Lighting Transformer Market Research, 2031
The global lighting transformer market size was valued at $1.2 billion in 2021, and is projected to reach $2.1 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.
Lighting transformers are transformers that are used only in conjunction with lighting. Dimmer switches are the usual name for them. A light can be turned brighter or dimmer by adjusting the voltage flowing through a circuit with the use of a transformer. They typically operate at lower temperatures and are more compact. These transformers are limited to 300 W of power. Lighting transformers also offer far less power handling capacity than magnetic transformers. In a short conclusion, transformers used to operate lighting are known as lighting transformers. They are made to enable voltage transformation to lower levels suited for domestic lights. An autotransformer, or a transformer with just one winding, is frequently used as a lighting transformer.
Increase in demand for low voltage lighting transformers used in residential sector, growth in investment for global transformer market, along with increase in demand for dimmer switches, are expected to be the key factors that drive the ligting transformer market growth during the forecast period. In power industry, not only are lighting transformers used to brighten and dim lights but also for a variety of other purposes. In essence, they can be used for any number of applications where voltage does need to be slightly modified to accommodate different devices because they do allow the voltage across a line to be varied. In addition, rapidly growing electric power industries are anticipated to drive the lighting transformers market growth during the forecast period.
Rise in demand for lighting transformers in extensive range of application for brightening, dimming, and other uses are expected to drive the growth of the lighting transformer market during the forecast period as transformers are majorly used in residential sector. Moreover, rise in demand for lighting transformers for various purposes such as additional thermal capacity of known limits, design features that minimize harmonic current losses, neutral and terminal connections sized at 200% of normal, and other applications are projected to propel the growth of the market in the coming years.All dimmer switches used in residential, commercial, and utility sector are made to work with electric motors. Thus, widening application and increasing usage of dimmer switches in residential, commercial, and utility sector, and other industrial application are expected to fuel the demand for lighting transformers market during the upcoming years.
The rapid utility-industrialization and increase in population across the globe have led to the demand for lighting transformers. The rise in lighting transformer in commercial and utility sector for lighting purposes is anticipated to boost the lighting transformers market. Not only are lighting transformers used to brighten and dim lights, but also for a variety of other purposes. In essence, they can be used for any number of applications where voltage does need to be slightly modified to accommodate different devices because they do allow the voltage across a line to be varied. However, high cost of maintenance for lighting transformers are expected to restrain the growth of the market in the coming years. On the contrary, increasing organic growth strategies by major key players in the global regions are projected to create opportunities for key players operating in the market from 2022 to 2031.
The global lighting transformers market is segmented on the basis of type, power rating, application, and region. On the basis of type, it is categorized into electronic, isolation, and magnetic transformers. As per power rating, it is categorized into small (500 to 7500kVA), medium (7500kVA to 100MVA), and large (above 100MVA) power rating. According to application, it is classified into commercial and residential sector, utility, and industrial sector. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.The key players operating in the global lighting transformers market are Eaton Corporation Plc., Schneider Electric, ABB Ltd., Hitachi, Trio Transformer, Trans Power Tech, MX LightForce, Pelton Power Technologies Private Limited, Airlink Transformers, and Leviton which hold significant share of the market.
These players have been adopting various strategies to gain higher share and to retain leading positions in the market. They adopt numerous strategies, including acquisition, and agreement to stay competitive in the lighting transformers market globally. For instance, in 2022, Magnitude Lighting Inc., manufacturer of LED drivers and transformers, announced a new product designed specifically for landscape contractors, electricians, and landscape architects. The Magnitude Otter™ Landscape Transformer Series includes 150W and 300W units and is designed with unique contractor-pleasing features that will speed up installation and eliminate profit-draining call backs. The strategic initiatives taken by major players on global lighting transformers market is expected to shift from moderate to high during the forecast period.
The lighting transformers market analysis in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2022–2031. The report includes the study of the lighting transformer market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the lighting transformers market ndustry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth. On the basis of type, the electronic transformers segment dominated the market in 2021, owing to rise in demand for electronic transformers from industrial, commercial, and utility sectors.
In addition, rise in demand for lighting transformer in outdoor applications such as backyard lighting, garden lights, landscape lighting, modern lighting, outdoor LED lighting, outdoor light fixtures, the lighting corner, and wall sconce lighting is anticipated to fuel the growth of the global lighting transformers market in the future. In addition, advantages associated with lighting transformer such as additional thermal capacity of known limits, design features that minimize harmonic current losses, and neutral and terminal connections sized at 200% of normal, and other advantages are expected to fuel the growth of the market during the forecast period.
By application, the commercial and residential segment dominated the regional market in 2021, in terms of share, owing to rise in demand for transformers systems from homes, commercial building, malls, and others. Asia-Pacific garnered the highest lighting transformers market share in 2021, in terms of revenue, and is anticipated to maintain its dominance during the forecast period. Increase in applications of electronic low voltage transformers, and Toroidal transformers is anticipated to boost the growth of the lighting transformer market in the region during the forecast period.
Moreover, lockdown imposed owing to 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. But the lighting transformer market growth was not majorly affected, due to its high demand in hospitals, pharmaceuticals industries, and other applications during the pandemic.
The lighting transformer market is segmented into Type, Power Rating and Application.
The electronic segment was the highest revenue contributor to the market. Rise in demand for electronic transformers from residential and industrial sectors such as homes, and manufacturing industries to convert high power voltage to medium voltage is expected to drive the growth of the market during the forecast period. Moreover, surge in demand for electronic transformers from the industries which requires less electrical energy with voltage of 33kV, and 440V-220V for domestic areas in residential areas is expected to fuel the demand for the global electronic transformers market during the analyzed time frame.
The small segment was the highest revenue contributor to the market. Increase in utilization of electric appliances in the residential sector has led to increase in the demand for power. Moreover, the gradual increase in usage of electricity in each country of the LATAM and Asia-Pacific regions has led to an increase in the utilization of smart grid, power grid, electric grid along with off-grid renewable power generation such as solar power has led to an increase in the demand for the lighting transformers market. These factors are expected to boost the growth of the market during the forecast period.
The utility segment was the highest revenue contributor to the market. An increase in investment in utility-scale renewable energy plants, and other power generation structures is expected to drive the growth of the market during the forecast period. An increase in the number of infrastructure projects in commercial sector, rural electrification projects, and commercial buildings is anticipated to boost the growth of the lighting transformer market in the upcoming years. In addition, an increase in investment in bringing new technologies to provide cost-efficient renewable power generation drives the growth of the lighting transformers market in the mentioned timeframe.
Better power services, improved air quality, and enhancement in energy security are the key factors that have increased the focus of smart transformers in utility scales renewable energy projects, which further results in the growth of the market. The above-mentioned factors are expected to provide ample opportunities for the development of the market during the forecast period.
North America is analyzed across the U.S., Canada, and Mexico. The lighting transformers market in the U.S. is expected to record a growth rate of more than 5.4% up to 2031 on account of the escalating demand for low voltage lighting transformer and dimmer switches in the region. North America represents one of the largest markets for lighting transformers accounting for a market share of 54.1% in North American and European market. North America was the highest revenue contributor, with Increasing infrastructural advancements across the region are expected to continue to spur demand in the upcoming years. Canada witnessed high growth in North America lighting transformer market due to presence of wide number of local players across the North America region, which is expected to be a major opportunity for the development of the lighting transformers market.
The key players operating in the global lighting transformers market forecast are Eaton Corporation Plc., Schneider Electric, ABB Ltd., Hitachi, Trio Transformer, Trans Power Tech, MX LightForce, Pelton Power Technologies Private Limited, Airlink Transformers, and Leviton which hold significant share of the market.
Key Strategies
On October, 2022 Hitachi Energy announced plans to invest more than US$37 million in the expansion and modernization of its power transformer manufacturing facility in South Boston, Virginia to address fast-growing demand from utility customers and for applications such as renewable energy generation and data centers. In addition to its own investments, Hitachi Energy is leveraging financial support from the Commonwealth of Virginia and Halifax County where the facility is located.
On November, 2018 ABB launched the world's first dry-type (oil free) digital transformer, named the ABB AbilityTM TXpertTM Dry, and another innovative product called TXpandTM at its ABB Customer World (ACW) event in Xiamen, China. The ABB AbilityTM TXpertTM Dry incorporates digital capability within ABB's proven dry-type transformers.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the lighting transformer market analysis from 2021 to 2031 to identify the prevailing lighting transformer market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the lighting transformer market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global lighting transformer market trends, key players, market segments, application areas, and market growth strategies.
Lighting Transformer Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 2.1 billion |
 Growth Rate | CAGR of 5.6% |
 Forecast period | 2021 - 2031 |
 Report Pages | 391 |
 By Type |
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 By Power Rating |
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 By Application |
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 By Region |
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 Key Market Players | Trans Power Tech, Pelton Power Technologies Private Limited, Hitachi, Schneider Electric, Eaton Corporation, Trio Transformer, Airlink Transformers, Leviton, ABB, MX LightForce |
Analyst Review
According to the insights of CXOs of leading companies, urbanization, and growth of the commercial and residential sectors are the key factors attributed to the leading position in Asia-Pacific in the lighting transformers market. Moreover, the lighting transformers market is expected to witness increased demand during the forecast period, due to the surge in the demand for low voltage lighting application. The lighting transformers market holds a substantial scope for growth regionally. High cost of maintenance of low voltage lighting transformers is a major limitation for the market growth. However, the surge in organic growth strategies by major key players operating across the globe is expected to drive the lighting transformers market growth globally. In addition, this market received a tremendous boost on account of the increasing demand in outdoor application in backyard lighting, garden lights, landscape lighting, modern lighting, outdoor led lighting, outdoor light fixtures, the lighting corner, and wall sconce lighting which is expected to boost the growth of the global market.
The rapid utility-industrialization and increase in population across the globe have led to the demand for lighting transformers. The rise in lighting transformer in commercial and utility sector for lighting purposes is anticipated to boost the lighting transformers market.
North America is expected to exhibit CAGR of 5.9% during 2021-2031.
By application, utilities had the largest market share in 2021.
The global lighting transformer market was valued at $1.2 billion in 2021, and is projected to reach $2.1 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.
The key players operating and profiled in the report include Eaton Corporation Plc., Schneider Electric, ABB Ltd., Hitachi, Trio Transformer, Trans Power Tech, MX LightForce, Pelton Power Technologies Private Limited, Airlink Transformers, and Leviton which hold significant share of the market.
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