The transformer global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Transformer Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The transformer market size has grown strongly in recent years. It will grow from $89.31 billion in 2023 to $95.32 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to electrification and industrialization, infrastructure development, economic growth, regulatory standards.
The transformer market size is expected to see strong growth in the next few years. It will grow to $119.05 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to renewable energy integration, grid modernization, electrification of transportation, increased urbanization, demand for more efficient transformers. Major trends in the forecast period include smart transformers, energy-efficient designs, compact and eco-friendly transformers, renewable integration transformers, resilience and reliability.
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Scope Of Transformer Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Transformer Market Overview
Market Drivers –
Favourable 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 countries. For example, in October 2021, the UK government introduced a plan to decarbonize the electricity system by 2030. 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 favourable government initiatives will positively impact the transformers market growth.
Market Trends –
The Transformers market is moving towards the 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 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.
The transformer market covered in this report is segmented –
1) By Transformer Type: Power Transformer, Distribution Transformer
2) By Type: Low Rated Transformer, High Rated Transformer
3) By End User: Utility, Residential & Commercial, Industry
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Regional Insights –
Asia-Pacific was the largest region in the transformers market in 2023. Western Europe was the second-largest region in the transformer market analysis. The regions covered in the transformer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the transformer market include ABB Ltd, General Electric Corporation, Schneider Electric S.A., Mitsubishi Electric Corporation, Schneider Electric, Toshiba Corporation, Siemens Energy AG, SGB-SMIT, Hammond Power Solutions Inc., Hitachi Energy, Alstom, Eaton Corporation, SPX Transformer Solutions, Kirloskar Electric Company, RITZ Instrument Transformers GmbH, TBEA Co. Ltd., Jefferson Electric, Mace, Performance Group, Fortune Electric Co. Ltd., Schaffner Holding AG, EFACEC Power Solutions SGPS, Fuji Electric Co. Ltd., Hyosung Heavy Industries Co. Ltd., Hyundai Electric & Energy Systems Co. Ltd., JSHP Transformer Co. Ltd., Altran Corp., Bharat Heavy Electricals Limited (BHEL), CG Power and Industrial Solutions Limited, Crompton Greaves Limited, Daelim, Delta Star Inc, ELANTAS PDG Inc, Emerson Electric Co., Howard Industries Inc., Hyundai Heavy Industries, Pacific Transformer Corp., Pico Electronics
Table of Contents
- Executive Summary
- Transformer Market Report Structure
- Transformer Market Trends And Strategies
- Transformer Market – Macro Economic Scenario
- Transformer Market Size And Growth
…..
- Transformer Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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