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Transformers Global Market 2024 - Latest Trends, Technological Advancement, Driving Factors And Forecast To 2033
Transformers Global Market
As per the report, 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 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%.
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Favorable Government Policies To Increase Electrification Will Contribute To The Growth Of The Transformers Market In The Forecast Period.
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.
Northern Transformer Corp. Strengthens North American Presence With Strategic Acquisition Of Vrt Power, Enhancing Service, Quality, And Technology In The Utility Industry
In June 2020, Northern Transformer Corp., a Canada-based manufacturer of transformers acquired VRT Power for an undisclosed amount. Through this acquisition, Northern Transformer Corp. aims to provide North American clients with unsurpassed local service, quality, and technology in the utility industry. VRT Power is an Israel-based manufacturer of electrical industrial power transformers.
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
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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.
Contents of the report:
1. Executive Summary
2. Transformers Market Report Structure
3. Transformers Market Trends And Strategies
4. Transformers Market - Macro Economic Scenario
5. Transformers Market Size And Growth
…..
27. Transformers Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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