The Transformers Global Market Report 2023 by The Business Research Company, provides transformers market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Transformers Global Market Report 2023, the market size will grow from $82.22 billion in 2022 to $89.05 billion in 2023 at a compound annual growth rate (CAGR) of 8.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global transformer is expected to grow to $117.73 billion in 2027 at a CAGR of 7.2%.
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.
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The transformers market 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
The Transformers market is moving towards the evolution of independent and self-regulating smart transformers. Smart transformers are programmed to constantly regulate voltage and maintain contact with the stakeholders and provide information and feedback on the power supply. They provide the exact amount of power that is needed and respond to fluctuations through a process known as voltage optimization. They significantly reduce greenhouse gas emissions and power consumption as they supply electrical equipment with the ideal amount of power. For instance, in 2021, Hitachi ABB Power Grids collaborated with Nanyang Technological University, Singapore (NTU Singapore) on a government-led smart grid development project. The two organizations will collaborate to advance developments in Solid State Transformer (SST) technology, led by the Energy Research Institute and supported by the National Research Foundation of Singapore. The project is part of Singapore’s Energy Grid 2.0 initiative, which aims to shape the next-generation grid system and transform energy management by combining multiple energy sources into a single intelligent network that is more efficient, sustainable, and resilient.
The transformers market report table of contents includes:
1. Executive Summary
2. Transformers Market Characteristics
3. Transformers Market – Macro Economic Scenario
4. Transformers Market Size And Growth
5. Transformers Market Segmentation
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26. Transformers Market Competitive Landscape And Company Profiles
27. Key Mergers And Acquisitions In The Transformers Market
28. Transformers Market Trends And Strategies
29. Transformers Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
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