Transformer Core Market is Expected to Reach $8,897 Million, Globally, by 2022 - Allied Market Research
PORTLAND, Oregon, September 9, 2016 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Transformer Core Market: Global Opportunities and Forecasts, 2014-2022," the transformer core market is projected to reach $8,897 million by 2022, growing at a CAGR of 3.5% from 2016 to 2022. Power transformers dominated this market, occupying around half of the total share of the market revenue in 2015.
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Sample of the Transformer Core Market report can be accessed on the website at https://www.alliedmarketresearch.com/transformer-core-market
The market for transformer core is on a continuous rise due to increase in government investment in renewable power projects as well as the rapid industrialization and urbanization. Rising demand for electricity from various industries, increasing demand for transmission, and expansion of power projects to integrate renewable energy resources along with rapid urbanization globally are the major drivers of the market. However, price fluctuations in electrical steel and ferrite could hamper the growth of the market.
In the year 2015, the power transformer segment occupied around half of the overall transformer core market, and is expected to maintain its lead. This is due to the large quantity of electrical steel used for manufacturing power transformers to carry heavy loads at power stations.
Key Findings of Transformer Core Market
- Power transformer is anticipated to grow the fastest rate during the analysis period.
- Asia-Pacific is estimated to continue to lead the market, growing at a CAGR of 6.0%, in terms of volume.
- China occupied more than half of the total share of the Asia-Pacific transformer core market in 2015.
- India is estimated to grow at the highest CAGR of 7.5%, in terms of revenue.
Asia-Pacific and LAMEA collectively accounted for approximately 60% revenue share of the market in 2014, and are expected to maintain this trend throughout the forecast period. This is due to the rise in infrastructural and industrial development, especially in China, India, and other developing economies. The growth of the world transformer core market is expected to be driven by the increase in demand for electricity generation, especially in the Asia-Pacific and LAMEA regions. In addition, transmission and expansion of power projects to integrate renewable energy resources is a key factor that drives the market growth.
Key players in the world transformer core market are concentrating on acquiring local players to strengthen their market reach as well as to expanding their customer base. Major companies profiled in the report include ABB Ltd., Siemens AG, Mitsubishi Electric Corporation, Crompton Greaves, Toshiba Corporation, Hitachi, Ltd., Fuji Electric Co. Ltd., and Ferroxcube International Holding B.V.
Summary on Similar Reports Related to Transformer Market Can be accessed at -
Power Transformers Market - https://www.alliedmarketresearch.com/power-transformers-market
Transformer Oil Market - https://www.alliedmarketresearch.com/transformer-oil-market
Solid State (Smart) Transformer Market - https://www.alliedmarketresearch.com/solid-state-transformer-market
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