Global Transformer Market Size By Product (Instrument Transformer, Power Transformer, Distribution Transformer), By Core (Berry, Shell, Closed), Application (Industrial, Utility, Residential and Commercial), & Region for 2024-2031.
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationTransformer Market Valuation – 2024-2031
Favorable government policies for the refurbishment of prevailing grid infrastructure are expected to escalate the market growth during the forecasted period. According to the analyst from Market Research, the Transformer Market size is estimated at USD 53.92 Billion in 2024, and is expected to reach USD 93.35 Billion by 2031.
The increasing electrification programs across the various emerging economies are a major driving factor for this market. Growing at a CAGR of 7.10% during the forecast period 2024-2031.
Transformer MarketDefinition/ Overview
A transformer is a passive electrical device that transfers electrical energy from one circuit to another electrical circuit. A varying current in any one coil of the transformer produces a varying magnetic flux in the transformer’s core which induces a varying electromotive force across any other coils wrapped around the same core. Electrical energy can be transferred between separate coils without a metallic connection between the two circuits.
Transformers are commonly used for increasing low AC voltages at the high current or decreasing high AC voltages at low current in electric power applications and for coupling the stages of signal processing circuits. Transformers can also be utilized for isolation where the voltage in equals the voltage out.
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Which are the Drivers Encouraging the Adoption of Transformer Market?
The adoption of transformer technology is driven by several key factors that highlight its importance in various industries and applications. Increasing demand for electricity worldwide is a significant driver encouraging the adoption of transformers. As populations grow and economies develop, there is a rising need for reliable and efficient electrical infrastructure to meet the growing energy demands of industries, commercial establishments, and households.
Transformers play a crucial role in transmitting electricity efficiently over long distances and voltage levels, ensuring that power is delivered safely and reliably to end-users. The expansion of renewable energy sources such as wind and solar power is driving the adoption of transformers. Renewable energy installations often require transformers to step up or step down voltage levels to integrate renewable energy into the existing electrical grid. Transformers facilitate the efficient transmission and distribution of renewable energy, helping to reduce carbon emissions and mitigate the impacts of climate change.
Industrialization and urbanization are significant drivers encouraging the adoption of transformers. As industries grow and urban areas expand, there is an increasing demand for electrical equipment and infrastructure to power factories, commercial buildings, transportation systems, and residential complexes. Transformers are essential components of electrical systems, providing voltage transformation, power distribution, and voltage regulation to support industrial processes and urban development.
Advancements in transformer technology, such as the development of smart transformers and digital substations, are driving adoption in the market. Smart transformers equipped with sensors, communication capabilities, and advanced monitoring systems enable real-time data monitoring, fault detection, and predictive maintenance, enhancing the efficiency, reliability, and safety of electrical networks. Digital substations leverage digital technologies such as IoT, AI, and cloud computing to optimize grid operations, improve energy management, and enhance grid resilience.
What are the Challenges in Transformer Market?
The transformer market is a complex and dynamic industry, characterized by fluctuating raw material prices, stringent regulatory standards, and the increasing complexity of transformer technology. The volatility of copper and steel prices can significantly impact production expenses, profit margins, and pricing strategies, posing challenges for manufacturers. Additionally, the market is subject to stringent compliance requirements, requiring significant investments in research, development, and compliance measures. The increasing demand for transformers with enhanced capabilities, such as higher efficiency and resilience, necessitates significant investments in research and innovation.
The market is highly competitive, with numerous players vying for market share. This competition leads to pricing pressures, commoditization of products, and differentiation challenges. Companies must develop unique value propositions, innovate product offerings, and differentiate themselves through quality, service, and customer support to maintain a competitive edge. Geopolitical factors and trade tensions can also impact the transformer market, particularly regarding tariffs, trade barriers, and supply chain disruptions. These factors can disrupt supply chains, affect market demand, and create challenges in sourcing raw materials, components, and equipment for transformer manufacturing.
Category-Wise Acumens
How Power Transformer Helps in Growth of the Transformer Market?
Power transformers are, like, the heart of our electrical grids, you know, those essential things that keep the lights on. And as more people move to cities and industries pop up everywhere, we need more of them! They make sure electricity gets where it needs to go, nice and safe, whether it's across states or just down the street. Think of it this wayrenewable energy, like solar and wind power, needs these transformers to work properly, to boost or lower the voltage so we can actually use it. And since governments are pushing for more green energy, that means even more demand for these power transformers.
Technological advancements in power transformer design and manufacturing are driving market growth by improving efficiency, reliability, and performance. Innovations such as high-voltage direct current transmission, digital monitoring and control systems, and eco-friendly insulation materials make power transformers more attractive to utilities, grid operators, and end-users. Government initiatives and investments in infrastructure development, modernization, and electrification projects contribute to the growth of the transformer market, creating opportunities for power transformer manufacturers to provide innovative solutions and contribute to the development of reliable and sustainable electrical infrastructure.
Which Factors are Influencing the Growth of Transformer Market in Industrial Sector?
The transformer market in the industrial sector is influenced by factors such as industrialization, technological advancements, renewable energy sources, and government initiatives. Industrialization and the expansion of manufacturing activities worldwide drive the demand for electrical equipment and infrastructure to power factories, production facilities, and machinery. Transformers are essential components of electrical systems in industrial settings, providing voltage transformation, power distribution, and regulation. Technological advancements and automation in the industrial sector are driving the adoption of transformers with enhanced capabilities, ensuring clean and stable electrical power for industrial automation technologies.
The increasing adoption of renewable energy sources and distributed energy generation presents opportunities for transformer manufacturers, as they are essential for connecting renewable energy systems to the electrical grid and ensuring compatibility with existing infrastructure. Transformer manufacturers are developing innovative solutions to meet the specific requirements of industrial applications and ensure reliable and safe operation in challenging environments. Government initiatives and regulations promoting energy efficiency, sustainability, and environmental protection are also driving the growth of the transformer market.
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Country/Region-wise Acumens
Which Region has Most Potential for Growth of Transformer Market?
The Asia-Pacific region is experiencing significant growth in the transformer market due to factors such as rapid industrialization, urbanization, and the growing demand for electricity. This growth is driven by the need for upgrading and expanding electrical grids, transmission networks, and distribution systems, creating opportunities for transformer manufacturers to meet the growing demand for power transformers, distribution transformers, and other transformer products. The region’s large and rapidly expanding population also contributes to increasing energy consumption and electricity demand, driving the demand for electrical appliances, consumer electronics, and industrial machinery.
Hey, so governments in places like China, India, Japan, and South Korea are really focusing on renewable energy and making their power grids way more efficient. This creates a huge opportunity for transformers in all sorts of industries. Plus, with strong manufacturing, especially in China and India, there's a big need for industrial transformers and other electrical stuff. As factories grow and use more automation, they need even better transformers with more advanced features. And get this – companies in Japan, South Korea, and China are constantly innovating, creating advanced transformer products with things like higher efficiency and better safety to meet the changing demands of everyone using them.
Which Region Dominates the Transformer Market?
North America is a dominant force in the transformer market due to its mature electrical infrastructure, advanced technologies, and stringent regulatory standards. The region’s developed economies recognize the importance of reliable and efficient electrical systems in powering industries, businesses, and households. Transformers are essential for voltage regulation, power distribution, and equipment operation in various sectors, including manufacturing, utilities, oil and gas, automotive, and construction.
North America’s advanced manufacturing capabilities enable transformer manufacturers to produce high-quality products tailored to specific requirements. Continuous investments in infrastructure development and modernization projects drive demand for transformers. Governments, utilities, and private sector entities are investing in upgrading and expanding electrical grids, transmission networks, and distribution systems to improve energy efficiency, reliability, and resilience. This creates opportunities for transformer manufacturers to supply transformers for grid expansion, renewable energy integration, smart grid deployment, and electrification initiatives.
The transformer scene in this part of the world is a real battleground, with companies both from here and overseas all fighting for a piece of the pie. The big names in North American transformer manufacturing are using their know-how, solid reputations, and existing customer connections to stay on top and keep pushing transformer tech forward. Of course, what's allowed and not allowed (the regulatory environment) really shapes how transformers are designed, made, and sold. Plus, with the big push towards greener energy like wind, solar, and hydropower, there's a huge need for transformers that can handle connecting these new sources to the grid, keeping the grid stable, and storing energy. And that means North American transformer companies are in a great spot to jump on these opportunities and come up with cool new solutions for a more sustainable energy future.
Competitive Landscape
The competitive landscape in the transformer market’s dynamic and evolving, driven by changing customer preferences, technological advancements, and market dynamics. Providers continue to innovate and differentiate their offerings to stay competitive and capture market share in this rapidly growing industry.
Some of the prominent players operating in the transformer market include
- ABB Ltd.
- Eaton Corporation plc
- Schneider Electric
- Siemens AG
- Crompton Greaves Ltd.
- Mitsubishi Electric Corporation
- Toshiba Corporation
- Bharat Heavy Electricals Limited
- Hyosung Power & Industrial Solutions
- SPX Transformer Solutions, Inc.
Latest Developments
- In September 2022, Hitachi Energy has launched its innovative oil-free traction transformer RESIBLOC Rail, with integrated cooling system and voltages up to 25-kilovolt (kV), at InnoTrans, the international trade fair for rail transportation at the Berlin Messe in Germany.
- In November 2018, ABB Corporation launched oil free digital transformers named ABB Ability TXpert Dry, to facilitate digitization of grids along with providing safety, efficiency and reliability.
- In August 2018, GE Company launched 72.5KV compact gas insulated switchgear for power transformers.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Growth Rate | CAGR of ~7.10% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2019-2021 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
|
| Regions Covered |
|
| Key Players | ABB Ltd., Eaton Corporation plc, Schneider Electric, Siemens AG, Crompton Greaves Ltd., Mitsubishi Electric Corporation, Toshiba Corporation, Bharat Heavy Electricals Limited, Hyosung Power & Industrial Solutions, SPX Transformer Solutions Inc. |
| Customization | Report customization along with purchase available upon request |
Research Methodology of Market Research
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Reasons to Purchase this Report
We dive deep into the market using both qualitative and quantitative analysis, breaking it down by different segments based on things like money and other stuff that matters. We'll give you the scoop on market value (think USD Billion) for each of those segments. Plus, we'll tell you which region and segment are expected to be the fastest growing and which will be the biggest overall. We'll also analyze each region, looking at how much of the product/service they're using and what's influencing the market there. Get the lowdown on the competitive landscape, including how major players rank, along with their recent service/product launches, partnerships, expansions, and acquisitions over the past five years – complete with company profiles that include overviews, insights, product comparisons, and SWOT analyses. See what we expect for the market's future, considering recent events (like growth opportunities, drivers, challenges, and restraints) in both new and established areas. We even use Porter's five forces analysis to understand the market from all angles. We give you insight via the Value Chain, plus market dynamics, and future growth possibilities. And for the first six months, you get direct analyst support after your purchase.
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Pivotal Questions Answered in the Study
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