Transformer Market is Expected to Ascend at Around 5.7% CAGR, Exceeding a Valuation of Around US$ 48.11 Billion by 2031

Demand for transformers is anticipated to increase due to depletion of sources of fossil fuels and increasing enforcement of government policies to encourage use of renewable energy sources

Wilmington, Delaware, United States, May 05, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global transformer market size stood at US$ 28.26 Bn in 2021 and is expected to reach value of US$ 48.11 Bn by 2031. The global industry is likely to expand at a CAGR of 5.7% between 2022 and 2031. A transformer is a mechanical device that steps up or steps down the voltage to transfer electrical power from one alternating current circuit to one or more other circuits.

Transformers are utilized in many different applications, including transmission, distribution, production, and utilization of electrical energy. They are used in a variety of domestic and commercial settings, notably for the long-distance distribution and control of electricity..The global transformer market size is driven by an increase in use of renewable energy sources and growing demand for a dependable and consistent power source. As the COVID-19 epidemic has subsided, market players are focusing on high-growth sectors including automotive & transportation, oil & gas, and metals & mining.

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Electronic transformers are likely to witness constant technical advancements, which is anticipated to drive industry growth. The market's leading companies are developing small sized, lightweight transformers with higher capacities and fewer energy losses. Companies are also making transformers that are industry-specific, such as arc furnace transformers and rectifier transformers, as a way to set their products apart from those of rivals.

While their uses vary depending on system needs, all types of transformers, including those built for electromagnetic induction, operate according to the same basic principles. These methods employ high-temperature materials to give users a range of environmental, financial, and safety advantages.

Market Snapshot:

Report Coverage

Details

Market Revenue

US$ 28.26 Bn

Estimated Value

US$ 48.11 Bn

Growth Rate - CAGR

5.7%

Forecast Period

2022-2031

No. of Pages

281 Pages

Market Segmentation

Type, Voltage Range, Cooling, Phase, Application

Regions Covered

North America, Europe, Asia Pacific, Middle East & Africa, South America

Companies Covered

Eaton, GE, Hitachi Energy Ltd., HYUNDAI ELECTRIC & ENERGY SYSTEMS CO., LTD., Kirloskar Electric Company, Mitsubishi Electric Corporation, Rockwell Automation, Inc., Schneider Electric, Siemens Energy, TDK Corporation, Toshiba Energy Systems & Solutions Corporation

Key Findings of Market Report

Based on type, the power transformer segment accounted for almost 40% of the global industry in 2021. This is due to growing popularity of renewable energy sources, such as solar and wind power, as well as surge in usage of micro-grid operations. The main applications of power transformers are to increase or decrease voltage in power production as well as transmission. Power transformers are used in a variety of sectors, such as mining and oil and gas industries.

Based on cooling, the oil immersed segment held the largest market share, accounting for approximately 67%, in 2021. Electrical substations and power distribution both employ oil immersed transformers. These transformers have an extended lifespan as compared to the dry variety.

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Global Transformer Market: Growth Drivers

Market value of transformers is anticipated to increase as a result of gradual depletion of sources of fossil fuels and increasing adoption of government policies to encourage utilization of renewable energy. The global industry is expanding due to rise in demand for electricity as well as increase in public-private investments in the field of renewable energy.

Transformers are employed in the renewable energy industry to change direct current (DC) power produced by an energy-harvesting device into alternating current (AC) electricity for use in residences, commercial buildings, and electrical grid situations.

Increase in power consumption in developing countries is majorly attributed to rapid urbanization and industrialization. Additionally, a rise in energy consumption in Asia Pacific is due to growing infrastructure spending in the region. Growing energy consumption in the developing world is driving the transformer industry at a rapid pace.

Global Transformer Market: Regional Landscape

Asia Pacific held a major share of the global transformer market in 2021 owing to rapid urbanization and industrialization in the region. Significant rise in power consumption in India, Japan, and China, is also anticipated to boost the market in Asia Pacific at a rapid pace between 2022 and 2031.

North America accounted for the second-largest market share, with close to 31% of the overall industry, in 2021. Presence of major companies and early adoption of cutting-edge technology in the power industry are attributed to the expansion of the regional market. The U.S. held a major share of the market in North America in 2021, mostly due to an increase in R&D spending on new transformers.

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Global Transformer Market: Key Players

Some of the key players in the global transformer market are as follows

Toshiba Energy Systems & Solutions Corporation

Hyundai Electric & Energy Systems Co., Ltd

Rockwell Automation, Inc.

TDK Corporation

Kirloskar Electric Company

Hitachi Energy Ltd

Global Transformer Market: Segmentation

Type

Power Transformer

Distribution Transformer

Instrument Transformer

Electronic Transformer

Others

Voltage Range

Up to 500 VA

501 VA to 1 kVA

2 kVA to 5000 kVA

5001 kVA to 1000 MVA

1001 MVA to 1500 MVA

Above 1500 MVA

Cooling

Dry Type

Oil Immersed

Phase

Single Phase

Three Phase

Application

Residential

Commercial

Industrial

Regions

North America

Europe

Asia Pacific

Middle East & Africa

Latin America

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