Value of Transformer Market Estimated at US$ 48.18 Bn by 2031
Abundant demand for transformers from high growth industries such as automotive & transportation, oil & gas, and metals & mining is creating new growth frontiers in the transformer market. Players in the transformer manufacturing industry are developing products to optimize power generation and power distribution processes in these end-use industries. To this end, trends of technological advancements in electronic transformers are likely to shape the future of transformer industry. The transformer market is projected to expand at a CAGR of 5.6% during the forecast period from 2022 to 2031.
Availability of transformers in a wide product range for large-scale residential and industrial applications creates vast revenues streams in the transformer market. Key applications of transformers in power generation, transmission, distribution, and usage to serve the demand for continuous and reliable energy supply underpins massive revenue potential in the transformer market.
World over, depleting fossil fuels and environmental concerns that is driving governments to support the development of renewable energy is anticipated to stoke demand for transformers. According to published data, uptake of renewable energy increased by 3% in 2020 globally. China alone reported nearly half of the global increase in renewable energy. Renewable energy emerged as the fastest-growing energy source in the U.S. in recent decades. In the renewable energy sector, transformer is used to convert direct current (DC) to alternating current (AC) for use in domestic, businesses, and electrical grids.
Increasing need for adoption of renewable energy strengthens demand to drive the transformers market size during the forecast period. Furthermore, increasing power consumption and rising public- private investment in renewable energy is contributing to transformer market growth.
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Transformer Market – Key Findings of the Report
· Power transformer held the leading share of transformer market in 2021, due to increasing adoption of renewable energy such as solar and wind and increase in demand for micro grid operations.
· Oil-immersed cooling segment is anticipated to display significant growth in the transformer market during the forecast period. Range of attributes of oil-immersed transformer unlocks lucrative revenue streams for use in power distribution and electrical substations.
· Asia Pacific dominated the transformer market in 2021, due to rapid industrialization in the region. Rapid industrialization and urbanization account for extensive rise in demand for power in developing countries. According to the International Energy Agency, demand for electricity in Asia Pacific increased from 2% in 2020 to 8% in 2021. China and India primarily account for increase in energy consumption, with the two countries registering an increase of 10% in 2021. This collectively spells growth in transformer market in the region.
· North America accounted for second-leading nearly 32% of transformer market in 2021. Rise in investments for R&D of novel transformers in the U.S. underscore lucrative growth avenues in transformer market in the region.
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Transformer Market – Growth Drivers
· Demand for residential and industrial use, for various applications such as power generation, distribution, transmission, and usage propels transformer market
· Significance for conversion of direct current into alternating current for increasing adoption of renewable energy creates opportunities in transformer market
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Transformer Market – Key Players
Some of the key players operating in the transformer market are;
· ABC Transformers
· GTB Group
· Hyundai Electric & Energy Systems Co. Ltd.
· MGM Transfomer Company
· Schneider Elecric
· Toshiba Energy Systems & Solutions Corporation
· TDK Corporation
· GE
· Hitachi Energy Ltd.
· Kirloskar Electric Company
· Mitsubishi Electric Corporation
· Siemens Energy
· TAMUA Corporation
· Rockwell automation Inc.
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