Transformers Market By Type (Distribution Transformer, Power Transformer, Instrument Transformer), Application (Residential, Commercial & Industrial, Utility) & Region - Global Forecast to 2032
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.)
Table Of Content
TABLE OF CONTENT
1. Transformers Market Overview
1.1. Product Overview and Scope of Transformers
1.2. Global Market Growth Prospects and Revenue Estimates
1.3. Global Transformers Market Size Growth Rate Analysis by Type, 2022 VS 2032
1.3.1. Distribution Transformer
1.3.2. Power Transformer
1.3.3. Instrument Transformer
1.4. Global Transformers Consumption Comparison by Application: 2022 VS 2032
1.4.1. Residential
1.4.2. Commercial & Industrial
1.4.3. Utility
1.5. Global Transformers Market Size Estimates and Forecasts by Region: 2022 VS 2032
1.5.1. North America Transformers Estimates
1.5.2. Europe Transformers Estimates
1.5.3. China Transformers Estimates
1.5.4. Japan Transformers Estimates
2. Market Competition by Manufacturers
2.1. Global Transformers Revenue Market Share by Manufacturers (2020)
2.2. Transformers Market Share by Company Type (Tier 1, Tier 2 and Tier 3)
2.3. Global Transformers Average Price by Manufacturers (2018-2022)
2.4. Manufacturers Transformers Production Sites, Area Served, Product Types
2.5. Transformers Market Competitive Situation and Trends
2.5.1. Transformers Market Concentration Rate
2.5.2. Mergers & Acquisitions, Expansion
3. Global Transformers Consumption by Region (2018-2022)
3.1. Global Transformers Consumption by Region
3.2. Global Transformers Consumption Market Share by Region
3.2.1. North America
3.2.2. North America Transformers Consumption Growth Rate (2018-2022)
3.2.3. North America Transformers Consumption, Price and Gross Margin (2018-2022)
3.2.4. North America Transformers Consumption by Country
3.2.4.1. U.S.
3.2.4.2. Canada
3.2.5. Europe
3.2.6. Europe Transformers Consumption Growth Rate (2018-2022)
3.2.7. Europe Transformers Consumption, Price and Gross Margin (2018-2022)
3.2.8. Europe Transformers Consumption by Country
3.2.8.1. Germany
3.2.8.2. U.K.
3.2.8.3. France
3.2.8.4. Italy
3.2.8.5. Spain
3.2.9. Asia Pacific
3.2.10. Asia Pacific Transformers Consumption Growth Rate (2018-2022)
3.2.11. Asia Pacific Transformers Consumption, Price and Gross Margin (2018-2022)
3.2.12. Asia Pacific Transformers Consumption by Country
3.2.12.1. China
3.2.12.2. India
3.2.12.3. Japan
3.2.12.4. Indonesia
3.2.12.5. Malaysia
3.2.12.6. Australia
3.2.12.7. South Korea
3.2.13. South America
3.2.14. South America Transformers Consumption Growth Rate (2018-2022)
3.2.15. South America Transformers Consumption, Price and Gross Margin (2018-2022)
3.2.16. South America Transformers Consumption by Country
3.2.16.1. Brazil
3.2.16.2. Mexico
3.2.16.3. Argentina
3.2.17. Middle East and Africa
3.2.18. Middle East and Africa Transformers Consumption Growth Rate (2018-2022)
3.2.19. Middle East and Africa Transformers Consumption, Price and Gross Margin (2018-2022)
3.2.20. Middle East and Africa Transformers Consumption by Country
3.2.20.1. Saudi Arabia
3.2.20.2. Kuwait
3.2.20.3. UAE
3.2.20.4. South Africa
4. Global Transformers Consumption by Type (2018-2022)
4.1. Global Transformers Price by Type (2018-2022)
4.2. Global Transformers Revenue Market Share by Type (2018-2022)
4.2.1. Distribution Transformer
4.2.2. Power Transformer
4.2.3. Instrument Transformer
5. Global Transformers Consumption by Application (2018-2022)
5.1. Global Transformers Price by Application (2018-2022)
5.2. Global Transformers Revenue Market Share by Application (2018-2022)
5.2.1. Residential
5.2.2. Commercial & Industrial
5.2.3. Utility
6. Key Companies Profiled
6.1. ABB Ltd.
6.1.1. ABB Ltd. Transformers Corporation Information
6.1.2. ABB Ltd. Transformers Product Portfolio
6.1.3. ABB Ltd. Transformers Consumption, Price and Gross Margin (2018-2022)
6.1.4. ABB Ltd. Main Business and Markets Served
6.1.5. ABB Ltd. Recent Developments/Updates
6.2. Mitsubishi Electric Corporation
6.3. Schneider Electric
6.4. Toshiba International
6.5. Elsewedy Electric
6.6. Eaton
6.7. CG Power & Industrial Solutions Ltd.
6.8. IMEFY
6.9. Voltamp
6.10. Ormazabal
6.11. ARTECHE
6.12. Pfiffner Group
6.13. Trench Group
7. Marketing Channel, Distributors and Customers
7.1. Marketing Channel
7.2. Transformers Distributors List
7.3. Transformers Customers
8. Market Dynamics
8.1. Transformers Industry Trends
8.2. Transformers Growth Drivers
8.3. Transformers Market Challenges
8.4. Transformers Market Restraints
9. Global Transformers Consumption and Demand Forecast, by Region (2023-2032)
9.1. Global Forecasted Demand Analysis of Transformers, by Regions and Country
9.1.1. North America Forecasted Consumption of Transformers by Country
9.1.2. Europe Market Forecasted Consumption of Transformers by Country
9.1.3. Asia Pacific Market Forecasted Consumption of Transformers by Region
9.1.4. Latin America Forecasted Consumption of Transformers by Country
9.1.5. Middle East and Africa Forecasted Consumption of Transformers by Country
10. Global Transformers Consumption and Demand Forecast, by Type Segments (2023-2032)
10.1. Global Forecasted Consumption of Transformers by Type Segments (2023-2032)
10.2. Global Consumption and Price Forecast by Type Segments (2023-2032)
10.3. Global Forecasted Growth Rate of Transformers by Type Segments (2023-2032)
11. Global Transformers Consumption and Demand Forecast, by Application Segments (2023-2032)
11.1. Global Forecasted Consumption of Transformers by Application Segments (2023-2032)
11.2. Global Consumption and Price Forecast by Application Segments (2023-2032)
11.3. Global Forecasted Growth Rate of Transformers by Application Segments (2023-2032)
12. Research Finding and Conclusion
13. Methodology and Data Source
13.1. Methodology/Research Approach
13.1.1. Research Programs/Type
13.1.2. Market Size Estimation
13.1.3. Market Breakdown and Data Triangulation
13.2. Data Source
13.2.1. Secondary Sources
13.2.2. Primary Sources
13.3. Author List
13.4. Disclaimer
Research Methodology
Our research studies are primarily performed in five phases which include Secondary Research, Primary Research, Subject Matter Expert Advice, Quality Check, and Final Review. The process opted for conducting thorough research to make authentic business reports is briefly described below-
Secondary Research-
- Based on the understanding of requirements, we conducted secondary research to identify the Segment specifications, qualitative and quantitative data along with the factors responsible for the growth of the market.
- The secondary sources referred for the study include press releases, company annual reports, and research papers related to the industry.
- Various sources such as industry magazines, trade journals, government websites, and associations were also reviewed for gathering precise analysis on opportunities for business expansions in the market.
- Moreover, quantitative as well as qualitative data were also extracted from paid databases, which included Reuters, Factiva, Bloomberg, One Source, and Hoovers, which proved to be useful for in-depth technical study of the market.
Primary Research-
- The research carried out during the desk research was verified by primary interviews. Primary research was scheduled with a number of industry experts for conducting telephonic interviews, and also our team send questionnaires through their official emails.
- The secondary data collected was then verified by various industry participants which included Segment managers, marketing managers, VPs, CEOs, purchasing managers, subject matter experts.
- An interview with the mentioned participants aids invalidation of our research findings regarding the Segment.
- It helps in the provision of first-hand data on factors such as market size, growth, regional trends, market trends, and competition in the industry. This approach makes our findings precise in order to help our clients in strategic decision-making processes.
Subject Matter Advice-
- The secondary and primary research key findings were then validated by the in-house subject matter experts having extensive experience in the market research industry.
- Specific requirements of the clients were reviewed by the experts to check for completion of the market study. Experts help in channelizing the representation skills of the analyst in terms of providing data that can be easily understood by our customers.
Quality Check-
- The analysis done by the research team was further reviewed to check for data accuracy provided to suit the clients’ specific requirements.
- This revision was done in various phases to check the data authenticity and to remove negligible errors in the final compilation.
Final Review-
- After the quality check, a final review of the report was done to look after the presentation, formatting, and to recheck if all the requirements of the clients were addressed. The next phase remains dispatch of the report to the client.
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