The global transformers market size is expected to grow from $64.52 billion in 2021 to $70.78 billion in 2022 at a compound annual growth rate (CAGR) of 9.7%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The transformer market is expected to reach $94.75 billion in 2026 at a CAGR of 7.6%.
What is the Global Transformers Market?
The transformers market consists of sales of transformers and related services which are used in the manufacturing of power, distribution, and specialty transformers. A transformer transfers energy from one circuit to another. Transformers increase or decrease voltage and current level, increase or decrease capacitor value, prevent direct current from passing between two circuits, and isolate circuits.
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What drives the Global Transformers Market?
Favorable government policies to increase electrification will contribute to the growth of the transformers market in the forecast period. Countries around the world are implementing several initiatives to increase electrification across the countries. For example, in 2019, the Indian government launched the ‘One Nation One Grid’, an initiative aimed at offering affordable power to all the states. These initiatives increased the market for medium power transformers in the historic period. The increasing demand for medium, low, and high-power transformers supported by favorable government initiatives will positively impact the growth of the transformers market.
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Global Transformers Market Segments
The global transformers market is segmented:
By Transformer Type: Power Transformer, Distribution Transformer
By Type: Low rated transformer , High rated transformer
By Geography: The regions covered in the transformers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Transformers Global Market Report 2022provides market size and growth forecasts for the global transformers market, global transformers market share, transformers market segments and geographies, transformers market competitive landscape including leading competitors’ revenues, profiles and market shares. The transformers market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Transformers Industry Players include ABB, General Electric Corporation, Schneider Electric S.A., Mitsubishi Electric Corporation, Schneider Electric, Mitsubishi Electricis, Toshiba Corporation, Siemens, SGB-SMIT and Hammond Power Solutions. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
