Press release
Transformer Market Future Scope, Growth Projections, Demand, Forecast By 2030
Transformer Market
According to MRFR analysis, the global Transformer Market is expected to register a CAGR of 6.00% from 2022 to 2030 and hold a value of over USD 72,141.3 Million by 2030.
The transformer market refers to the global industry that is involved in the production and sale of power transformers, distribution transformers, and other types of transformers used in various industries. These transformers are essential components of electrical power systems that help transfer electrical energy from one circuit to another by means of electromagnetic induction.
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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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Covid-19 Impact on Transformer Market
The COVID-19 pandemic had a significant impact on the transformer market. The initial lockdowns and disruptions in the supply chain caused a slowdown in the production and sales of transformers in 2020. However, the increasing demand for renewable energy, coupled with government initiatives to expand and upgrade existing power infrastructure, has resulted in a gradual recovery of the transformer market.
Market Segmentation
The Global transformer market has been segmented into Core, Product, Winding, Installation, Cooling, Insulation, Phase, Rating, Mounting and Application.
By Core: Closed, Shell and Berry
By Product: Distribution Transformer, Power Transformer, Instrument Transformer, Current, Potential and Others
By Winding: Two Winding and Auto Transformer
By Installation: Outdoor and Indoor
By Cooling: Dry Type, Self-air, Airblast, Oil Immersed, Self-cooled, Water-cooled, Forced Oil and Others
By Insulation: Gas, Oil, Solid, Air and Others
By Phase: Three Phase and Single Phase
By Rating: ≤ 10 MVA, 11 to 60 MVA, 61 MVA to 600 MVA, > 600 MVA
By Mounting: Pad, Pole, PC/PCB and Others
By Application: Residential & Commercial, Utility and Industrial
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Regional Analysis
The Asia-Pacific region is expected to dominate the market due to the increasing demand for electricity and the expansion of power infrastructure in countries like China and India. North America and Europe are also expected to witness significant growth due to increasing investments in renewable energy projects and the modernization of existing power grids.
Furthermore, the rising demand for smart grids and the integration of renewable energy sources is expected to drive the growth of the transformer market. The adoption of smart grid technologies is expected to increase the efficiency and reliability of power systems, leading to increased demand for distribution transformers.
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