Energy

Transformer Market | Size, Share and Growth by 2030

COVID-19 Analysis

COVID-19 outbreak has been an unforeseen calamity of huge proportions for economies and general public alike. The whole nation came to that standstill and every industry suffered. Disruptions in supply chain and shortages of manpower adversely impacted the market. As the companies that operate in this market are struggling in finding operational stability in the light of project delays, this sector is all set in overcoming its challenges and develops substantially over the forecast period. A key factor that will assist under such circumstances is the burgeoning need that is coming from the healthcare and hospitality sector. The growing awareness about healthcare in the post-pandemic world has resulted to an increased production of health products like sanitizers that has increased industrialization across the globe. This growth can even out losses and get the transformer market to its normalcy.

Key Players

Eminent industry players profiled in the global transformer market report include ABB Ltd. (Switzerland), Eaton Corporation plc (Ireland), Schneider Electric (France), Siemens AG (Germany), Crompton Greaves Ltd. (India), Mitsubishi Electric Corporation (Japan), Toshiba Corporation (Japan), Bharat Heavy Electricals Limited (India), Hyosung Power & Industrial Solutions (South Korea), and SPX Transformer Solutions Inc. (U.S.).

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The global transformer market will reach USD 64,514.9 million at a favorable 6% CAGR by 2026, states the latest Market Research Future (MRFR) report.

Drivers

Deployment of Smart Transformers and Smart Grids to Boost Market Growth

The deployment of smart transformers and smart grids will boost market growth over the forecast period. Smart grid helps in facilitating the remote access monitoring of grid instruments and responding to fluctuating power demand instantly. A smart power transformer is being increasingly used owing to its perks. This offers optimized power supply, offers efficient cooling, respond to voltage fluctuations, and thus reduce CO2 emissions.

Opportunities

Rapid Growth of Industrialization to offer Robust Opportunities

The rapid growth of industrialization resulted in more demand for cost effective, fast, and well equipped power transmission and voltage regulation sources where the transformers fit the best thus offering robust opportunities for the transformer market over the forecast period.

Restraints

Lack of Awareness to act as Market Restraint

The lack of awareness, fluctuation in raw materials supply, and distribution of supply channels and distribution for the pandemic may act as market restraints over the forecast period.

Challenges

Variation in Raw Material Prices to act as Market Challenge

The variation in raw material pricing, the lack of availability of high quality electrical steel, the long installation and manufacturing time of power transformers, and huge capital investments needed for construction to support infrastructure for stable and smooth transformer operation may act as market challenge over the forecast period.

Market Segmentation

The global transformer market is bifurcated based on core, product, winding, installation, cooling, insulation, phase, rating, mounting, and application.

By core, the global transformer market is segmented into berry, shell, and closed.

By product, the global transformer market is segmented into instrument transformer (potential, current, and others), power transformer, and distribution transformer.

By winding, the global transformer market is segmented into auto transformer and two winding.

By installation, the global transformer market is segmented into indoor and outdoor.

By cooling, the global transformer market is segmented into dry type (oil immersed, airblast, and self-air) and self-cooled (forced oil, water-cooled, and others).

By insulation, the global transformer market is segmented into air, solid, oil, gas, and others.

By phase, the global transformer market is segmented into single phase and three phase.

By rating, the global transformer market is segmented into >600 MVA, 61 MVA to 600 MVA, 11 to 60 MVA, and <10 MVA.

By mounting, the global transformer market is segmented into PC/PCB, pole, pad, and others.

By application, the global transformer market is segmented into industrial, utility, and residential & commercial.

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Regional Analysis

North America to Head Transformer Market

North America will head the transformer market over the forecast period. Increasing concerns about greenhouse gas emission rate and also its hazards to the environment, increase in construction activities and infrastructure, industrialization, growing consumption of electricity, increasing emphasis on renewable electric power generation, and the US being the world's largest electricity producers are adding to the global transformer market growth in the region.