Transformer Core Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029

Transformer cores are primary, secondary, or tertiary metallic windings used in diverse grades, and are fitted in transformers depending upon the type of transformer and its capacity. A low reluctance magnetic winding, also known as transformer core, is common to all the windings present in the transformer. The core is usually arranged around the windings to offer multiple paths for the magnetic waves to traverse. The core is seized together by mechanical structures and is connected to a single grounding point to disintegrate electrostatic accumulation. Transformer core helps in EMI shielding and maintaining uninterrupted power transmission, thus increases the overall efficiency of transformers. The efficiency of a transformer hinge on the links between the flux and core windings. The transformer core market has foreseen significant growth over the past few years owing to increase in investments by governments in renewable power schemes coupled with rapid industrialization & urbanization.

Increase in demand for electricity production across the globe and growth in the integration of renewable energy sources to generate electricity are some major aspects driving the market growth. Power transformers require more amount of core than distribution transformers due to large size. Thus, the amount of transformer cores installed in distribution transformers is estimated to decrease due to a rapid increase in the development of power generation projects and new power grids. This in turn is accelerating the number of power transformers, which is a major trend prevailing in the global transformer core market.

However, several challenges such as increasing fluctuations in prices of raw material and variations in regulatory environment are expected to impede the market growth.

On the basis of type, power transformers accounts for a major share in the global transformer core market owing to increasing demand for electricity generation which in turn require large electricity grids. Thus, use of power transformers at electricity production sites is expected to drive the overall demand over the forecast period.

Asia Pacific is expected to be the dominant region due to increasing population and increasing demand for sustainable sources of energy. Also, increasing growth of Chinese and Indian economy is a major factor driving the growth of Asia Pacific transformer core market. Rapid urbanization in India and China is leading to an unprecedented demand for new infrastructural projects. Rising number of commercial buildings such as shopping malls, multiplexes and commercial complexes & office buildings are leading to a surge in demand for efficient electricity transmission frameworks, thus driving the Asia-Pacific transformer core market.

The global transformer core market can be categorized on the basis of transformer type as:

• Power Transformers
• Distribution Transformers
• Others

Power transformers segment was dominant in the global transformer core market in 2019 and is anticipated to maintain its dominance over the forecast period from 2021 to 2025. This is due to increasing electricity generation across the globe coupled with high demand for efficient power grids. The global electricity production through thermal power accounts for more than 40% of the overall electricity production. Governments of various developing and developed countries have focused on promoting renewable energy sources such as wind, solar, and hydro due to increase in output efficiency coupled with less pollution and low maintenance costs. This factor is expected to increase the number of renewable energy plants, which would require transformers for power grids, power stations, transmission, and distribution facilities. For instance, according to the International Energy Agency, the world electricity production from renewable energy sources is expected to reach 8,108 TWh by the end of 2025. Increasing number of power projects has fueled the demand for power transformers to ensure efficient electricity transmission. Transformer cores are also coated with epoxy resins to reduce eddy currents and humming loss in power transformers. Moreover, load fluctuations are less in power transformer due to higher flux density during transmission of electricity from power stations to distribution stations. Asia-Pacific is expected to be the largest consumer of transformer cores in power transformers, owing to the presence of large number of infrastructure and power generation projects. Increase in deployment of power transformers in every commercial infrastructure project along with increasing demand for power transmission due to urbanization especially in the developing economies is expected to provide growth opportunity in the global transformer core market. Moreover, availability of various capacities of power transformers helps consumers to choose their products accordingly which further smoothens the market growth.

The global transformer core market can be categorized on the basis of regions and countries as:

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
• Latin America
• Brazil
• Rest of Latin America
• Middle East & Africa (MEA)
• GCC Countries
• Rest of MEA

The Asia-Pacific transformer core market is growing at a rapid pace. This growth is mainly attributed to the enhancement of grid infrastructure and increasing demand for electricity especially in densely populated countries such as India and China. The Asia-Pacific transformer core market is expected to grow at a significant pace, owing to increasing investments for installation of renewable energy-based power projects. In addition, Asia-Pacific region is one of the largest consumers of transformer cores due to increased focus of governments to improve urban and rural infrastructures. China dominates the Asia-Pacific transformer core market, followed by India, due to expeditious rise in the demand for sustainable and efficient electricity transmission in various application industries. Increasing need for automation and deployment of technological advancements drives the demand for transformer cores in the region. Rapid industrialization and expansion of electric networks in the region further drives the market growth. North America is expected to account for the second largest share due to presence of a large number of thermal power plants in the region. Moreover, increasing usage of independent transformers especially in industrial applications is expected to drive the North America transformer core market.


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