Global Transformer Market Analysis: Size, Drivers, Trends, Opportunities And Strategies
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
The transformer market has witnessed robust growth in recent years, reaching $89.31 billion in 2023. This positive trajectory is set to continue, with a projected increase to $95.32 billion in 2024, reflecting a substantial compound annual growth rate (CAGR) of 6.7%. The historical growth of the market can be attributed to electrification and industrialization, infrastructure development, economic growth, and compliance with regulatory standards.
Anticipating Future Expansion
Looking ahead, the transformer market is poised for continued strong growth. The forecast indicates an expected market size of $119.05 billion in 2028, with a CAGR of 5.7%. The drivers for this growth include renewable energy integration, grid modernization, electrification of transportation, increased urbanization, and a growing demand for more efficient transformers. Notable trends in the forecast period encompass the emergence of smart transformers, energy-efficient designs, compact and eco-friendly transformers, as well as transformers tailored for renewable energy integration, emphasizing resilience and reliability.
Surging Electricity Consumption as Catalyst for Transformer Market Growth
Powering Progress
The escalating demand for electricity consumption is expected to be a significant driver for the transformer market. The surge in electricity usage, attributed to the electrification of various sectors such as transportation and heating, plays a pivotal role in propelling market growth. For instance, a report by the International Energy Agency (IEA) noted a 13.5% increase in net electricity output in July 2023 compared to the same period in the previous year, reaching a total of 980.6 TWh. As the demand for electricity continues to rise, the transformer market is poised to witness substantial growth.
Major Players Driving Transformer Market Dynamics
Key Industry Players
Major companies at the forefront of the transformer market include:
- ABB Ltd.
- General Electric Corporation
- Schneider Electric S.A.
- Mitsubishi Electric Corporation
- 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.
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Innovative Advancements In Transformers: Oil-Free and Plug-And-Play Traction Transformer
Revolutionary Technological Advancements
Innovation is a driving force within the transformer market, with companies introducing groundbreaking technologies such as oil-free and plug-and-play traction transformers. This transformative technology eliminates the need for oil, resulting in lower maintenance costs and downtime, increased efficiency, and enhanced safety. A notable example is the oil-free and plug-and-play traction transformer launched by Hitachi Energy in September 2022. This innovation features a factory-installed cooling system, eliminating the requirement for oil and enhancing overall security, making it ideal for rail electrification systems.
Royal Smit Transformers Acquires DNV: Enhancing Transformer Portfolio
Strategic Acquisitions
In a strategic move in October 2021, Royal SMIT Transformers, a Netherlands-based electrical equipment company, acquired DNV, a Norway-based independent company operating in transformers. This acquisition strengthens the transformer portfolio of the SGB-SMIT Group, enhancing its services in high-quality transformers.
Segmentation Insights: Understanding Transformer Market Dynamics
Analyzing Key Segments
The transformer market is segmented based on:
- Transformer Type: Power Transformer, Distribution Transformer
- Type: Low Rated Transformer, High Rated Transformer
- End User: Utility, Residential & Commercial, Industry
Asia-Pacific: Dominating the Transformer Market
Regional Leadership
In 2023, Asia-Pacific emerged as the largest region in the transformer market. The region’s dominance can be attributed to robust industrial growth, increasing automotive production, and a rising focus on infrastructure development. As the Asia-Pacific region continues to be a hub for economic activities, the transformer market is expected to maintain its leadership position.
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The Transformer Global Market Report 2024 provides an overviewof the transformer market for the time series: historic years (2010 -2021) and ten years forecast (2023 – 2032).The transformer market forecast analyzestransformermarket size, transformer market share,leading competitor and their market positions.
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