Wilmington, Delaware, Nov. 10, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, "Transformers Market by Type (Distribution Transformer, Power Transformer, Others), by Power Rating (Small, Medium, Large), by Cooling Type (Air Cooled, Oil Cooled), by Insulation (Dry, Liquid Immersed), by Number of Phase (Three Phase, Single Phase), by Application (Utility, Industrial, Commercial and Residential): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global transformers market industry is expected to reach $102.96 billion by 2031. The market accounted for $58.58 billion in 2021 and is forecasted to rise at a CAGR of 6.1% during the 2022-2031 period. The report provides a comprehensive study of changing leading investment pockets, regional scenarios, and the competitive landscape of the industry.
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Growth Drivers, Market Restraints, and Investment Opportunities:
Growing demand for power supply, along with increasing adoption of innovative and modern technologies is predicted to drive the global transformers market. Moreover, the widespread incorporation of sustainable resources to deliver power might also aid the market to surge ahead. However, variations in the prices of raw materials can restrain the market. Nonetheless, the decline in costs of renewable energy sources for power generation will create numerous growth opportunities in the market.
The distribution transformer segment to be the most profitable by 2031
By type, the distribution transformer segment held the highest market share with around three-fifths of the total revenue. The same segment is forecasted to have the highest CAGR of 6.3% during the analysis timeframe. Increasing application of distribution transformers in utility and industrial sectors to convert high power voltage to medium voltage is predicted to aid the segment to achieve this high growth rate.
The air cooled segment to be highly lucrative by 2031
By cooling type, the air cooled segment held the largest share with around two-thirds of the total market revenue in 2021. The same segment is projected to be the fastest growing with a CAGR of 6.3% during the analysis timeframe. Air cooled transformers have low carbon emissions and hence are widely used for commercial and residential purposes. This might widen the scope of this segment drastically in the coming period.
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The three phase segment to grow rapidly by 2031
By number of phases, the three phase segment gathered the maximum revenue with around three-fifths of the total revenue. The same segment is expected to have the fastest CAGR of 6.3% during the analysis timeframe. The efficiency and cost-effectiveness of three phase transformers is predicted to push the growth of this segment higher.
The utility segment to flourish immensely by 2031
By application, the utility segment held the highest market share with around three-fifths of the total market revenue in 2021. The same segment is anticipated to have the highest CAGR of 6.3% during the analysis timeframe. The segment's growth is on account of a rise in the number of rural electrification and infrastructure projects in the commercial sector.
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Asia-Pacific region to benefit massively by 2031
By region, the Asia-Pacific transformers market gathered the highest market share with nearly one-third of the total share in 2021. Rising adoption of renewable energy solutions and growing demand for electricity will help the market to strengthen itself in this region. Moreover, the market in the LAMEA region is predicted to be fastest growing with a CAGR of 6.6% during the forecast period. Upgradation of transmission networks and expansion in renewable energy projects in the region is expected to boost the market.
Leading Market Players:
- ABB Ltd.
- General Electric
- TOSHIBA CORPORATION
- Siemens AG
- Eaton
- Schneider Electric
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