Step-Up and Step-Down Transformer Market Report 2024

This Step-Up and Step-Down Transformer market report covers industry characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The step-up and step-down transformer market size has grown strongly in recent years. It will grow from $13.63 billion in 2023 to $14.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth during the historic period can be attributed to the expansion of power grids, increased urbanization, rising industrialization, growing demand for electricity, government initiatives for rural electrification, and the expansion of renewable energy sources.

The step-up and step-down transformer market size is expected to see strong growth in the next few years. It will grow to $19.98 billion in 2028 at a compound annual growth rate (CAGR) of 8%. The growth during the forecast period can be attributed to rising demand for electricity, increased urbanization, growing industrialization, modernization of power grids, integration of renewable energy, and the increasing need for efficient power transmission and distribution systems. Key trends in this period include advancements in smart grid integration, energy-efficient designs, compatibility with renewable energy, improved materials and insulation, enhanced monitoring and diagnostics, compact and lightweight designs, and progress in automation and digitalization.

The anticipated increase in electricity consumption is expected to drive growth in the step-up and step-down transformer market. This rise in electricity usage is attributed to factors such as population growth, economic development, the widespread adoption of electronic devices and appliances, increased industrial activity, and improved living standards. Step-up and step-down transformers are crucial for the efficient transmission and distribution of electrical power, as they adjust voltage levels to ensure effective power delivery from generation plants to end users. For instance, in December 2023, the U.S. Energy Information Administration, a US-based government agency, reported that electricity end-use consumption in the United States increased by 3.2% in 2022 compared to 2021. Retail electricity sales to the residential sector grew by approximately 2.6%, while sales to the commercial sector rose by about 4.7%. Additionally, industrial sector sales saw a 2% increase in 2022. This rising electricity consumption is driving the growth of the step-up and step-down transformers market.

Major players in the step-up and step-down transformer market are prioritizing strategic investments to foster technological innovation and expand production capacity. These investments in technology, production capabilities, sustainability, and smart solutions are aimed at enhancing the development of step-up and step-down transformers, improving efficiency, addressing growing demand, and advancing industry standards. For example, in April 2024, Hitachi Energy, a Japan-based company specializing in power technologies and energy systems, announced plans to invest over $1.5 billion to expand and modernize its global transformer manufacturing capacity. This investment will support rising demand and long-term electrification initiatives across Europe, America, and Asia, utilizing the company’s existing global infrastructure.

In January 2024, Hitachi Energy Ltd., a Switzerland-based technology company, acquired COET S.r.l. for an undisclosed amount. This acquisition enhances Hitachi Energy’s global positioning and capabilities in high-power electric vehicle charging infrastructure, power electronics, and grid edge technologies. COET S.r.l., an Italy-based equipment manufacturer, specializes in power supply systems including rectifiers and step-down transformers.

Major companies operating in the step-up and step-down transformer market are Hitachi Ltd., Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Toshiba Corporation, Eaton Corporation plc, Alstom SA, Legrand SA, Rockwell Automation Inc., Fuji Electric Co. Ltd., WEG Electric Corp., Hyosung Corporation, SPX Transformer Solutions Inc., HD Hyundai Electric Co. Ltd., Nissin Electric Co. Ltd., CG Power and Industrial Solutions Limited, Hammond Power Solutions Inc., EFACEC Power Solutions SGPS S.A., Voltamp Transformers Limited, Kirloskar Electric Co. Ltd., SGB-SMIT Group, Synergy Transformers Pvt. Ltd., Alfanar Group.

Asia-Pacific was the largest region in the step-up and step-down transformer market in 2023. The regions covered in the step-up and step-down transformer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the step-up and step-down transformer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Step-up and step-down transformers are electrical devices designed to adjust the voltage levels of alternating current (AC) electricity. A step-up transformer increases the voltage from a lower level to a higher level, which is typically used in power transmission to minimize energy loss over long distances. Conversely, a step-down transformer decreases the voltage from a higher level to a lower level, making it safe and suitable for residential and commercial use. These transformers are essential for power distribution, electronics, and various industrial applications, as they enable efficient energy transmission and utilization.

The main types in the step-up and step-down transformer market include step-up transformers, step-down transformers, and others. A step-up transformer is used to increase the voltage of AC while reducing the current. Transformers are available in various phases, including single phase and three phase, and serve several end uses such as industrial, commercial, residential, and other applications.

The step-up and step-down transformer market research report is one of a series of new reports that provides step-up and step-down transformer market statistics, including the step-up and step-down transformer industry global market size, regional shares, competitors with step-up and step-down transformer market share, detailed step-up and step-down transformer market segments, market trends, and opportunities, and any further data you may need to thrive in the step-up and step-down transformer industry. These step-up and step-down transformer market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The step-up and step-down transformer market consists of sales of protective relays, circuit breakers, voltage regulators, surge protectors, and monitoring systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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