According to a new report published by Allied Market Research, titled, “Transformers Market,” The transformers market size was valued at $58.6 billion in 2021, and is estimated to reach $103.0 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.
Transformer is a type of electronic device which helps in reducing or increasing the electrical force (voltage). The basic principle behind working of a transformer is the phenomenon of mutual induction between two windings linked by common magnetic flux. Basically, a transformer consists of two inductive coils; primary winding and secondary winding. The primary use of transformers is to increase or decrease the level of voltage or current in power plant producing stations and distributing electrical power to consumer units for domestic and industrial applications.
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Transformers are static electrical devices which are used in electrical power systems to transfer electrical power among circuits. The purpose of a transformer is to convert power from one system voltage to another. Transformers with low-voltage windings specifically designed for use with rectifiers to provide a DC supply which is boost the global transformers market share in forecasted period. In addition, rise in demand for power from manufacturing industries and residential sector are anticipated to fuel the growth of the global transformers market trends in the future.
Increase in applications of transformers in utility areas is expected to fuel the global transformers market size in the near future. Moreover, growth in demand for electricity and power and rise in smart grid projects are factors that drive the global transformers market growth. As per global transformers market forecast, surge in sales of electric vehicles across the U.S., China and Europe increases the demand for electric vehicle fueling stations which in turn is expected to create global transformers market opportunity. Some of the restraints associated with the market are risks associated with high DC voltages. This is expected to hamper the market growth.
The global transformers market is experiencing robust growth, driven by several key factors:
- Renewable Energy Integration: The expansion of renewable energy sources like solar and wind necessitates advanced transformers to efficiently integrate variable power into the grid.
- Grid Modernization: Aging infrastructure, particularly in developed regions, requires significant upgrades. Modern transformers are essential for enhancing grid reliability and accommodating new energy demands.
- Urbanization and Industrialization: Rapid urban growth and industrial development, especially in emerging economies, increase electricity demand, thereby boosting the need for transformers in power distribution networks.
- Electrification of Transportation: The rise of electric vehicles (EVs) and the expansion of charging infrastructure demand efficient transformers to manage increased loads and ensure stable power supply.
- Technological Advancements: Innovations in transformer technology, including smart transformers and eco-efficient designs, enhance energy efficiency and support the transition to smarter grids.
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The transformers industry is segmented on the basis of type, power rating, cooling type, number of phase, insulation application, and region. On the basis of type, it is categorized into distribution transformer power transformer, and others. On the basis of power rating, it is classified into small, medium, and large. On the basis of cooling type, it is bifurcated into oil cooled, and air cooled. On the basis of number of phase, it is divided into single phase and three phase. On the basis of insulation segmentation, it is bifurcated into two types- dry and liquid immersed insulation. On the basis of application, it is classified into commercial, and residential sector, utility, and industrial sector.
On the basis of region, Asia-Pacific held more than 35% share in terms of revenue and is anticipated to grow at a CAGR of 6.4% during the forecast period. Future developments in China and India solar industry and rise in investment toward smart grids projects are projected to drive the growth of the transformer market in the region. LAMEA region is growing with the highest CAGR of 6.6% in the forecasted period as countries are involved in power transition and increasing demand for electricity in manufacturing industries.
The global transformers market is experiencing robust growth, propelled by several key trends:
- Surge in Electricity Demand and Grid Modernization: Rapid urbanization and industrialization, particularly in emerging economies, are driving increased electricity consumption. This surge necessitates the expansion and modernization of power grids, leading to heightened demand for transformers that can efficiently handle higher loads and ensure reliable power distribution.
- Integration of Renewable Energy Sources: The global shift towards renewable energy, such as wind and solar, requires transformers capable of managing variable power outputs and integrating these sources into existing grids. This transition is fostering the development and adoption of advanced transformer technologies.
- Technological Advancements: Innovations in transformer technology, including the development of smart transformers equipped with IoT-enabled sensors and real-time monitoring systems, are enhancing efficiency, reliability, and maintenance processes. These advancements support the increasing demand for smart grid solutions.
- Government Initiatives and Investments: Governments worldwide are implementing policies and investing in infrastructure projects aimed at improving energy efficiency and expanding access to electricity. These initiatives are stimulating the transformer market by creating opportunities for new installations and upgrades of existing systems.
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The global transformers market analysis covers in-depth information of the major transformers industry participants. The key players operating and profiled in the report include ABB Ltd., Siemens AG, General Electric, Eaton., TOSHIBA CORPORATION, Schneider Electric, Mitsubishi Electric Corporation, CG Power & Industrial Solutions Ltd., VTC/GT, and SGB SMIT.
Key findings
- In 2021, the distribution transformers segment accounted for about half of the share in the global transformers market and is expected to maintain its dominance during the forecast period
- In 2021, the small power rating transformers segment accounted for more than 40% market share and is anticipated to grow at a rate of 5.6% in terms of revenue
- In 2021, the air-cooled segment accounted for more than 60% market share and is anticipated to grow at a rate of 6.3% in terms of revenue
- Utility sector is the rapidly growing segment in the global transformers market and is expected to grow at a CAGR of 6.3% during 2022–2031
- In 2021, Asia-Pacific dominated the global transformers market with more than 35% of the share, in terms of revenue
