Transformer Market Research Report and Industry Analysis
The transformer is a diverse subject area, which includes both, small and very large systems. The transformer is broadly segmented into distribution transformer, power transformer, and others (instrument transformer). Transformer systems have been dominating the renewable energy market and conventional market in recent years because of the ability to transmit and distribute the energy in the form of electricity and supply according to end-user needs. The global transformer market is expected to grow moderately and register a CAGR of 7.43% during the forecast period. Some of the prominent drivers supporting the growth of the global transformer market are a rise in transmission and distribution infrastructure investments and growth in the renewable energy sector. This is mainly because transformer systems are highly efficient transmission and distribution equipment.
Global transformer market is estimated to reach USD 64,514.9 million by 2023.
For the purpose of the study, the global transformer market has been segmented based on type, power rating, cooling type, insulation, end-user, and region. Based on the type, the market has been segmented into distribution transformer, power transformer, and others. Among them, the power transformer has a huge demand in the market during the forecast period. On the basis of power rating, the transformer market is segmented as small, medium, and large power. Small power transformer segment is dominating because of precision engineering, long life, and low failure rates of small power transformers. On the basis of cooling type, the market is further classified as oil cooled transformer and air-cooled transformer.
Oil cooled transformer segment is dominating as it has good electrical insulating property and blocks the current flow through oil. Based on insulation, the market for transformers is segmented as a dry type and liquid-immersed. Liquid-immersed dominates the transformer market during the forecast period. Based on the end user, the market for Transformer is segmented as a utility, residential & commercial and industrial. Utility accounted for the largest market share because of need in power plant generation in developing nations during the forecast period. On the basis of region, the market is segmented into the four regions of Americas, Europe, Asia-Pacific, and the Middle East and Africa.
Key Players
The key players of global transformer market are ABB Ltd., (Switzerland), Eaton Corporation plc (Ireland), Schneider Electric (France), Siemens AG (Germany), Crompton Greaves Ltd. (India), Mitsubishi Electric Corporation (Japan), Toshiba Corporation (Japan), Bharat Heavy Electricals Limited (India), Hyosung Power & Industrial Solutions (South Korea), and SPX Transformer Solutions, Inc. (U.S.).
Objectives of Global Transformer Market Analysis & Forecast, 2017 – 2023
- To provide a detailed analysis of the market structure along with the forecast for the next six years of various segments and sub-segments of the global transformer market.
• To analyze the global transformer market based on various tools such as Supply Chain Analysis, and Porter’s Five Forces Analysis.
• To provide historical and forecast revenue of the market segments and sub-segments with respect to regions and their respective key countries.
• To provide country-level analysis of the market with respect to the current market size and future prospective.
• To provide country-level analysis of the market for segments type, power rating, cooling type, insulation, end-user, and region.
• To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
• To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the transformer market.
Target Audience
• Manufactures
• Research Institute & education institute
• Power industry
• Transmission and distribution industry.
• Energy & Utility
• Industrial association
• Health, safety, and environmental organizations.
Key Findings
• Global transformer market is estimated to reach USD 64,514.9 million by 2023.
• By type, Power Transformer segment accounted for the largest market with a market value of USD 21,092.8 million, in 2017, progressing at the highest CAGR of 8.55% during the forecast period.
• Based on power rating, Small Power segment dominated the market in 2017, with a market value of USD 19,110.8 million, which is projected to rise at the highest CAGR of 6.19%.
• Based on cooling type, Oil-Cooled Transformer segment accounted for the largest market size in 2017, with market value of USD 24,059.5 million, and is expected to progress at the highest CAGR of 7.68%.
• Based on type, Liquid-Immersed segment accounted for the largest market size in 2017, with market value of USD 24,628.0 million, and is expected to progress at the highest CAGR of 7.61%.
• Based on end-user, utility segment accounts for the largest market share of USD 18,137.4 million and is expected to progress at the highest CAGR of 7.79%.
• Geographically, Asia-Pacific has been projected to have the largest market share of 42.72% in the global transformer market.
Regional and Country Analysis of global transformer market Estimation and Forecast
Geographically, Asia-Pacific is the fastest growing market for global transformer market. The region is marked with a rising number of installation activities of transformer in power plants along with investment in energy system and smart grid development. The region offers lucrative opportunities for global players due to economic development and increased per capita disposable income. This has spiked the growth of transformer used in the utility segment and industries.
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