Overview and Scope
A transformer transfers energy from one circuit to another. These increase or decrease voltage and current levels, increase or decrease capacitor value, prevent direct current from passing between two circuits, and isolate circuits. They are used in the manufacturing of power, distribution, and specialty transformers.
Sizing and Forecast
The transformer market size has grown strongly in recent years. It will grow from <b>$89.31 billion in 2023 to $95.32 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. </b> The growth in the historic period can be attributed to electrification and industrialization, infrastructure development, economic growth, regulatory standards.
The transformer market size is expected to see strong growth in the next few years. It will grow to <b>$119.05 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. </b> The growth in the forecast period can be attributed to renewable energy integration, grid modernization, electrification of transportation, increased urbanization, demand for more efficient transformers. Major trends in the forecast period include smart transformers, energy-efficient designs, compact and eco-friendly transformers, renewable integration transformers, resilience and reliability.
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Segmentation & Regional Insights
The transformer market covered in this report is segmented –
1) By Transformer Type: Power Transformer, Distribution Transformer
2) By Type: Low Rated Transformer, High Rated Transformer
3) By End User: Utility, Residential & Commercial, Industry
<b>Asia-Pacific</b> was the largest region in the transformers market in 2023. <b>Western Europe</b> was the second-largest region in the transformer market analysis. The regions covered in the transformer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Favourable government policies to increase electrification will contribute to the growth of the transformers market in the forecast period. Countries around the world are implementing several initiatives to increase electrification across countries. For example, in October 2021, the UK government introduced a plan to decarbonize the electricity system by 2030. These initiatives will increase the market for medium power transformers in the forecast period. The increasing demand for medium, low and high-power transformers supported by favourable government initiatives will positively impact the transformers market growth.
Key Industry Players
Major companies operating in the transformer market include <b>ABB Ltd, General Electric Corporation, Schneider Electric S.A., Mitsubishi Electric Corporation, Schneider Electric, Toshiba Corporation, Siemens Energy AG, SGB-SMIT, Hammond Power Solutions Inc., Hitachi Energy, Alstom, Eaton Corporation, SPX Transformer Solutions, Kirloskar Electric Company, RITZ Instrument Transformers GmbH, TBEA Co. Ltd., Jefferson Electric, Mace, Performance Group, Fortune Electric Co. Ltd., Schaffner Holding AG, EFACEC Power Solutions SGPS, Fuji Electric Co. Ltd., Hyosung Heavy Industries Co. Ltd., Hyundai Electric & Energy Systems Co. Ltd., JSHP Transformer Co. Ltd., Altran Corp., Bharat Heavy Electricals Limited (BHEL), CG Power and Industrial Solutions Limited, Crompton Greaves Limited, Daelim, Delta Star Inc, ELANTAS PDG Inc, Emerson Electric Co., Howard Industries Inc., Hyundai Heavy Industries, Pacific Transformer Corp., Pico Electronics</b>
The transformer market report table of contents includes:
1. Executive Summary
2. Transformer Market Characteristics
3. Transformer Market Trends And Strategies
4. Transformer Market – Macro Economic Scenario
5. Global Transformer Market Size and Growth
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26. South America Transformer Market
27. Brazil Transformer Market
28. Middle East Transformer Market
29. Africa Transformer Market
30. Transformer Market Competitive Landscape And Company Profiles
Top Major Players:
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