibit the highest CAGR during 2021-2031.
By power rating, the small segment accounted for the largest market share in 2021.
By application, utilities had the largest market share in 2021.
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