DUBLIN, May 20, 2022–(BUSINESS WIRE)–ResearchAndMarkets.com adds “Transformers Global Market Report 2022, by Transformer Type, Type and End User” report to ResearchAndMarkets.com’s offerings .
The global transformer market is expected to grow from USD 75.89 billion in 2021 to USD 95.51 billion in 2022, at a compound annual growth rate (CAGR) of 25.9%.The market is expected to reach USD 220.4 billion in 2026, growing at a CAGR of 23.3%.
The major players in the transformer market are ABB, General Electric Company, Schneider Electric SA, Mitsubishi Electric Corporation, Schneider Electric, Mitsubishi Electric Corporation, Toshiba Corporation, Siemens, SGB-SMIT and Hammond Power Solutions.
The transformer market includes the sale of transformers and related services used in the manufacture of power, distribution, and specialty transformers.Transformers transfer energy from one circuit to another.Transformers increase or decrease voltage and current levels, increase or decrease capacitor values, prevent direct current from passing between two circuits and isolate circuits.
The main types of transformers are power transformers and distribution transformers.A power transformer is a type of transformer used to transfer electrical energy between the generator and the primary circuit of the distribution.In power distribution systems, these transformers are used to connect step-up and step-down voltages.It can be used as low rated transformers and high rated transformers for utility, residential and commercial, industrial end users.
Asia Pacific is the largest region for the transformer market in 2021.Western Europe is the second largest region for the transformer market.The regions covered in this report include Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Favorable government policies to increase electrification will contribute to the growth of the transformer market over the forecast period.Countries around the world are implementing several initiatives to increase electrification in their countries.For example, in 2019, the Indian government launched the One Country One Grid initiative, which aims to provide affordable electricity to all states.
These moves will increase the market for medium-sized power transformers over the forecast period.Rising demand for low and medium power transformers, supported by favorable government initiatives, will positively impact the growth of the transformer market.
The instability of raw material prices is the main factor restricting the transformer manufacturing market.The instability is due to fluctuations in the prices of raw materials such as steel, copper and crude oil.Steel and copper are mainly used to make transformers.
Rising tariffs on raw materials such as steel and copper have exacerbated price volatility, thereby restraining the growth of the medium-sized power transformers market.For example, in February 2020, the U.S. government decided to increase import tariffs on derived steel and aluminum by 25% and 10%, respectively.Rising prices have resulted in increased operating expenses, thereby hindering the growth of the market.
The transformer market is moving towards independent and self-regulating smart transformers.Smart transformers are programmed to continuously regulate voltage and stay in touch with stakeholders, providing information and feedback about the power source.
They provide the exact power needed and respond to fluctuations through a process called voltage optimization.They provide the ideal amount of electricity for electrical equipment, thus significantly reducing greenhouse gas emissions and electricity consumption.For example, in 2021, Hitachi ABB Power Grids partnered with Nanyang Technological University, Singapore (NTU Singapore) on a government-led smart grid development project.
The two organisations will collaborate to advance the development of solid-state transformer (SST) technology, which is led by the Energy Research Institute and supported by the National Research Foundation of Singapore.The project is part of Singapore’s Energy Grid 2.0 initiative, which aims to shape the next generation grid system and transform energy management by combining multiple energy sources into a single smart network that is more efficient, sustainable and resilient.
6.1.Global Transformer Market, Transformer Type, Historical and Forecast Segmentation, 2016-2021, 2021-2026F, 2031F, USD Billion
6.2. Global Transformer Market, Segmentation by Type, History and Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
6.3. Global Transformer Market, End User Segmentation, History and Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
7.1.Global Transformer Market, By Region, History and Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
7.2. Global Transformer Market, By Country, History and Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
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