Transformer Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - Energy & Power
Report Code - OMR-EP-147
Format: PDF, PPT, and Excel
Transformer Market to Display Market Growth of 6.9% During Forecast, Renewable Energy Installation and Widening Government Spending to Augment Growth
A transformer is a passive device that transfers electricity between various circuits. When the current through one coil of a transformer varies, the magnetic flux through the core also varies, resulting in a variable electromotive force (EMF) across all coils coiled on the same core. Different coils can transform electrical energy without a metallic (conductive) connection.
The worldwide transformers industry has been hampered by the COVID-19 epidemic, despite the positive impact of innovative technological advancements and expanding rural electrification projects. Since the government's attention has shifted from developing the nation's electricity infrastructure to addressing the urgent healthcare crisis, market operations have been severely hampered.
Key Takeaways of the Transformer Market
By Core
In 2022, the market share for shell core was the largest, and its projected growth rate was the highest. These are frequently used in low-voltage, high-output applications.
By Insulation
In 2022, oil insulation held the largest market share, and projections for 2023 to 2030 indicate a positive CAGR for this segment. Due to its high-temperature resistance, oil is frequently used as an insulator in numerous industries.
By Phase
According to projections, the three-phase market segment established a dominant position in 2022 and is projected to grow rapidly by 2030. Three-phase transformers are the norm for precision machine tools, manufacturing, mining, petrochemical, automation, and telecommunications applications in power generation and distribution.
By Rating
Transformers with ratings between 100 MVA and 500 MVA held the largest market share in 2022, and this segment is projected to grow at the fastest rate between 2023 and 2030. Transformers between 100 MVA and 500 MVA have a variety of applications, including industrial and vehicle motor power.
By Application
The commercial and industrial sectors will have captured the largest market share by 2022. In addition, the subsegment is anticipated to experience the most rapid growth during the anticipated period.
By Region
Australia, China, and India, as well as other Asia-Pacific nations, frequently invest in the electricity sector to enhance their power grids. In recent years, power distribution networks have swiftly expanded in several Asian nations, bringing electricity to previously inaccessible areas and enhancing the grid in semi-urban areas.
Rising Demand for Power to Fuel the Fire for Widened Market Growth
Over the forecast period, the market's development is anticipated to be primarily driven by the rising demand for energy in developing and developed nations and increased infrastructure investment. Over the next five years, the demand for smart meters due to rising demand and supportive actions for smart grid development is anticipated to influence the growth of the power transformer market positively.
Due to their advanced features and environmental safeguards, eco-friendly products are expected to supplant conventional transformers. These do not satisfy the technological and ecological standards of the present day. Moreover, affluent nations include wind and other renewable energy sources in cross-border electricity trading, further straining infrastructure that is already overburdened.
Clean Energy Installations to Promote Market Demand
The deterioration of the nation's infrastructure also increases the frequency of problems such as short circuits, providing ample opportunity for the expansion of the market for power transformers. The construction of a super grid and a smart grid is currently proceeding due to rising concerns about carbon emissions. The PCB, as mentioned above, replacement programs, the expansion of ecological initiatives, and the expansion of service in resource-based industries are anticipated to impact power transformers significantly.
The alternating current from the hydroelectric power facility can be transformed into a high-voltage current using the transformer. The refined energy is distributed to consumers via the national grid. Additionally, renewable energy is the fastest-growing energy source in the United States and globally.
Global Transformer Market Prominent Players
• Crompton Greaves Ltd. (India)
• GE Co. (U.S.)
• Hyundai Heavy Industries Co. Ltd. (South Korea)
• General Electric (U.S.)
• Siemens Energy (Germany)
• Mitsubishi Electric Corporation (Japan)
• Bharat Heavy Electricals Limited (India)
• Alstom SA (France)
• Hyosung Power & Industrial Systems Performance Group (South Korea)
• ABB (Switzerland)
• CG Power & Industrial Solutions Ltd (India)
• JSHP Transformer (U.S.)
Report Scope for Transformer Market
Core
• Closed
• Shell
• Berry
Insulation
• Gas
• Oil
• Solid
• Other
Phase
• Single
• Three
Mounting
• Pad
• Pole
• Others
Rating
• 100 MVA to 500 MVA
• 501 MVA to 800 MVA
• 801 MVA to 1200 MVA
Cooling
• Air
• Oil
Application
• Residential
• Commercial & Industrial
• Utility
Transformer Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
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