Transformer market is projected to reach USD 93.96 Billion by 2030 : Cognitive Market Research

Transformer Market Overview:
- What is a Transformer?
Transformer is a type of device, which is used to electrical energy covert from one alternating current to another circuit using the electromagnetic induction principle. These are voltage control devices used in the distribution and transmission of alternating current electricity. The transformer is termed the most vital and critical part of the power distribution ecosystem transformers are exclusively capable of maintaining the constant minimizing the fluctuations and power distribution frequency across the circuit.

Summary:
- The Transformer Market size stood at USD 59.96 Billion in 2022 and will reach the mark of USD 93.96 Billion by 2030. The global market is expected to expand at a CAGR of 5.8 % during the forecast period (2023-2030).

"To know more about The Transformer Market statistics click here: https://www.cognitivemarketresearch.com/transformer-market-report

Market Dynamics:
• Transformer Market Drivers:
Increasing demand for transformers for the power supply and rising incorporation of sustainable resources deliver power is the major factor expected to drive the growth of the market. In addition, increasing modernization, urbanization, and the introduction of new technologies are likely to drive the growth of the global transformers market.
• Transformer Market Opportunities:
The transformer's requirement has increased due to reducing the cost of infinite energy sources for power generation is projected to create growth opportunities for the transformers market in the coming years.
• Transformer Market Restraints:
Risk related to high DC voltages and raw material price fluctuations is the key factor anticipated to hamper the growth of the global market.

Segmentation Analysis:
Type
• Power Transformer
• Distribution Transformer
• Others
Based on type, the distribution transformer segment dominated the transformers market. This is due to the increasing demand for power in urban and rural areas. Furthermore, distribution transformers are very helpful to distribute power from small transformers to large transformers with a loss minimum amount of power is likely to boost the growth of the target market.

Power Rating
• Large
• Small
• Medium
Based on the power rating, the small segment dominated the transformers market. This is owing to the increasing various installations of renewable energy in the residential sector and small transformers are vastly effective in the distribution of power.

Cooling Type
• Oil Cooled
• Air Cooled
Based on cooling type, air-cooled is the leading segment in the transformers market. This is attributed to air-cooled transformers performing well in power services and improving energy security. Air-cooled transformers cooling down easily and quickly is vital for an extensive transformer life this factor affects the growth of the global market.

Insulation
• Liquid Immersed
• Dry
Based on insulation, the dry segment has dominated the transformers market. This is due to dry transforms being eco-friendly and the safest transformers and installation of dry transforms are easy and installed in outdoor and indoor locations driving the global market in this segment.

Application
• Commercial and Residential
• Utility
• Industrial
Based on application, the utility segment has dominated the transformers market. This is owing to the increasing use of several power rating transformers for various purposes in the utility sector and this sector middleman of power consumers and producers in the different sectors. This is probable to fuel the growth of this segment in the target market.

The Major Players in Transformer Market are:
Mitsubishi Electric Corporation, Daihen Corporation, Toshiba Corporation, Schneider Electric, General Electric, Eaton Corporation, ABB Ltd., Elsewedy Electric, CG Power and Industrial Solutions, Kirloskar Electric, Raychem RPG, IMEFY Group, Siemens AG, Hyosung Power & Industrial Systems, TRENCH Group, KOTSONS Pvt. Ltd., Banmore Electricals Pvt Ltd.

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Regional Analysis:
• Asia-Pacific accounted for the largest share of the transformer market
Asia-Pacific has the largest revenue share in the transformers market. This is due to increasing urbanization and industrialization in the region and the growing demand for electricity from the utility and renewable energy solutions adoption is anticipated to drive the global market in the region.

Transformer Industry News:
• Siemens Energy and Mitsubishi Electric signed to venture into the collaboration to develop clean and high-voltage power transmission
In June 2021: Mitsubishi Electric and Siemens Energy signed to venture into the collaboration to develop high-voltage and clean power transmission. These companies have signed a Memorandum of Understanding (MoU) to develop modern high-voltage switching solutions using Siemens Energy's Blue Portfolio solutions.

Browse here for Full TOC:
Table of Content (Revenue USD Edition), (Enquire about Volume/Consumption Edition Data)
Chapter 1 Industrial Insight and Market Scope
• 1.1 Global Transformer Industry Introduction
• 1.2 Objectives of the Study
• 1.3 USP of the Report
• 1.4 Who is this report for?
• 1.5 Designing of Market Scope
1.5.1 Transformer Market Segmentation
1.5.1 Transformer Market Regional Fragmentation
1.5.1 Transformer Market Players
• 1.6 Report Duration
• 1.7 List of Stakeholders
Chapter 2 Research MethodologyReview Complete Research Methodology
Chapter 3 Executive Summary of Transformer Market
Chapter 4 Global Transformer Market Overview
Chapter 5 Competitive Analysis (Subject to Availability)
Chapter 6 Environmental, Social, and Governance (ESG) Analysis
Chapter 7 Qualitative Analysis
Chapter 8 Company Profiling (Subject to Availability)
Chapter 9 Global Transformer Market by Type Segmentation Analysis (2018-2030)
Chapter 10 Global Transformer Market by Application Segmentation Analysis (2018-2030)
Chapter 11 Global Transformer Market by Power Rating Segmentation Analysis (2018-2030)
Chapter 12 Global Transformer Market by Cooling Type Segmentation Analysis (2018-2030)
Chapter 13 Global Transformer Market by Insulation Segmentation Analysis (2018-2030)
Chapter 14 Global Transformer Market Regional Analysis
Chapter 15 North America Transformer Market Outlook (2018 - 2030)
Chapter 16 Europe Transformer Market Outlook (2018 - 2030)
Chapter 17 Asia Pacific Transformer Market Outlook (2018 - 2030)
Chapter 18 Latin America Transformer Market Outlook (2018 - 2030)
Chapter 19 Middle East and Africa Transformer Market Outlook (2018 - 2030)
Chapter 20 Research Findings
Customize the Report Edition (Is applicable, On Request, Subject to Data Available, At an Additional Cost)

To know more about Transformer Market TOC click here: https://www.cognitivemarketresearch.com/transformer-market-report#table_of_contents

Related Report:
• Power Transformers Market - https://www.cognitivemarketresearch.com/power-transformers-market-report
• Dry Type Transformer Market - https://www.cognitivemarketresearch.com/dry-type-transformer-market-report
• Power Electronic Transformer Market - https://www.cognitivemarketresearch.com/power-electronic-transformer-market-report

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