Wilmington, Delaware, Jan. 17, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Voltage Transformer Market by Voltage Type (Low Voltage, Medium Voltage, and High Voltage) and Application (Residential & Commercial, Utility, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the voltage transformer market was valued for $22.4 billion in 2022 and is estimated to reach $42.1 billion by 2032, exhibiting a CAGR of 6.6% from 2023 to 2032.
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Prime determinants of growth
The global voltage transformer market is experiencing growth due to several factors such as an increase in demand for electricity where voltage transformers are crucial components in the electricity distribution network, responsible for transforming power generated from various sources to meet the diverse voltage needs of end-use industries. However, the high initial costs of voltage transformers hinder the market growth to some extent. Moreover, the surge in demand for smart grid initiatives offers remunerative opportunities for the expansion of the voltage transformer market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $22.4 billion |
| Market Size in 2032 | $42.1 billion |
| CAGR | 6.6% |
| No. of Pages in Report | 300 |
| Segments covered | Voltage Type, Application and Region. |
| Drivers |
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| Opportunity |
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| Restraints |
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The high voltage segment is expected to grow faster throughout the forecast period.
By voltage type, the medium voltage segment held the highest market share in 2022, accounting for nearly half of the global voltage transformer market revenue and is estimated to maintain its leadership status throughout the forecast period. This is due to medium voltage transformers play a crucial role in railway electrification systems. They are used to convert the high voltage from the grid to the required voltage for the railway infrastructure. However, the high voltage segment is projected to manifest the highest CAGR of 6.9% from 2023 to 2032, as high-voltage transformers are employed to step up the voltage of electrical power generated at power plants. This high voltage reduces energy losses during long-distance transmission through power lines.
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The industrial segment is expected to lead the trail by 2032
By application, the industrial segment held the highest market share in 2022, accounting for nearly one-third of the global voltage transformer market revenue and is estimated to dominate during the forecast period. This can be attributed to the fact that voltage transformers are used in instrumentation and control systems to step down high voltage levels to levels suitable for measurement instruments and control devices. This ensures that sensitive equipment receives the appropriate voltage for accurate readings and proper functioning. However, the residential and commercial segment is projected to manifest the highest CAGR of 7.1% from 2023 to 2032, as residential areas receive electricity at a higher voltage from the utility grid. Step-down transformers are used to reduce this high voltage to the standard voltage levels used in homes, typically 120V or 230V, depending on the region.
Asia-Pacific is to maintain its dominance by 2032.
By region, Asia-Pacific held the highest market share and fastest-growing region accounting for more than two-thirds of the market share growing with the CAGR of 7.0% in 2022. This is due to the fact that voltage transformers play a crucial role in meeting the power needs of various industries in the Asia-Pacific region. Key sectors such as manufacturing, chemicals, and heavy industries heavily depend on these transformers to maintain a consistent and dependable power supply for their operations.
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Leading Market Players: -
- ABB Group
- Custom Coils
- General Electric (GE)
- Glen Magnetics Inc
- HD Hyundai Electric
- MPS Industries, Inc.
- Pacific Transformer Corporation
- PICO Electronics, Inc.
- Schneider Electric
- Siemens AG.
The report provides a detailed analysis of these key players in the global voltage transformer market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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