According to Stratistics MRC, the Global Transformers Market is growing at a CAGR of 7.1% during the forecast period. Factors favouring the market growth are increasing the expansion of commercial and industrial establishments, and increasing usage of electrical appliances. In addition, the development of new power infrastructure and overhaul of existing ones is likely to drive the demand for transformers in the near future. However, with the high initial cost incurred in the installation of smart transformers are considered as the restraints for the market growth.
Transformer is a static electrical machine which transfers AC electrical power from one circuit to the other circuit at the constant frequency, but the voltage level can be altered that means voltage can be increased or decreased according to the requirement.
Based on product, power transformer segment is projected to be the fastest growing segment due to favourable inclination towards the expansion of HVAC networks to cater the energy demand across industries coupled with ongoing deployment of utility based HVDC infrastructure. Depending on the application, utility segment is expected to dominate the market share with the extensively regulated electricity markets across the globe, ongoing expansion of grid networks to suffice the growing energy demand coupled with rising investments toward the integration of renewable technologies.
By geography, the North America is considered as the largest market share due to increasing refurbishment demand of existing grid infrastructure. Deployment of reliable grid support mechanism along with ongoing technological advancements will and rising investment towards infrastructural development including expansion of railway networks across the nation.
Some of the key players in transformers market include Hitachi, Toshiba, ABB Group, Hyundai, BHEL, General Electric, Wilson Transformer Company, Meidensha, SPX Transformer Solutions, Von Roll, Emirates Transformer & Switchgear Limited, Hyosung Corporation, TBEA, Shanghai Zhixin Electric Co., Ltd., Virginia Transformer Corporation, Xian Electric Engineering Co., Ltd, Mitsubishi Motors, Siemens, Victron Energy and Eaton Corporation.
- Instrument transformer
- Power transformer
- Distribution transformer
- Two winding
- ? 10 MVA
- 11 to 60 MVA
- 61 to 600 MVA
- > 600 MVA
- Smart Transformer
- Isolation Transformer
- Power Transformer
- Distribution Transformer
- Other Insulations
- Other Mountings
- 3 Phase
- Oil immersed
- Dry Type
- Residential & Commercial
- North America
- ·Rest of Europe
- Asia Pacific
- ·New Zealand
- ·Rest of Asia Pacific
- South America
- ·Rest of South America
- Middle East & Africa
- ·Saudi Arabia
- ·South Africa
- ·Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country level segments
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets
- 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.