Transformer Market Research Report and Forecast 2021-2025
Transformers cover a very diverse subject area that encompasses both, small and very large components. Transformers can be segmented on the basis of type as distribution transformer, power transformer and others, which includes instrument transformer. Transformer systems have been governing the renewable and non-renewable energy markets in recent years owing to its ability to transmit & distribute the energy in the form of electricity through reducing the current ampere and increasing the voltage and vice versa, to supply power according to end-user needs.
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The global rise in conventional and non-conventional power generation is creating a wide scope for the development of electrical components on large scale. The biggest new investment over the succeeding decade will be in China and India as they seek to encounter rising electricity demand while renovating their grids. Developed countries will also be investing significantly, particularly in smart grid infrastructure and renewable energy integration. Transmission and distribution investment is expected to be significant in all major geographies. The growing urbanization and industrialization with development of new data centers across the world, are continuously enhancing the technological aspects. This advancement has created a growing demand for electrical appliance and infrastructure in utility, residential & commercial and industrial sectors. The growth is inter-related with the growth in the transmission and distribution network, so as to supply power to these sector with appropriate power rating and frequency. All these major factors contribute hugely in the development of new transmission and distribution network across the globe, which indirectly boosts the transformer market.
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Global Transformer market was valued at USD 39,316.8 million in 2016 and is estimated to reach USD 64,514.9 million by 2023 with a CAGR of 7.43% over the forecast period.
Oil-Cooled Transformer by cooling type segment, small power by power rating segment, power transformer by type segment, liquid Immersed by insulation segment and utility by end-user segment are expected to hold the largest market size in forecast period.
The transformer market has been segmented based on cooling type, power rating, type, insulation, and end-user. On the basis of cooling type, Oil-Cooled Transformer accounted for the largest market share of 57.2% in 2016, with a market value of USD 22,493.1 million. It is projected to register the highest CAGR of 7.68% during the forecast period. Based on power rating, Small Power accounted for the largest market share of 45.5% in 2016, with a market value of USD 17,881.3 million; projected to witness a CAGR of 7.57% during the forecast period. Based on type, Power transformer accounted for the largest market share of 49.7% in 2016, with a market value of USD 19,540.5 million; projected to register a CAGR of 8.55% during the forecast period. Based on insulation, Liquid-Immersed accounted for the largest market share of 58.6% 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, Utility accounted for the largest market share of 43.1% in 2016, with a market value of USD 16,938.5 million; projected to witness a CAGR of 7.79% during the forecast period.
Scope of the Report
This study provides an overview of the global transformer market, tracking five market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume and share for Americas, Europe, Asia Pacific and Middle East & Africa. The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global transformer market by type, by end-users, and by regions.
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