San Francisco, California, November 22, 2017: The vastly rising demand for electricity in a number of industrialized nations and vast governmental investment in renewable energy projects are key factors driving the growth of the global transformer market. Relentless efforts made in several developing economies to expand grid networks is a notable trend bolstering the demand for transformer core. Burgeoning efforts made by government and private players in the grid renovation projects in recent years have offered a robust impetus to the growth of the market. A recent report penned by TMR Research, titled, “Transformer Core Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025”, offers an elaborate evaluation of the impact of such trends and factors on the growth of the market.
The study provides in-depth insights into key drivers and restraints, notable developments, major technology advances, key investment trends, share and size of prominent product segments, and competitive landscape. The rapid pace of industrialization in various developed and developing regions is a significant factor fuelling the demand for more electricity. The rising focus of governments in the adoption of technologies to modernize the existing grid networks is catalyzing demand for transformer core. The growing efforts in the integration of renewable energy technologies with conventional grids is majorly boosting the growth of the market. The substantial demand for power transformers in the expansion of grid networks is stoking the demand for transformer core to enhance their efficiency.
The advent of portable electrical test equipment to diagnose the working of transformer core, with an aim to reduce no-load losses of the transformers and enhance their life is a notable factor accentuating the market. The marked fluctuation of prices of various raw materials, such as steel and ferrite, in various parts of the world is a key factor likely to act as a bottleneck for the growth of the market. In addition, unfavorable regulatory framework for manufacturers in some regions is another notable factor expected to hamper the market to some extent. Nevertheless, constant rise in spending for the modernization of grid networks to meet a burgeoning demand for electricity world over is anticipated to sustain the rising demand for transformer core. Furthermore, relentless efforts in the promotion of the adoption of energy projects in several developed and developing economies have led to the design innovation in transformer cores.
Geographically, Asia Pacific is one of the most attractive markets for transformer core. The vast spending on a growing number of power projects in several developing and developed nations and the substantial modernization initiatives across the region are key factors fueling the regional market. An extensively rising demand is expected to come from countries such as China.
Meanwhile, Latin America, and the Middle East and Africa are projected to rise at a prominent pace during the forecast period. The rapid growth is attributed to substantial investments in various infrastructural projects in response to the burgeoning demand for electricity in the coming years. On the other hand, Europe is predicted to rise at a significant pace over the years, driven by several grid renovation and modernization projects across the region.
Several players are developing technologically-advanced products and focusing on product innovations to gain a competitive edge over others. A number of players are making substantial investments in research and development activities to develop customized products, in order to consolidate their positions in various regions over the forecast period. They are also focusing on leveraging the untapped opportunities in various developing regions. Key players operating in the transformer core market include Fuji Electric, Toshiba, Hitachi, Mitsubishi Electric, Crompton Greaves, Siemens, and ABB Ltd.
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