Transformers Market: Key Trends, Demand Forecast, and Analysis for 2024-2033 - Understanding Market Dynamics

"The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company presents an extensive market research report on the Transformers Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The transformers market size has grown strongly in recent years. It will grow from $89.31 billion in 2023 to $95.32 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to power infrastructure development, industrialization and urbanization, grid expansion and upgradation, renewable energy integration, government initiatives and regulations.

The transformers market size is expected to see strong growth in the next few years. It will grow to $119.05 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to growing smart grid deployments, electrification initiatives, energy storage integration, upgradation to higher voltage levels, resilience and grid stability concerns. Major trends in the forecast period include development of superconducting transformers for efficiency, collaboration for standardization and interoperability, investments in transformer upgradation and modernization, utilization of advanced cooling systems for transformers, expansion of medium and low voltage transformer markets.

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Key Market Players:

Major companies operating in the transformers market report are Performance Group Crompton Greaves Ltd., Hammond Power Solutions Inc., Hitachi Ltd., Siemens AG, Panasonic Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd. , Toshiba Corporation, Eaton Corporation, Alstom Ltd., Emerson Electric Co., Murugappa Group, Bharat Heavy Electricals Limited, Mace Group Ltd., Daihen Corporation, Raychem RPG, SPX Corporation, Fortune Electric Co., Kirloskar Electric Company, Hyundai Heavy Industries Co. Ltd., General Electric Corporation, SGB-SMIT Group, RITZ Instrument Transformers GmbH, Schaffner Holding AG, Banmore Electricals Pvt. Ltd., TRENCH Group, KOTSONS Pvt. Ltd., IMEFY Group, Emco Ltd.

Market Drivers:

Countries around the world are implementing several initiatives to increase electrification across countries. For instance, in September 2021, The U.S. Department of Agriculture announced an investment of $ 464 million to build or improve renewable energy infrastructure to support rural communities. Moreover, in April 2021, according to the Ministry of New and Renewable Energy, the government of India, launched the ""National Programme on High-Efficiency Solar PV Modules"" Production Linked Incentive Scheme with a budget of Rs. 4,500 crores to support and encourage the production of high-efficiency solar PV module. Therefore, favorable government policies to increase electrification will positively impact the growth of the transformers market.

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The transformers market covered in this report is segmented -

1) By Type: Low Rated Transformer, High Rated Transformer
2) By Transformer Type: Power Transformer, Distribution Transformer
3) By Phase: Single Phase, Three Phase
4) By Application: Residential And Commercial, Utility, Industrial

The report answers the following questions:
What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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