Global Transformer Core Market to Reach US$ 11.3 Billion by 2028, Fostered by Increasing Need for Electricity

According to the latest report by IMARC Group, titled "Transformer Core Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global transformer core market size reached US$ 8.9 Billion in 2022. A transformer core is a device that utilizes electromagnetic induction to transmit power from one source to another. It is manufactured using thin laminations of cold-rolled grain-oriented silicon steel and contains primary, secondary, or tertiary metallic windings, each with different ratings. Its function is to provide support to the windings and create a closed ferromagnetic path with low reluctance to the magnetic flux, which helps to minimize losses caused by flux leakage. Its efficiency and reliability are essential for the smooth functioning of these systems. It is available in different shapes and sizes, depending on the application and power rating of the transformer. It is used in a wide range of applications, from power generation and transmission to small electronic devices. 

Global Transformer Core Market Trends:

The increasing need for electricity is driving the global market. Coupled with this, the increasing adoption of renewable energy sources, such as wind and solar power is also contributing to the market. In line with this, the rising government policies mandating the use of energy-efficient products and the adoption of renewable energy sources are creating a positive market outlook. Along with this, the advent of distribution automation technologies that enable real-time monitoring and control of power distribution systems is catalyzing the market. Moreover, the rising demand for smart grids and the need for modernizing existing power infrastructure are fuelling the demand for transformer cores. Besides, continual technological developments in advanced transformer core materials, including amorphous metal and nanocrystalline alloys, which offer improved efficiency and reduced energy losses, are providing a boost to the market. Additionally, several leading players are heavily investing in extensive research and development activities for incorporating sensors and control systems and high-temperature superconducting materials to optimize performance, increase efficiency, and reduce losses, thus propelling the demand. Apart from this, the growing need for electric vehicles (EVs) and the increasing number of EV charging stations are catalyzing the need for transformer cores. Other factors, such as the rising demand for smart grids and the need for modernizing existing power infrastructure, expanding trade activities, increasing demand for luxury cruise ships, and rapid industrialization and urbanization, are also influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 11.3 Billion by 2028, exhibiting a growth rate (CAGR) of 4.30% during 2023-2028. 

Market Summary:

• On the basis of the core, the market has been divided into shell, closed, and berry. Currently, the shell represented the largest market segment.
• Based on the product, the market has been segmented into power, distribution, and instrument transformers. Among these, power transformer exhibits a clear dominance in the market.
• On the basis of the winding, the market has been bifurcated into two winding and auto transformer. Auto transformer presently accounts for the largest market share.
• Based on the cooling, the market has been classified into dry type and self-cooled. Currently, the dry type is leading the total market share.
• On the basis of the insulation, the market has been classified into gas, oil, solid, and air. Among these, gas represented the largest segment.
• Based on the application, the market has been segmented into industrial, residential and commercial, and utility. Industrial presently accounts for the largest segment.
• On the basis of the region, the market has been categorized into North America (the United States, and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. Among these, Asia Pacific holds the leading position in the market.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Arteche, Corefficient S de RL de CV, Eilor Magnetic Cores, Ferroxcube International Holding B.V. (Yageo Group), Fuji Electric Co. Ltd., KRYFS Power Components Ltd., Metglas Inc. (Hitachi Metals Ltd.), Nicore Magnetic Cores, Powercore Industries India Private Limited, and Vilas Transcore Ltd.

Report Scope:

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