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Transformer Market Trends

Report ID: GMI2100
Published Date: Jun 2023
Report Format: PDF

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Transformer Market Trends

The rapid expansion of transmission & distribution network in emerging economies through increased investment will augment the industry scenario. The growth of infrastructure development activities supported by both public & private investments and regulatory initiatives will contribute to the overall growth of the industry. There is a growing emphasis on reducing greenhouse gas emissions and implementing energy efficiency measures will create a favorable business environment for the adoption of transformer systems. Additionally, the integration of innovative components, technologies, and control equipment to upgrade existing grid networks and enhance their resilience and efficiency has had a positive impact on the industry's outlook.

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of transformer reached USD 58.8 billion in 2023 and is anticipated to record around 7% CAGR from 2024 to 2032, on account of the rising demand for electricity coupled with the favorable regulatory reforms aimed at expanding the existing grid infrastructure.

Oil-insulated transformer market generated around USD 31 billion in 2022 and is set to grow at more than 6.4% CAGR through 2032, attributed to the growing focus toward reduced losses and improved energy efficiency to minimize energy wastage.

North America market will witness over 7.8% CAGR from 2023 to 2032, driven by the favorable regulatory framework to promote the integration of efficient grids networks in the region.

Some leading transformer companies include Celme S.r.l., Hyosung Heavy Industries, DAIHEN Corporation, Kirloskar Electric Company, Raychem RPG Private Limited, MEHRU, Amran Inc, Trench Group, Pfiffner Group, and ARTECHE