Transformer Market Forecasts to 2028 – Global Analysis By Type (Low Rated transformer, High Rated transformer), Power Rating (Large, Medium, Small), Phase (Three Phase, Single Phase) and By Geography
According to Stratistics MRC, the Global Transformer Market is accounted for $54.27 billion in 2020 and is expected to reach $123.29 billion by 2028 growing at a CAGR of 10.8% during the forecast period. The rise in the growth of microgrid and power generation & transmission technologies and growth in industrialization & centralization are driving the market growth. However, high initial and instability in the pricing of raw materials costs are hampering the growth of the market.
The transformer is a passive electrical device that transfers electrical energy from one circuit to another electrical circuit. A changing current in any one coil of the transformer creates a varying magnetic flux in the transformer’s core which brings a varying electromotive force across any other coils wrapped around the same core. Electrical energy can be moved among distinct coils without a metallic connection between the two circuits. Transformers are generally 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.
Based on the phase, the three phase segment is going to have lucrative growth during the forecast period, due to extensive applications such as providing large loads, power transmission of the electrical grids in the power generation and increasing application in the transmission and distribution sector. The three phase transformers are progressively used owing to their numerous advantages like they smaller and lighter to construct, they have better operating characteristics.
By geography, Asia Pacific is going to have high growth during the forecast period, due to the increasing up-gradation of power and distribution infrastructure, replacement of aging equipment, and the increasing development in heavy industries and renewable energy are some of the factor’s propel the market growth across the province.
Some of the key players profiled in the Transformer Market include ABB Ltd, Alstom, Eaton, General Electric Company, Hammond Power Solutions Inc, Hitachi, Kirloskar Electric Company, Mitsubishi Electric Corporation, RITZ Instrument Transformers GmbH, Schneider Electric, SGB-SMIT, Siemens AG, SPX Transformer Solutions, Toshiba Corporation.
• Low Rated transformer
• High Rated transformer
Power Ratings Covered:
• Three Phase
• Single Phase
• Distribution Transformer
• Power Transformer
• Instrument Transformer
• Two Winding
• Auto Transformer
• ≤ 10 MVA
• 11 to 60 MVA
• 61 MVA to 600 MVA
• > 600 MVA
• PC/PCB (Printed Circuit Board)
• Dry Type
• Oil Immersed
• Residential & Commercial
• Energy and Power Utilities
• Metallurgy Industry
• Power Distribution
• Power Generation
• Power Transmission
• Petrochemicals Industry
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
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