The transformers market has shown strong growth, 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 is primarily due to the development of power infrastructure, industrialization, urbanization, grid expansion projects, integration of renewable energy sources, and government initiatives. The market is expected to reach $119.05 billion by 2028, with a CAGR of 5.7%. Growth drivers include the deployment of smart grid technologies, electrification initiatives, energy storage solutions, higher voltage upgrades, and grid resilience. Major trends include superconducting transformers, standardization efforts, transformer upgradation, advanced cooling systems, and expansion in medium and low voltage markets.
Major Driver In The Transformers Market
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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Transformers Market Competitive Landscape
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.
Key Transformers Market Trend
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.
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Transformers Market Segmentation
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
By Geography:The regions covered in the transformers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the transformers market in 2023.
The Transformers Global Market Report 2024 furnishes information about the global transformers market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
