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Favourable government policies to increase electrification are expected to drive innovation in transformers manufacturing, thus driving the market during the forecast period.

The global transformers market is expected to grow from $82.22 billion in 2022 to $89.05 billion in 2023 at a compound annual growth rate (CAGR) of 8.3%. The global transformer market is expected to grow to $117.73 billion in 2027 at a CAGR of 7.2%.

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Global Transformers Market Segments Include:

• By Type: Low Rated Transformer, High Rated Transformer
• By Transformer Type: Power Transformer, Distribution Transformer
• By Phase: Single Phase, Three Phase
• By Application: Residential And Commercial, Utility, Industrial
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global transformers market in 2021.

Major Market Players in the transformers market include ABB, General Electric Corporation, Schneider Electric S.A., Mitsubishi Electric Corporation, Schneider Electric, Mitsubishi Electricis, Toshiba Corporation.

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, the U.S. Department of Energy (DOE) invested a total of $20 million in funding for innovative research and development in artificial intelligence (A.I.) and machine learning. DOE’s Office of Electricity has selected eight projects to receive nearly $7 million in total to explore the use of big data, artificial intelligence, and machine learning technologies for improving existing knowledge and discovering new insights and tools for better grid operation and management. Companies should consider investing in technologies to produce smart transformers for commercial establishments.

The Transformers Global Market Report 2023 provides a transformers market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The transformers market forecast analyzes transformers market size, transformers market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

A transformer transfers energy from one circuit to another. Transformers increase or decrease voltage and current levels, increase or decrease capacitor value, prevent direct current from passing between two circuits, and isolate circuits.

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