Transformers Market to Reach $102.96 Billion, Globally, by 2031 at 6.1% CAGR: Allied Market Research

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Mar 09, 2023, 06:50 ET

PORTLAND, Ore., March 9, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Transformers Market by Type (Distribution Transformer, Power Transformer, Others), by Power Rating (Small, Medium, Large), by Cooling Type (Air Cooled, Oil Cooled), by Insulation (Dry, Liquid Immersed), by Number of Phase (Three Phase, Single Phase), by Application (Utility, Industrial, Commercial and Residential): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global transformers market industry generated $58.58 billion in 2021, and is anticipated to generate $102.96 billion by 2031, witnessing a CAGR of 6.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Drivers, restraints, and opportunities:

The rise in demand for power supply, increase in incorporation of sustainable resources to deliver power, increase in urbanization, modernization, and the introduction of innovative technologies drive the growth of the global transformers market. However, fluctuations in raw material costs restrict the market growth. On the other hand, the requirement for transformers has increased due to a decrease in price of inexhaustible energy sources for power generation, which is creating favorable market growth conditions in the coming years.

COVID-19 Scenario:

Lockdowns imposed due to the outbreak of the COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries, which decreased the demand for various products from consumers.
However, the market demand for transformers did not get affected due to the requirement for continuous power supply and electricity during the pandemic.
The transformers market grew at a rapid pace in 2022, as COVID-19 vaccination was completed in various economies across the globe, which improved the global economy.

The distribution transformer segment to dominate the market during forecast period

Based on type, the distribution transformer segment contributed to the largest share of nearly three-fifths of the global transformers market revenue in 2021, and is expected to retain its dominance during the forecast period. The same segment would portray the fastest CAGR of 6.3% during the forecast period. This is because in utility and industrial sectors, distribution transformers are employed to convert high power voltage to medium voltage. Also, the manufacturing sector is driving the demand for distribution transformers, as the sector needs electrical energy with voltage ranging from 33KV to 440V.

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The air cooled segment to rule the roost during the forecast period

Based on cooling type, the air cooled segment contributed to the largest share of more than two-thirds of the global transformers market revenue in 2021, and is expected to retain its dominance during forecast period. The same segment would portray the fastest CAGR of 6.3% during the forecast period. This is because air cooled transformers are eco-friendly and helps lowering the emission of carbon content in the air. Moreover, the surge in use of air cooled transformers in the commercial and residential sectors for numerous applications create an optimistic opportunity for the air-cooled segment in the global transformer market in the upcoming years.

The three phase segment to lead the market during the forecast period

In terms of number of phases, the three phase segment contributed to the largest share of nearly three-fifths of the global transformers market revenue in 2021, and is expected to retain its dominance during forecast period. The same segment would portray the fastest CAGR of 6.3% during the forecast period. Three phase transformers are efficient for utility and industrial applications due to their several advantages, including safety, high voltage transfer, and cost effectiveness. Also, they help smoothening the operations of heavy duty equipment.

The utility segment to rule the roost during forecast period

By application, the utility segment contributed to the largest share of nearly three-fifths of the global transformers market revenue in 2021, and is expected to retain its dominance during the forecast period. The same segment would portray the fastest CAGR of 6.3% during the forecast period. The segment's growth is attributed to an increase in the number of infrastructure projects in the commercial sector and rural electrification projects. Furthermore, an increase in investment in bringing new technologies to provide cost-efficient renewable power generation drives the growth of the distribution transformers during the forecast period.

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Asia-Pacific region garnered the major share in 2021

By region, Asia-Pacific accounted for the highest share in 2021, holding more than one-third of the global transformers market revenue in 2021, and is expected to retain its dominance during the forecast period. The market in the region is driven by a rise in demand for electricity from utility and the adoption of renewable energy solutions. Moreover, the LAMEA region would portray the fastest CAGR of 6.6% during the forecast period. The growth of the market is attributed to the demand for electricity and upgradation of transmission networks in the region. Also, an increase in the number of renewable energy projects in the region is anticipated to boost the LAMEA transformer market during the forecast period.

Leading Market Players:

ABB Ltd.
Siemens AG
General Electric
Eaton.
TOSHIBA CORPORATION
Schneider Electric

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