Market Scenario
Market Research Future (MRFR), in its latest transformer market 2020, reveals different governing factors of the market. An in-depth study of the impact of COVID 19 on the transformer market is supplemented with the report. As per MRFR study, the expansion of the transformer market can thrive at 7.43% CAGR across the forecast period. The increase in the transformer market value from USD 39,316.8 Million to USD 64,514.9 Million from 2017 to 2023 is observed. The rise in application of transformer in diverse subject area can bolster the rise of the market across the analysis period. The increase in need for distribution transformer and power transformer can promote the expansion of the transformer market across the analysis period. The increase in the application of transformer in renewable and non-renewable energy market can support the expansion of the market across the analysis period. In recent years, the rise in the need for effective distribution of electricity power via reduction of current ampere and surge in voltage can impel the expansion of the market in the years ahead. The increase in the power supply to end-user can also impel the rise of the market across the study period.
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Regional Analysis
The transformer market trends are studied across Americas, EU, APAC, and MEA. In America, the robust economies can rise support the rise of the regional market. The presence of high generating capacity via high investments in resources of renewable energy can spur the expansion of the market in the years ahead. In EU, the rise of the transformer market is attributed to the presence of numerous scope in the electrical sector. The growing grid expansion, along with expansion of electrical lines, cross-border can drive the rise of the market in the years to come. In Asia Pacific, the rise of modernization and improvement in the existing distribution infrastructure can promote the rise of the transformer market across the years to come, states MRFR analysis.
Key Players
Crompton Greaves Ltd. (India), Mitsubishi Electric Corporation (Japan), Eaton Corporation plc (Ireland), ABB Ltd., (Switzerland), Schneider Electric (France), Siemens AG (Germany), Toshiba Corporation (Japan), Hyosung Power & Industrial Solutions (South Korea), Bharat Heavy Electricals Limited (India), and SPX Transformer Solutions, Inc. (U.S.) are some notable players in the global transformer market as profiled by MRFR.
Segment Study
The segment evaluation of transformer global market is based on power rating, cooling type, end-user, and type, insulation.
The cooling type based segments of the transformer market are Oil-Cooled Transformer and air cooled transformer. The oil cooled transformer segment can garner USD 22,493.1 million revenue at 7.68% CAGR in the forecast period.
The power rating based segments of the transformer market are small, medium, and large. The Small Power segment can generate about USD 17,881.3 million at 7.57% CAGR across the forecast period.
The type based segments of the transformer market are distribution transformer and power transformer. The power transformation segment can rise at 8.55% CAGR in the forecast period and value at USD 19,540.5 million in the years to come.
The insulation based segment of the transformer market are dry typed and liquid immersed. The Liquid-Immersed segment can thrive at 7.61% CAGR through the analysis period. The segment can value at USD 23,039.7 Mn by the end of the review analysis.
The End-User based segments of the transformer market are industrial, residential, utility, and industrial. The utility segment can expand at 7.79% CAGR in the study period. The utility segment can generate USD 16,938.5 million in the review period.
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