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Transformer Market: Major Trends Reshaping the Future of the Industry
Transformer Market
What Will the Transformer Industry Market Size Be by 2025?
The size of the transformer market has experienced robust growth in recent years. Its growth is projected to escalate from $76.4 billion in 2024 to $81.77 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.0%. Factors contributing to the growth during the historical period include electrification and industrialization, infrastructural expansion, economic advancement, and regulatory norms.
What's the Long-Term Growth Forecast for the Transformer Market Size Through 2029?
The size of the transformer market is forecasted to experience robust expansion in the forthcoming years, with projections showing growth to $101.42 billion by 2029, fueled by a compound annual growth rate (CAGR) of 5.5%. This surge during the forecast period can be ascribed to factors such as integration of renewable energy, upgrading of power grids, electrification of transport systems, urbanization growth, and the necessity for improved efficiency transformers. Key trends expected during the forecast period comprise smart transformers, designs that enhance energy efficiency, compact and environmentally-friendly transformers, transformers integrated with renewable energy, resilience and reliability.
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What Are the Key Growth Drivers Fueling the Transformer Market Expansion?
The push for increased electrification, driven by favorable governmental rulings, will play a crucial role in propelling the transformers market's growth in the projected timeline. Numerous global countries are carrying out various initiatives aimed at amplifying electrification. For instance, starting from 2022, governmental strategies have been a key motivator for the transformers market's expansion, with a strong focus on electrification and revamping the grid. In particular, the Biden Administration in the U.S has ushered a variety of programs aimed at making their electricity system carbon-neutral by 2030, subsequently catalyzing the demand for transformers. Added emphasis is being laid on replacing aged grids and broadening the newly electrified infrastructure, especially geared towards renewable energy sources like wind and solar. These energy forms necessitate supplementary transformer installations to cater to their distributed attributes.
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What Are the Key Trends Driving Transformer Market Growth?
The focus of major businesses in the transformers market, including the production of innovative items like cloaliphatic cast resin instrument transformers, is aimed at offering dependable services to their clients. These transformers possess outdoor insulation appropriate for exterior utilization. As an exemplification, in June 2023, Straton Electricals Pvt. Ltd., a company based in India that manufactures transformers, debuted their cloaliphatic cast resin instrument transformers. These transformers are crafted to withstand harsh environments and vast changes in temperature. They offer diverse casting materials, including cycloaliphatic epoxy resin, known for its remarkable insulation abilities and its high resilience against moisture, chemicals, and other environmental influences.
How Is the Transformer Market Segmented?
The transformer market covered in this report is segmented -
1) By Transformer Type: Power Transformer, Distribution Transformer
2) By Type: Low Rated Transformer, High Rated Transformer
3) By End User: Utility, Residential And Commercial, Industry
Subsegments:
1) By Power Transformer: Small Power Transformer (Up To 60 MVA), Medium Power Transformer (60-200 MVA), Large Power Transformer (Above 200 MVA)
2) By Distribution Transformer: Pole-mounted Transformers, Pad-mounted Transformers, Underground Distribution Transformers
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Which Companies Are Leading the Charge in Transformer Market Innovation?
Major companies operating in the transformer market include 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
Which Regions Are Leading the Global Transformer Market in Revenue?
Asia-Pacific was the largest region in the transformers market in 2023. Western Europe was the second-largest region in the transformer market analysis. The regions covered in the transformer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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