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Transformers Market By Type (Distribution Transformer, Power Transformer, Instrument Transformer), Application (Residential, Commercial & Industrial, Utility) & Region - Global Forecast to 2032

Format: PDF | Pages: 284 | Report ID: MRS1273


Report Description

The global Transformers market size was valued at USD 45,907.1 million in 2022, expanding at a CAGR of 8.8% from 2023-2032 to reach 60,810.6 Million USD in 2032.

Market Dynamics

The increasing demand for self-regulating and efficient transformers has driven the development of autonomous smart transformers. These transformers have the ability to continuously monitor and control voltage, communicate with all relevant parties, and provide data and feedback on the power supply. By using a technique called voltage optimization, they provide just the right amount of electricity and respond to changes in power demands, leading to reduced energy use and lower greenhouse gas emissions. One notable example of this is the $20 million in funding that the U.S. Department of Energy (DOE) provided in 2022 for innovative artificial intelligence (AI) and machine learning research and development. During the forecast period, the transformers market will expand as a result of favourable government electrification programmes. 

Countries around the world are implementing initiatives aimed at boosting electrification. In September 2022, the US Department of Agriculture revealed a $464 million investment in renewable energy infrastructure for rural regions. Meanwhile, India's Ministry of New and Renewable Energy declared the launch of the "National Programme on High-Efficiency Solar PV Modules" Production Linked Incentive Scheme in April 2022, which has a budget of Rs. 4,500 crores and aims to promote the production of high-efficiency solar photovoltaic modules. Therefore, the expansion of the transformers market will be positively impacted by favourable government initiatives to enhance electrification. Due to their versatile application under various voltage situations, closed-core power transformers have found widespread adoption in the industry. Additionally, the longer operating life expectancy is in line with the improved transformation capacity to accommodate renewable energy. The demand for power transformers has increased as a result of rising infrastructure spending backed by advantageous regulations relating to the extension and renovation of existing grid networks. The need for power transformers would also increase due to fast urbanisation and rapid industrial expansion in developing economies.

Regional Insights

In 2022, the major portion of the Transformer market is in Asia Pacific. 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 Indian transformer market is anticipated to be constrained by delays in project implementation brought on by protracted government processes.

Segment Dynamics

The Transformers market is fragmented into the type and application segments. Based on the type, the Power transformer segment is anticipated to dominate the market. By application, the residential segment is projected to grow at the highest rate (CAGR) during the forecast period.

Competitive Insights

The Transformers market is highly competitive in nature with the presence of local & international players. Major players in the industry engage in strategic mergers & acquisitions, partnerships, and new product launches to remain competent in the market. For example, on 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.

Company Coverage (Company Profile, Sales Revenue, Price, Gross Margin, Main Products etc.):

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

Type Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):

  • Distribution Transformer
  • Power Transformer
  • Instrument Transformer

Application Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):

  • Residential
  • Commercial & Industrial
  • Utility

Region Coverage (Regional Consumption, Demand & Forecast by Countries etc.):

  • 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.)

Frequently Asked Questions

The global Transformers market size was valued at USD 45,907.1 million in 2022, expanding at a CAGR of 8.8% from 2023-2032 to reach 60,810.6 Million USD in 2032.
North America captured the highest revenue in 2021 and is projected to continue its dominance during the study period.
The global Transformers market is expanding at a CAGR of 8.8% from 2023-2032 to reach 60,810.6 Million USD in 2032.
Asia Pacific (especially China, and India) region is projected to grow at the fastest growth rate during the study period.
The Transformers market is highly competitive in nature with the presence of local & international players. Major players in the industry engage in strategic mergers & acquisitions, partnerships, and new product launches to remain competent in the market. For example, on 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.

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