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Increase in demand for energy across the world, rise in integration of renewable sources of energy, expansion of power grids, and surging demand for transformers drive the growth of the global transformer core market.
PORTLAND, Ore. , March 7, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Transformer Core Market by Core (Closed, Shell, and Berry), Product (Distribution Transformer, Power Transformer, and Instrument Transformer), Winding (Two Winding, Auto-transformer), Cooling (Dry Type and Oil Immersed), Insulation (Gas, Oil, Solid, and Air), and Application (Residential & Commercial, Utility, and Industrial): Global Opportunity Analysis and Industry Forecast 2021–2030." According to the report, the global transformer core industry was estimated at $8.9 billion in 2020, and is expected to reach $13.5 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030.
Major determinants of the market growth
Increase in demand for energy across the world, rise in integration of renewable sources of energy, expansion of power grids, and surging demand for transformers drive the growth of the global transformer core market. On the contrary, high cost of transformer cores impedes the market growth to some extent. However, rapid industrialization &urbanization and rise in government investment in renewable power projects are anticipated to pave the way for multiple opportunities in the industry.
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The shell segment to dominate by 2030-
By core, the shell segment accounted for nearly two-fifths of the global transformer core market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is owing to the more compact and great mechanical strength of shell core. The close segment, however, would showcase the fastest CAGR of 4.5% by 2030.
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The power transformer segment held the lion's share in 2020-
Based on product, the power transformer segment held the lion's share in 2020, contributing to more than two-fifths of the global transformer core market, and is expected to continue its lead during the forecast period. This is due to an increase in demand for high-rated power transformers in wind power facilities. Moreover, this segment is expected to witness the highest CAGR of 4.5% by 2030. The report also includes an analysis of the distribution transformer and instrument transformer segment.
North America to portray the highest CAGR through 2030
By region, the global transformer core market across North America is expected to register the highest CAGR of 4.7% during the forecast period. However, the market across Asia-Pacific held the largest share in 2020, accounting for more nearly half of the global transformer core market. This is owing to high demand for electricity by a large population and shifting trends toward energy-efficient technologies.
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Dry Type Transformer Market is projected to reach $7.3 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.
Cast Resin Dry Type Transformer Market is projected to reach $5.0 billion by 2030, growing at a CAGR of 5.3% from 2021 to 2030
Solid State Transformer (SST) Market is projected to reach $468.0 million by 2028, growing at a CAGR of 16.9% from 2021 to 2028.
Power Transformer Market is expected to reach $50.8 billion by 2027, registering a CAGR of 7.9% from 2020 to 2027.
Instrument Transformers Market is projected to reach $13.0 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.
Transformer Oil Market is projected to reach $4.3 Billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030
Asia-Pacific Power Transformer (<100 MVA) Market is projected to reach $8,990 million by 2023, registering a CAGR of 8.1% from 2017 to 2023
Electrical House Market is projected to reach $2.3 billion by 2030, growing at a CAGR of 6.4% from 2021 to 2030
Power Distribution Unit Market is projected to reach $7.9 billion by 2030, growing at a CAGR of 6.9% from 2021 to 2030.
U.S. Cast Resin Transformer Market is projected to reach $1,007.0 million by 2030, growing at a CAGR of 5.7% from 2021 to 2030.
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