DUBLIN, May 20, 2022--(BUSINESS WIRE)--The "Transformer Global Market Report 2022, By Transformer Type, By Type, By End User" report has been added to ResearchAndMarkets.com's offering.
The global transformer market is expected to grow from $75.89 billion in 2021 to $95.51 billion in 2022 at a compound annual growth rate (CAGR) of 25.9%. The market is expected to reach $220.40 billion in 2026 at a CAGR of 23.3%.
Major players in the transformers market are ABB, General Electric Corporation, Schneider Electric S.A., Mitsubishi Electric Corporation, Schneider Electric, Mitsubishi Electricis, Toshiba Corporation, Siemens, SGB-SMIT, and Hammond Power Solutions.
The transformers market consists of sales of transformers and related services which are used in manufacturing of power, distribution and specialty transformers. A transformer transfers energy form 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.
The main types of transformers are power transformer and distribution transformer. The power transformer is a type of transformer that is used to transfer electrical energy between the generator and the distribution primary circuits. In distribution systems, these transformers are used to connect step up and step-down voltages. It is available as low rated transformer and high rated transformer that are used by utility, residential and commercial, industry end users.
Asia Pacific was the largest region in the transformers market in 2021. Western Europe was the second-largest region in the transformers market. The regions covered in this report are 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 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 will increase the market for medium power transformers in the forecast period. The increasing demand for medium, low and high-power transformers supported by favorable government initiatives will positively impact the growth of transformers market.
Instability in pricing of raw materials is a major restraint in the transformers manufacturing market. The instability is due to the volatility in the raw material prices of steel, copper, and crude oil. Steel and copper are predominantly used in manufacture of transformers.
Increased tariffs on raw materials such as steel and copper, increased the volatility of prices, thereby limiting the growth of the market for medium power transformers. For instance, in February 2020, USA administration decided to raise tariffs on derivative steel and aluminum imports by 25% and 10%, respectively. The increase in prices leads to increase in operating expense thereby hampering the growth of the market.
Transformers market is moving towards evolution of independent and self-regulating smart transformers. Smart transformers are programmed to constantly regulate voltage and maintain contact with the stakeholders and provide information and feedback on the power supply.
They provide the exact amount of power that is needed and respond to fluctuations through a process known as voltage optimization. They significantly reduce greenhouse gas emissions and power consumption as they supply electrical equipment with the ideal amount of power. For instance, in 2021, Hitachi ABB Power Grids has collaborated with Nanyang Technological University, Singapore (NTU Singapore) on a government-led smart grid development project.
The two organizations will collaborate to advance developments in Solid State Transformer (SST) technology, 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 intelligent network that is more efficient, sustainable, and resilient.
Key Topics Covered:
1. Executive Summary
2. Transformers Market Characteristics
3. Transformers Market Trends And Strategies
4. Impact Of COVID-19 On Transformers
5. Transformers Market Size And Growth
5.1. Global Transformers Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Transformers Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Transformers Market Segmentation
6.1. Global Transformers Market, Segmentation By Transformer Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.2. Global Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Low rated transformer
High rated transformer
6.3. Global Transformers Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Residential & Commercial
7. Transformers Market Regional And Country Analysis
7.1. Global Transformers Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Transformers Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
General Electric Corporation
Schneider Electric S.A.
Mitsubishi Electric Corporation
Hammond Power Solutions
SPX Transformer Solutions
Kirloskar Electric Company
RITZ Instrument Transformers GmbH
Hammond Power Solutions Inc.
SPX Transformer Solutions
Fortune Electric Co. Ltd.
Schaffner Holding AG
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Laura Wood, Senior Press Manager
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