Transformers Market Size to Worth USD 124.19 Billion by 2034

The global transformers market size is calculated at USD 63.13 billion in 2024 and is estimated to be worth around USD 124.19 billion by 2034, growing at a CAGR of 7% between 2024 and 2034.

/EIN News/ -- Ottawa, Aug. 16, 2024 (GLOBE NEWSWIRE) -- The global transformers market size is predicted to surpass around USD 124.19 billion by 2034 increasing from USD 59 billion in 2023. The market is registering a solid CAGR of 7% from 2024 to 2032, According to Precedence Research. The transformers market is driven by the rising usage of electronic equipment, changing consumer preferences and R&D projects.

The transformers market encompasses the global industry involved in the manufacturing, distribution, and sale of transformers. Transformers are essential components for many uses, including distribution, power transmission, and isolation. They are very dependable and efficient because of the magnetic connection that allows them to transmit energy. Their efficiency has increased because of advancements in material technology, reaching around 97% efficiency.

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Distribution transformers reduce high voltage for usage in industry, commerce, and residential settings, whereas power transformers are necessary for long-distance power transmission. Transformers play a crucial role in electronic systems and power distribution by raising end-user currents and lowering high transmission voltages at substations. They operate on a straightforward basis, include no internal moving components, and may be linked in reverse to provide step-up or step-down functions.

Transformers Market Highlights:

• Asia Pacific dominated the transformers market with the largest market share of 38% in 2023.
• North America is expected to witness significant growth during the forecast period.
• By cooling type, the air-cooled segment accounted for the highest market share of 70% in 2023.
• By type, the power transformers segment contributed the biggest market share in 2023.
• By phase, the three-phase segment transformer is expected to expand at a notable CAGR during the forecast period.
• By application, the industrial segment dominated the market in 2023.

Analysis by Geography

Asia-Pacific region generated the biggest market share of 38% in 2023.

The Asia Pacific transformers market size was USD 22.42 billion in 2023, accounted for USD 23.99 billion in 2024 and is anticipated to reach around USD 47.19 billion by 2034, at a CAGR of 7.2% from 2024 to 2034.

Due to the expansion of electrical infrastructure, the distribution market in the Asia Pacific region is growing significantly, with China accounting for the greatest part of the market. To expand the market, the Chinese government is replacing the country's existing smart power meters with upgraded models. The rising usage of smart sensors, smart meters, and networking hardware and software technologies is responsible for this sector's growth.

Gains from renewable energy sources and the digital transformation of utilities are major market prospects. In-depth details on market definition, impact analysis, Porter's Five Forces analysis, market strategies, and industrial player positioning are all included in the research.

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North America is expected to witness significant growth during the forecast period. The need to upgrade outdated transmission and distribution networks and meet the growing energy demands of various sectors is projected to propel the North American market. Carbon emissions are decreased via smart grid technology, which is seen to be an effective and affordable option.

The North American transformers market may see possibilities in the future because of network upgrades in the area. One of the greatest and oldest power infrastructures in the world, the US system is essential to national security, public health, and financial stability. Transformer demand is predicted to climb along with the country's electrical consumption, suggesting a shift in the balance of power generation. It is anticipated that this situation will result in a huge demand for transformers.

• For instance, in July 2024, to increase transmission capacity and reliability of the power supply in Lagos, the Transmission Company of Nigeria (TCN) of Nigeria has constructed two brand-new 60 MVA transformers at its Apapa 132/33kV Transmission Substation. By addressing power fluctuations and interruptions, the transformers will improve customer service delivery.
  

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Transformers Market Coverage

Report Attribute	Key Statistics
Transformers Market Size in 2023	USD 59 Billion
Transformers Market Size in 2024	USD 63.13 Billion
Transformers Market Size by 2034	USD 124.19 Billion
Growth Rate from 2024 to 2034	CAGR of 7%
Largest Market	Asia Pacific
Base Year	2023
Forecast Period	2024 to 2034
Historical Year	2021-2022
Segments Covered	Type, Power Rating, Cooling Type, Insulation, Phase, Application, and Regions
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Transformers Market Segmental Analysis

Analysis by Cooling Type

The air-cooled segment dominated the transformers market and is expected to grow at the fastest rate during the forecast period. An air-cooled transformer is a cooling medium utilized in mining, tunneling, and quarrying operations. It is appropriate for many different applications, including department shops, subways, multi-story structures, hospitals, and foundations. It can also change voltage levels.

Industrial transformers come with a variety of characteristics to suit various requirements and uses. They are intended to provide a precise voltage supply by giving each circuit an exact winding ratio.

Analysis by Type

The power transformers segment dominated the transformers market in 2023. Static in nature, a power transformer transfers electrical energy between circuits without altering frequency. It functions in power systems at high voltages, mostly to modify the voltage differential between distribution circuits and generators. Power transformers are categorized as static and passive devices that have a long history of outstanding dependability and efficiency. They are employed in many different industries, including electronic equipment, audio systems, lighting, power production, transmission, and distribution.

To provide effective power delivery, they provide impedance matching and galvanic isolation at various voltage level steps. In addition, they isolate and amplify audio signals, offer low voltage and controlled power to electronic devices, and supply high current and low voltage for lighting systems.

Analysis by Phase

The three-phase segment transformer is expected to grow at a significant rate during the forecast period. Three single-phase transformers with the same ratings and operational characteristics are connected using three-phase transformers in mines to ensure supply continuity. They are simpler to move and keep consistent.

One three-phase transformer may be used to build a three-phase bank, saving money and weight while using less iron and insulating materials. But in case of a malfunction, the complete machine needs to be taken apart. Three-phase transformers provide the following benefits: prewired installation, less core material needed, lighter, smaller, and easier to carry. They also provide easier installation, reduced expenses, and increased efficiency.

Analysis by Application

The industrial segment dominated the transformers market in 2023. Transformers are essential to the industrial sector because they guarantee precise, risk-free, and safe power supply for a range of businesses. Sustaining voltage levels as needed increases efficiency and safety and is crucial for long-distance power distribution and regulation. Safety-conscious manufacturing sectors like steel and engineering items need high-voltage supply. Smart transformers are needed in the automotive industry to monitor voltage levels and give the right amount of power to charging equipment.

Rectifier transformers are used in the electrochemical industries for effective operation. Transformers are also used in the communications, healthcare, and military sectors. A well-known transformer manufacturer in India, Macroplast Transformers combines voltage, current, and CT-VT metering devices to provide bespoke solutions for distribution and power transformers.

Transformers Market Dynamics

Driver: Flexibility and control

Digital transformers are essential to the security of electrical networks, particularly when integrating electric cars and renewable energy sources. Their ability to connect with other digital equipment, like chargers for electric vehicles, gives utilities and grid operators a detailed picture of grid activities.

Flexibility and control are becoming more and more crucial as DERs and EV charging become more and more integrated into contemporary networks. Digital transformers improve grid flexibility and control by enabling ideas like distributed energy resource management and efficient EV charging.

Browse More Insights:

• Distribution Transformer Market: The global distribution transformer market size was valued at USD 25.30 billion in 2023 and is anticipated to reach around USD 48.07 billion by 2033, growing at a CAGR of 6.63% from 2024 to 2033.
  
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• Power Inverter Market: The global power inverter market size was valued at US$ 72 billion in 2022 and is expected to reach over US$ 117.84 billion by 2032, poised to grow at a noteworthy CAGR of 5.10% from 2023 to 2032.
  
• Thermal Power Plant Market: The global thermal power plant market size was estimated at USD 1,430.46 billion in 2022 and is expected to hit US$ 1,988.68 billion by 2032, growing at a CAGR of 3.4% from 2023 to 2032.
  

Restraint: Complexity in training

Transformers are very computationally demanding models that need a large amount of memory to train and run. Because they rely on fixed-size input sequences, handling variable-length inputs is challenging. Transformers' typical self-attention process is likewise non-causal, which complicates interpretation.

Further complicating fine-tuning is their enormous data requirements for efficient training. Common sense thinking, bias amplification, and managing unusual situations are areas in which Transformers falter. They also need a lot of processing power, which may have an impact on the environment. Furthermore, it might be challenging to efficiently parallelize certain transformers, such as autoregressive decoding.

Opportunity: Power transformers

Power transformers are essential for sustaining the flow of energy in distribution lines that connect homes to power facilities. The need for efficient transformers has grown along with the need for solar power generation, opening doors for growth opportunities in the transformers market. While conventional designs are best suited for residential and commercial applications, impedance flexibility is necessary for wind and solar power generation.

The energy generation and transmission infrastructure must be significantly altered to accommodate renewable energy sources, which presents new potential for the power transformer sector. Players in the market are making investments in innovative designs to reduce power losses in transmission and are reimagining power transformers by substituting a new composition for metal in the core.

• For instance, in April 2024, to modernize and upgrade its power transformer production and facilities in Quebec, Canada, Hitachi Energy has announced a $100 million investment. The initiative, which has some funding from the Quebec government, intends to address the demand for global energy transition while accelerating time to market. The facility will allow for capacity expansion and the creation of about 70 jobs.
  

Transformers Market Top 10 Companies

• Siemens Energy
• GE Co.
• Alstom SA
• Toshiba Corp.
• Hyundai Heavy Industries Co. Ltd.
• Crompton Greaves Ltd.
• ABB Ltd.
• Mitsubishi Electric Corporation
• Hyosung Power & Industrial Systems Performance Group
• Bharat Heavy Electricals Limited
  

Recent Developments:

• In July 2024, In Loughborough, Leicestershire, the UK, BRUSH Group opened a transformer test cell facility worth millions of pounds. The facility, located within Falcon Works, will test recently constructed power transformers to make sure they live up to client standards. The facility boosts manufacturing capacity with four transformer units having their own storage.
  
• In July 2024, A bid of $1,463,528 was accepted by the board of the Central Nebraska Public Power and Irrigation District for a new 69kV transformer for the Jeffrey Hydro plant. The 34.5kV sub-transmission transformer that is currently in use is being replaced with a new transformer. To run at 69KV, the Dawson Public Power District will update its system.
  
• In April 2024, Tata Power commissions the biggest natural ester-filled power transformer in India for the Mumbai Transmission Network with the goal of lowering its environmental impact and increasing capacity. Natural esters provide better fire safety and environmentally beneficial solutions because they are created from renewable, biodegradable fluid.
  

Market Segmentation

By Type

• Distribution Transformer
• Power Transformer
• Others
  

By Power Rating

• Small
• Medium
• Large
  

By Cooling Type

• Air Cooled
• Oil Cooled
  

By Insulation

• Dry
• Liquid Immersed
  

By Phase

• Three Phase
• Single Phase
  

By Application

• Utility
• Industrial
• Commercial and Residential
  

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa (MEA)
  

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