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Transformers are electrical machines designed to transfer electricity from one circuit to another with varying voltage level. Increase in current increases voltage levels. Thus, transformers are designed to bring the required voltage level by setting or stepping the voltages as per the requirement. Transformers are designed so that they can be used in the wider range and wider applications for various industrial purposes with a broader market prospect. In power systems the transformer brings safety and efficiency by raising and lowering voltage levels as per the requirements. The global transformer market is slated to experience substantial growth in the coming years, largely due to the rise in demand for energy in the developing economies. This demand, when coupled with the advent of power projects aimed at reducing power transmission losses, is expected to boost the voltage transformer market size by a significant amount. The global trend in power demand has seen a major paradigm shift and is in the transitional phase of inching away from carbon-based fuels towards power from renewable energy sources. This evolution in the renewable energy sector is expected to drive the transformer market trends globally during the forecast period.
Market Scope and Structure Analysis
Report Metric | Details |
Market Size Available for Years | 2020–2030 |
Base Year Considered | 2020 |
Forecast Period | 2021–2030 |
Forecast Unit | Value (USD) |
Segments Covered | Core Type, Winding, Rating, Application, and Region |
Companies Covered | ABB Group, Siemens AG, GE Corporation, Glen Magnetics Inc., Bruce Electric Equipment Corp., Lenco Electronics, MPS Industries Inc., Pico Electronics Inc., Pacific Transformer Corporation, and Neeltran Inc. |
COVID-19 Impact Analysis
Top Impacting Factors
Emerging technological advancements and the rise in electricity consumption are projected to elevate industry growth over the next five years. Huge investment in power plant infrastructure coupled with the increase in demand for smart meters is projected to positively impact demand. Further, several government initiatives for modernizing the existing grids combined with installation of technologically advanced systems is anticipated to drive power transformer market growth. The increase in awareness regarding low carbon emission due to service expansions in resource-based industries is anticipated to offer prominent growth opportunities for the industry. Advanced features offered by eco-friendly devices are projected to replace traditional transformers, which are not compatible with current technical and environmental requirements. However, pricing pressure on manufacturing companies coupled with fluctuating raw material prices are expected to hamper the growth of the market.
Market Trends
Key Benefits of Report
This study presents the analytical depiction of the voltage transformer industry along with the current trends and future estimations to determine the imminent investment pockets.
Questions Answered in Voltage Transformer Market Report
Key Market Segments
Segments | Sub-segments |
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By Core Type |
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By Winding |
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By Rating |
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By Application |
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By REGION |
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