Transformer core market to reach $13.5 B by 2030
According to a report by Allied Market Research, the global transformer core industry was estimated at $8.9 B in 2020, and is expected to reach $13.5 B by 2030.
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According to a report by Allied Market Research, the global transformer core industry was estimated at $8.9 B in 2020, and is expected to reach $13.5 B by 2030.
It is expected to be growing at a CAGR of 4.3 % from 2021 to 2030.
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 and urbanization and rise in government investment in renewable power projects are anticipated to pave the way for multiple opportunities in the industry.
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.
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.
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.
Key players: Corefficient S.R.L., Arteche, Foshan Juli Electromechanical Co., Ltd., Eilor Magnetic Cores, Megger, etc.
Source: PR Newswire
#distribution transformers#Growth#market#power transformers#report#Transformer core