Transformer Core Market to Reach $13.5 Bn, Globally, by 2030 at 4.3% CAGR: Allied Market Research

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.

PORTLAND, Ore., March 7, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Transformer Core Market by Core (Closed, Shell, and Berry), Product (Distribution Transformer, Power Transformer, and Instrument Transformer), Winding (Two Winding, Auto-transformer), Cooling (Dry Type and Oil Immersed), Insulation (Gas, Oil, Solid, and Air), and Application (Residential & Commercial, Utility, and Industrial): Global Opportunity Analysis and Industry Forecast 2021–2030." According to the report, the global transformer core industry was estimated at $8.9 billion in 2020, and is expected to reach $13.5 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030.

Major determinants of the market growth

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 &urbanization and rise in government investment in renewable power projects are anticipated to pave the way for multiple opportunities in the industry.

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COVID-19 scenario-

• Due to the outbreak of Covid-19 and prolonged lockdown across the globe, maximum industries have stopped their operations. The manufacturing of the transformer core was halted during the initial days of the pandemic, which highly impacted the sales of the transformer core.
• The disrupted supply chain and unavailability of the workforce directly affected the production and manufacturing activities.
• Furthermore, import and export activities were severely hampered during the pandemic. Several industries that use transformer core were impacted in the initial days, thus affecting the global transformer core market.
• The transformer is the most fundamental equipment for transferring electricity to homes. The need for a transformer core, on the other hand, has not been affected by the constant demand for power during the pandemic.

The shell segment to dominate by 2030-

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.

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The power transformer segment held the lion's share in 2020-

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.

North America to portray the highest CAGR through 2030

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.

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Major market players

• Corefficient S.R.L.
• Arteche
• Foshan Juli Electromechanical Co., Ltd.
• Eilor Magnetic Cores
• Megger
• KRYFS Power Components Ltd.
• Metglas, Inc.
• VilasTranscore Ltd.
• Powercore Industries
• Nicore Magnetic Cores

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