Transformer Cores Market Set for Rapid Growth to Reach USD 8,806.79 million in 2021

Zion Market Research has published a new report titled “Transformer Cores Market (Distribution Transformer and Power Transformer) - Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021”. The global transformer cores market was valued at USD 7,036.92 million in 2015 is expected to reach USD 8,806.79 million in 2021 and is anticipated to grow at a CAGR of above 3.81% between 2016 and 2021.

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Magnetic core used in motors and transformers is a very crucial component in transformers. These cores are usually some form of iron or steel and serve as a pathway for magnetic flux. There are many types of magnetic cores that are well suited for various purposes. Different types of transformer cores include solid iron/steel core, laminated silicon steel core and amorphous steel cores. Electrical power transformer has primary, secondary and may be tertiary windings. Performance of a transformer mostly depends on the flux linkages among these windings. For efficient flux linking among these windings, one low reluctance magnetic path common to all windings is provided in the transformer. This low reluctance magnetic path is referred as core of transformer.

Rising electricity consumption and generation to cater the huge electricity demand across the globe will fuel the transformer core market growth. Increasing expansion activities in transmission and distribution network projects is expected to drive the global transformers market. This will in turn propel the demand for transformers core in the years to come.

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Transformer cores are used in power transformers and distribution transformers. In 2015, power transformer cores dominated the global market over 50% share of the total market. Increasing expansion of power grids and power generation projects worldwide are fueling the total number of power transformers.

Asia Pacific is predicted to prevail over other regions owing to industrial, economic and social development in emerging countries such as India and China. Replacement of aging power infrastructure in Europe and North America is further anticipated to surge the demand for transformer cores in these regions. Furthermore, several initiatives undertaken by European nations to install green transformers are also expected to stimulate the transformer core market in near future.

Asia-Pacific was the largest market for transformers cores in 2015, and is expected to dominate the market throughout the forecast period. It accounted for around 37% share of the overall market in 2015 in terms of volume. Europe is also predicted to record substantial growth on account of ongoing aging infrastructure replacement activities in the region.

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ABB is one of the prominent players in transformer core industry and energy efficiency is a keystone of ABB strategy, and has been a key driver of research and development in ABB’s transformer business for many years. Other key players in the transformer and transformer core industry include Siemens AG, ALSTOM, Jiangsu Huapeng Transformer, Schneider Electric, General Electric and Toshiba among others.

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