Global Transformers Market To Record Exceptional Growth With US$ 60,810.6 Million By 2030

July 2023 | Report Format: Electronic (PDF)

The growth of autonomous, self-regulating smart transformers is being propelled by the increasing demand for transformers. These smart transformers have the capability to regulate voltage continuously, maintain communication with relevant stakeholders, and provide real-time data and feedback on the power supply. By implementing a technique called voltage optimization, they ensure the delivery of the optimal amount of electricity and can quickly respond to any fluctuations. As a result, smart transformers provide electrical equipment with the precise amount of power needed, leading to significant reductions in energy consumption and greenhouse gas emissions. For instance, in 2021, the U.S. Department of Energy (DOE) allocated $20 million in financing for creative artificial intelligence (A.I.) and machine learning research and development. During the forecast period, the transformers market will expand as a result of favourable government electrification programmes.

The market for making transformers is severely constrained by the volatility of raw material prices. The price fluctuations of crude oil, steel, and copper as raw materials are to blame for the instability. Transformers are primarily constructed out of steel and copper. The market for medium power transformers has been constrained by higher tariffs on raw materials like steel and copper that have increased price volatility. For instance, the United States and the European Union came to an agreement in October 2021 to remove the US's 25% tariff on imports of steel from the EU and its 10% tariff on imports of aluminium. The rise in pricing results in a rise in operating costs, which hinders the market growth.

For the duration of the prediction, the Asia Pacific region will dominate the market. China and India are leaders in this area and are developing into lucrative centres as a result of their dedication to enhancing current infrastructure and power capacities. The Asia Pacific transformer market will probably be driven by factors including rising energy demands from the industrial sector and the growth of transmission and distribution systems. The India transformer market is anticipated to be constrained by delays in project implementation brought on by protracted government processes.

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Transformers Market Report Highlights

• In June 22, Northern Transformer Corp., a Canadian transformer maker, purchased VRT Power for an unknown sum. Northern Transformer Corp. wants to offer clients in North America the best local service, quality, and technology in the utility sector through this acquisition.

TRANSFORMERS MARKET SEGMENTATION

The research report published by Market Research Strategy contains industry segments, as below-

Transformers Type Outlook (Revenue, USD Million, 2017 - 2030)

• Distribution Transformer
• Power Transformer
• Instrument Transformer

Transformers Application Outlook (Revenue, USD Million, 2017 - 2030)

• Residential
• Commercial & Industrial
• Utility

Transformers Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America (U.S., and Canada)
• Europe (Germany, U.K., France, Italy, Spain etc.)
• Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
• South America (Brazil, Mexico, Argentina etc.)
• Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa etc.)

 List of Key Players- Transformers Market

• Mitsubishi Electric Corporation
• ABB
• Schneider Electric
• Toshiba International
• Elsewedy Electric
• Eaton
• CG Power & Industrial Solutions Ltd.
• IMEFY
• Voltamp
• Ormazabal
• ARTECHE
• Pfiffner Group
• Trench Group

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