Transformers Market Overview: Market Size, Major Drivers And Trends
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The transformers market size has experienced strong growth in recent years, expanding from $89.31 billion in 2023 to $95.32 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. This growth in the historic period is primarily attributed to the development of power infrastructure, industrialization, urbanization trends, grid expansion and upgradation projects, integration of renewable energy sources, and government initiatives aimed at regulating the power sector. Looking ahead, the transformers market is poised for further strong growth, projected to reach $119.05 billion in 2028 with a CAGR of 5.7%. Anticipated growth drivers include the increasing deployment of smart grid technologies, electrification initiatives, integration of energy storage solutions, upgradation to higher voltage levels, and concerns regarding grid resilience and stability. Major trends expected in the forecast period encompass the development of superconducting transformers to enhance efficiency, collaboration efforts for standardization and interoperability, investments in transformer upgradation and modernization, utilization of advanced cooling systems, and the expansion of medium and low voltage transformer markets.
The transformers market is poised for growth due to global initiatives aimed at increasing electrification. Countries worldwide are implementing various initiatives to enhance renewable energy infrastructure and support rural communities. For instance, the U.S. Department of Agriculture announced a $464 million investment in September 2021 for building or improving renewable energy infrastructure. Additionally, the government of India launched the “National Programme on High-Efficiency Solar PV Modules” Production Linked Incentive Scheme in April 2021, allocating a budget of Rs. 4,500 crores to encourage the production of high-efficiency solar PV modules. These favorable government policies to increase electrification are expected to have a positive impact on the transformers market, evident in 2023 and anticipated to continue through 2024 and 2028.
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What Are The Key Trends That Influence Transformers Market Share Analysis?
In June 2020, Northern Transformer Corp., a Canada-based manufacturer of transformers acquired VRT Power for an undisclosed amount. Through this acquisition, Northern Transformer Corp. aims to provide North American clients with unsurpassed local service, quality, and technology in the utility industry. VRT Power is an Israel-based manufacturer of electrical industrial power transformers.
Which Market Players Are Driving Growth In The Transformers Market?
Major companies operating in the transformers market report are Performance Group Crompton Greaves Ltd., Hammond Power Solutions Inc., Hitachi Ltd., Siemens AG, Panasonic Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd. , Toshiba Corporation, Eaton Corporation, Alstom Ltd., Emerson Electric Co., Murugappa Group, Bharat Heavy Electricals Limited, Mace Group Ltd., Daihen Corporation, Raychem RPG, SPX Corporation, Fortune Electric Co., Kirloskar Electric Company, Hyundai Heavy Industries Co. Ltd., General Electric Corporation, SGB-SMIT Group, RITZ Instrument Transformers GmbH, Schaffner Holding AG, Banmore Electricals Pvt. Ltd., TRENCH Group, KOTSONS Pvt. Ltd., IMEFY Group, Emco Ltd.
How Is The Global Transformers Market Segmented?
The transformers market covered in this report is segmented –
1) By Type: Low Rated Transformer, High Rated Transformer
2) By Transformer Type: Power Transformer, Distribution Transformer
3) By Phase: Single Phase, Three Phase
4) By Application: Residential And Commercial, Utility, Industrial
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The Transformers Global Market Report 2024 provides an overview of the transformersmarket 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 and their market positions.
The Table Of Content For The Transformers Market Include
1. Transformers Market Executive Summary
2. Transformers Market Segments
3. Transformers Market Size And Template Market Growth Rate
4. Key Transformers Market Trends
5. Major Transformers Market Drivers
……
25. Key Mergers And Acquisitions In The Transformers Market
26. Top Transformers Companies
27. Transformers Market Opportunities And Strategies
28. Transformers Market, Conclusions And Recommendations
29. Appendix
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