Global Transformer Core Market to Reach US$ 12.5 Billion by 2032, Fostered by Increasing Need for Electricity

April 14, 2023 | Energy & Mining

According to the latest report by IMARC Group, titled "Transformer Core Market by Core (Shell, Closed, Berry), Product (Power Transformer, Distribution Transformer, Instrument Transformer), Winding (Two Winding, Auto Transformer), Cooling (Dry Type, Self Cooled), Insulation (Gas, Oil, Solid, Air), Application (Industrial, Residential and Commercial, Utility), and Region 2024-2032," the global transformer core market size reached US$ 9.3 Billion in 2023. 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$ 12.5 Billion by 2032, exhibiting a growth rate (CAGR) of 3.1% during 2024-2032. 

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:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Cores Covered Shell, Closed, Berry
Products Covered Power Transformer, Distribution Transformer, Instrument Transformer
Windings Covered Two Winding, Auto Transformer
Coolings Covered Dry Type, Self Cooled
Insulations Covered Gas, Oil, Solid, Air
Applications Covered Industrial, Residential and Commercial, Utility
Regions Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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, Vilas Transcore Ltd. etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.


Contact Us:

IMARC Group
134 N 4th St.
Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Transformer Core Market to Reach US$ 12.5 Billion by 2032, Fostered by Increasing Need for Electricity
Purchase options




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More