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Transformer Market Growth, Trend, Outlook And Analysis 2024-2033
Transformer Market Growth
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According to The Business Research Company's, The transformer 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 electrification and industrialization, infrastructure development, economic growth, regulatory standards.
The transformer 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 renewable energy integration, grid modernization, electrification of transportation, increased urbanization, demand for more efficient transformers. Major trends in the forecast period include smart transformers, energy-efficient designs, compact and eco-friendly transformers, renewable integration transformers, resilience and reliability.
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Market Drivers and Trends:
Favourable 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 example, in October 2021, the UK government introduced a plan to decarbonize the electricity system by 2030. These initiatives will increase the market for medium power transformers in the forecast period. The increasing demand for medium, low and high-power transformers supported by favourable government initiatives will positively impact the transformers market growth.
The Transformers market is moving towards the evolution of independent and self-regulating smart transformers. Smart transformers are programmed to constantly regulate voltage and maintain contact with the stakeholders and provide information and feedback on the power supply. They provide the exact amount of power that is needed and respond to fluctuations through a process known as voltage optimization. They significantly reduce greenhouse gas emissions and power consumption as they supply electrical equipment with the ideal amount of power. For instance, in 2021, Hitachi ABB Power Grids collaborated with Nanyang Technological University, Singapore (NTU Singapore) on a government-led smart grid development project. The two organizations will collaborate to advance developments in Solid State Transformer (SST) technology, led by the Energy Research Institute and supported by the National Research Foundation of Singapore. The project is part of Singapore's Energy Grid 2.0 initiative, which aims to shape the next-generation grid system and transform energy management by combining multiple energy sources into a single intelligent network that is more efficient, sustainable, and resilient.
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Major Key Players of the Market:
ABB Ltd, General Electric Corporation, Schneider Electric S.A., Mitsubishi Electric Corporation, Schneider Electric, Toshiba Corporation, Siemens Energy AG, SGB-SMIT, Hammond Power Solutions Inc., Hitachi Energy, Alstom, Eaton Corporation, SPX Transformer Solutions, Kirloskar Electric Company, RITZ Instrument Transformers GmbH, TBEA Co. Ltd., Jefferson Electric, Mace, Performance Group, Fortune Electric Co. Ltd., Schaffner Holding AG, EFACEC Power Solutions SGPS, Fuji Electric Co. Ltd., Hyosung Heavy Industries Co. Ltd., Hyundai Electric & Energy Systems Co. Ltd., JSHP Transformer Co. Ltd., Altran Corp., Bharat Heavy Electricals Limited (BHEL), CG Power and Industrial Solutions Limited, Crompton Greaves Limited, Daelim, Delta Star Inc, ELANTAS PDG Inc, Emerson Electric Co., Howard Industries Inc., Hyundai Heavy Industries, Pacific Transformer Corp., Pico Electronics
Transformer Market 2024 Key Insights:
• The transformer 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%.
• Government Policies And Electrification Drive Growth In The Transformers Market
• The Rise Of Smart Transformers And Sustainable Energy Grids
• Asia-Pacific was the largest region in the transformers market in 2023
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