Global Transformers Market to Grow at 7.5% CAGR Through 2024: Autumn Market Research
Autumn new market research report “Global Market for Transformers: 2018 – 2024” estimates that the global Transformers market will reach $83.7 billion by 2024, growing at a CAGR of 7.5% over the forecast period (2019-2024). The unprecedented demand for electricity due to the increasing population in the developing countries and the corresponding urbanisation are primarily contributing to the growth of the transformers market globally.
Transformer is a static machine which transfers AC electrical power from one circuit to another through electromagnetic induction. A transformer is used as an efficient voltage converter to change the AC voltage as its input to a higher or lower voltage as its output without changing its frequency.
The global market for transformers is expected to grow at a considerable rate due to change in power infrastructure because of the increasing demand for electricity. Increasing number of commercial and industrial establishments together with the increasing use of electrical appliances are driving the global demand for electricity. Rapid urbanization in the developing countries along with an increasing need for replacement of transformers, which are almost at the end of their service life is also further expected to provide a huge boost to the global transformers market.
• In 2017, WEG announced its acquisition of CG Power USA, Inc. The acquisition was limited to the Power and Distribution Transformers business and was initiated to complement WEG product line and to help the company increase its market share in North American market. In addition, with this acquisition, the company aims to rapidly expand its business in transmission and distribution internationally.
• The rising awareness regarding energy efficiency is expected to shape the transformers market in the company. The vendors in the transformers market are increasingly focusing on increasing efficiency levels and reducing CO2 emission levels to effectively comply with stricter environmental norms.
Asia-Pacific and European Regions to Account for the Dominant Market Demand
By 2024, Asia-Pacific and European region are estimated to collectively account for more than 70% of the market. Factors such as upgradation of power and distribution infrastructure, replacement of equipment at the end of their service life, and the development of heavy industries and renewable energy industry is driving the market forward in these regions. The key factor that will further enhance the market is the positive regulatory reforms favouring energy efficiency in these regions.
Distribution Transformers to Continue to Hold the Majority Market Share
Distribution Transformers are used for stepping down the voltage to a standard voltage and are placed near or at the consumer’s premises. In terms of value, the distribution transformers accounted for nearly 50% share of the overall transformers market size for the year 2018.
The market for distribution transformers is driven by the increasing cumulative demand for electricity, which will increase the number of power plants, power grids and new electrical networks.
Global Transformers Market - Key Players
Some of the key vendors in the global transformers market include General Electric, Siemens AG, ABB Ltd., Mitsubishi Electric Corp., Alstom SA, and Hitachi Ltd.
Global Transformers Market - Segmentation
By product type: Distribution, Power, Traction, Isolation, and Smart
By core type: Closed-type, Shell-type, and Berry-type
By winding type: Two-winding and Auto-transformer
By cooling type: Dry-type and Oil Immersed
By phase type: Three and Single
By mounting type: Pad, Pole, and PC/PCB
By installation type: Outdoor and Indoor
By region: North America, Europe, Asia-Pacific, South America, and ROW.
Intended Audience for Transformers Industry Report:
• Transformers Manufacturers
• Service Providers
• Potential Investors
• Regional and Global Associations
• Government Organizations
• Research and Consultancy Firms
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Autumn Market Research estimates that the Global Transformers Market will reach $83.7 billion by 2024, growing at a CAGR of 7.5% over the forecast.
Global Transformers Market | Autumn Market Research