Transformer Market Estimated to Grow up to USD 64,514.9 Million with a 7.43% CAGR by 2023 | Global Transformer Industry Forecast by Type, Power Rating, Cooling Type, Insulation, End-User, Region

The global transformer market is influenced primarily by the growing transmission and industrial distribution sector across the globe. Additionally, the market is affected by the increasing awareness of renewable and green energy. Increasing investment for expanding infrastructure and R&D for technological advancement is estimated to contribute significantly to the market growth. The largest market segments over the forecast period are estimated to be power transformer in the transformer type segment, small power in the power rating segment, oil-cooled transformer in the cooling type segment, liquid immersed in the insulation segment and utility in the end-user segment.

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Pune, India, May 30, 2019 (GLOBE NEWSWIRE) -- The transformer market was valued at USD 39,316.8 million in 2016, and according to Market Research Future (MRFR), the global transformer market is estimated to grow up to USD 64,514.9 million till 2023 with a CAGR of 7.43% over the forecast period of 2017 to 2023. A transformer is an electric device used to transfer electrical energy from one circuit to another, with principles of electromagnetic induction and reduces or increases the voltage of an irregular current. The global transformer market is rising at an exponential rate influenced by factors such as the increasing usage of electrical appliances, expanding commercial and industrial establishments, the upsurge in transmission and distribution infrastructure investments, and the evolution of the renewable energy sector.

The market growth is positively influenced by the transmission and distribution infrastructural advancements, and expansion of grid interconnection. There has been a rise in the global focus on providing grid stability and reliability, which has led to an increase in the investments in the transmission and distribution sector.

The growth of the transformer market can be hindered by the high initial capital cost of transformer and reluctance among the utility authority to replace aging infrastructure.  

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Key Players

The key players of global transformer market are SPX Transformer Solutions, Inc. (U.S.), ABB Ltd., (Switzerland), Siemens AG (Germany), Eaton Corporation plc (Ireland), Schneider Electric (France),  Crompton Greaves Ltd. (India), Bharat Heavy Electricals Limited (India), Mitsubishi Electric Corporation (Japan), Toshiba Corporation (Japan), Hyosung Power & Industrial Solutions (South Korea), among others.

Segmental Analysis

Based on the segmentation followed by MRFR, the global transformer market has been segmented by transformer type, power rating, cooling type, insulation, end-user, and region.

By type, the market is segmented into distribution transformer, power transformer, and others. Among these, power transformer was reported as the largest segment with a 49.7% market share in 2016, with a market growth of USD 19,540.5 million and is expected to grow at 8.55% CAGR through the forecast period. 

By the power rating, the Transformer Market is segmented into small power, medium power, and large power. Small power rating segment was registered as the largest segment with a 45.5% market share, with a market value of USD 17,881.3 million in 2016, and is assessed to rise at a CAGR of 7.57% through the forecast period.

Based on cooling type, the market is segmented into an oil-cooled transformer and air-cooled transformer. The oil-cooled transformer was accounted for the largest segment with a 57.2% market share in 2016, with a market value of USD 22,493.1 million. It is expected to register the highest CAGR of 7.68% during the forecast period.

Based on insulation, the market is segmented into dry type and liquid-immersed. The liquid-immersed segment was reported as the largest 58.6% market share in 2016, with a market value of USD 23,039.7 million; projected to register a CAGR of 7.61% during the forecast period.

Based on end-user, the market has been segmented into utility, residential & commercial, and industrial. Utility segment was accounted for the largest segmental market share of 43.1% in 2016, with a market valuation of USD 16,938.5 million and is estimated to grow at a CAGR of 7.79% during the forecast period.

Based on the region, the global transformer market has been segmented into North & South America, Europe, Asia Pacific, and Middle East & Africa.

The Asia Pacific Estimated to Be The Fastest-Growing Region of the Global Transformer Market

American regional market is proliferating due to the expanding economies of its countries and their focus on investments in renewable energy resources, thus contributing to the electrical component markets like grid expansion and cross-border expansion of electric lines, subsequently contributing to the transformer market in the region. North and South America are estimated to substantially contribute to the transformer market share over the forecast period.

European transformer market is estimated to showcase substantial growth over the forecast period owing to the rise in industrial growth, high investments in smart grids, positive regulatory reforms which favor energy efficiency, increasing adoption of smart technologies, growing production of electricity, and the growing awareness for green energy. The market is also affected by the increasing energy security concerns and the expanding investment in large scale sustainable integration. The European region of the transformer market is estimated to sustain its market share over the forecast period.

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Asia Pacific region is estimated to be a fastest-growing regional market for transformer systems and is expected to maintain its dominant market share over the forecast period, mainly influenced by the advancements in the T&D sector, industrial growth in China, India, and other countries of Southeast Asia. Additionally, the progress of power plant capacity, the steady economic growth, the growing need for electricity access in emerging countries of Asia Pacific region drives the transformer market.

The Middle East & Africa region of the transformer market is estimated to showcase substantial growth through the forecast period, driven by aspects such as the growing infrastructural advancements, and the increasing demand for power in developing parts of the region.

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.


        

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