The global transformers market reached a value of about USD 31.1 billion. The industry is projected to grow at a CAGR of around 3.9% in the forecast period of 2022-2027 to reach a value of USD 38.9 billion by 2027.
The transformers industry report comprehensively analyses the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The market is primarily propelled by the increasing demand for power and the rise in the population, and the worldwide disposition toward renewable-based power production and related alterations in the transmission structure. The key demand indicator in the industry report is the highest category spender by region — Asia Pacific.
Transformers are electrical equipment that transmits electricity with different voltage levels from one circuit to another. As an increase in current leads to a rise in voltage levels, transformers are intended to deliver the desired voltage level by adjusting or stepping the voltages as required. The global warehousing services industry report comprises segments based on type (power and distribution), application (power, oil and gas, mining, metallurgy, and manufacturing) and regions (Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa).
The Asia-Pacific region holds the largest share in the industry due to rising electricity consumption in rural and semi-urban areas. Recently, many Asian countries have seen a steady growth of power distribution networks to access power-deprived populations and enhance existing power infrastructure in semi-urban areas. China and India have the most significant electricity demand. Due to the increased use of HVDC transmission projects decreases, transmission loss during long-distance transmission.
The market is primarily driven by the large-scale integration of renewable energy sources and increased electrification plans, notably in emerging nations. Furthermore, Government regulations that encourage the rehabilitation of existing grid infrastructure and growing consumer interest in smart monitoring devices and sustainable electrical networks will boost the market growth. Moreover, Due to the Increased regulatory attention to integrating energy-efficient electrical supply systems, the industry is set to witness growth in tandem with the fast deployment of innovative grid technologies.
However, factors such as volatility in raw material prices and lack of skilled personnel hamper the market's expansion.
The global transformers industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by transformers utilising regions across the globe, such as contract terms, engagement models, and buyer and supplier negotiation levers.
A transformer is a passive electrical device that uses electromagnetic induction to transmit electrical energy from one circuit to another. It's typically used to step up or down voltage levels between circuits. Electrical power can be exchanged between circuits via mutual induction between two or more windings (also known as coils).
The industry is being aided by the surge in adoption and demand for more flexible electrical transformers due to the development of microgrids and energy utilities. Many applications in the electronics industry use 5V, 6V, 9V, 12V, 24V, and 48V in step-down transformers. Step-down transformers are also used extensively in the electrical industry. As microgrids and power systems develop in the electrical sector, so does the need for step-down transformers. Step-down transformers are used in extremely high voltage electrical distribution networks to ensure minimal loss and provide a cost-effective solution for long-distance power transmission. As a result, the industry is augmenting.
The key zones in the industry are Europe, North America, Latin America, the Asia Pacific, the Middle East and Africa.
The power transformer industry is expected to increase at a rapid rate. A robust business environment has emerged due to rising infrastructure expenditure and advantageous standards related to the renovation and growth of long-distance T&D networks. The growing use of high-rated power transformers in extensive solar and wind power facilities is expected to boost product demand and further market growth.
1. Executive Summary
2. Transformers Industry Snapshot
2.1. Transformers Market Outlook
2.2. Transformers Industry Analysis by Type
2.2.1. Power Transformer
2.2.2. Distribution Transformer
2.3. Transformers Industry Analysis by Application
2.3.2. Oil & Gas
2.4. Regional Overview
2.4.1. North America
2.4.3. Asia Pacific
2.4.4. Latin America
2.4.5. Middle East & Africa
3. Impact of Recent Events
4. Transformers Value Chain Analysis
5. Transformers Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Transformers Cost Structure
9. Transformers Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Transformers Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. SWOT Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Industry Best Practices
13.1. Sourcing Strategy
13.2. Procurement Model
13.3. Contract Structure
13.4. Negotiation Levers
13.5. Pricing Model
13.6. Key Factors Influencing the Quotation
14. Key Supplier Analysis
14.1. Siemens Energy AG
14.2. Toshiba Corporation
14.3. Hyundai Electric & Energy Systems Co., Ltd
14.4. General Electric Company
14.5. Tbea Co. Ltd.
In 2021, the global attained a volume of around USD 31.1 billion in 2021.
In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 3.9%.
The primary market driver is the large-scale integration of renewable energy sources and increased electrification plans, notably in emerging nations.
The significant regions in the industry are North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
Some of the leading players in the industry are Siemens Energy, Toshiba, General Electric, Hyundai Electric & Energy Systems Co., Ltd., and TBEA.
The global transformers market reached a value of about USD 31.1 billion and is projected to grow at a CAGR of around 3.9% in the forecast period of 2022-2027 to reach a value of USD 38.9 billion by 2027. The market is primarily driven by the large-scale integration of renewable energy sources and increased electrification plans, notably in emerging nations. Factors like Government regulations encouraging the rehabilitation of existing grid infrastructure and growing consumer interest in smart monitoring devices and sustainable electrical networks boost the market growth. Also, with the surge in adoption and demand for more flexible electrical transformers due to the development of microgrids and energy utilities, the industry is expanding. Some of the leading players in the industry are Siemens Energy, Hyundai Electric & Energy Systems Co., Ltd., Toshiba, General Electric, and TBEA.
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