The latest market report published by Acute Market Reports “Transformer Core Market By Type (Power Transformers, Distribution Transformers and Others) and Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Growth, Future Prospects and Competitive Analysis, 2021 - 2029,” the global transformer core market is expected to grow at a CAGR of 4.2% over the forecast period from 2021 to 2029.
Browse the full Transformer Core Market - Growth, Future Prospects and Competitive Analysis, 2021 – 2029 report at https://www.acutemarketreports.com/report/transformer-core-market
Market Insights
The demand for transformer cores is anticipated to witness a rapid increase due to growing population, rapid urbanization, and upsurge in infrastructural development activities across the globe. The demand for electricity has increased tremendously in the recent years. Advancements in technology has led to the introduction of electronic products for domestic and commercial purposes that are electricity driven. In addition, increasing per capita disposable incomes and spending abilities of consumers has increased the sales of consumer electronic devices such as televisions, refrigerators and air conditioners. Also, increase in modernization especially in developing countries, rapid growth of construction industry as well as evolution of prosperous and high-tech residential complexes and societies has brought a significant increase in electricity demand. The global GDP projection is expected to achieve $83 trillion mark by 2023, due to increasing demand for infrastructural projects as well as increasing industrialization, thereby leading to increase in the demand for electricity generation in order to cater to the spiraling demand for electricity in the industrial and consumer electronics sectors. Moreover, heavy investments on industrial and domestic construction, railways, and airports have fueled the overall growth of the global transformer core market.
Currently, the global transformer core market is witnessing bright opportunities owing to increasing investments in expansion of power grids. Improvement in living standards and increasing demand for household electrical appliances followed by growth of commercial sector including schools, hospitals, retail & grocery stores, office buildings are some major aspects demanding effective power transmission. Also, rising number of industrial deployments have fueled the demand for efficient power grids, which in turn is expected to drive the overall transformer core market.
Competitive Insights
The key players in the global transformer core market are investing more on research & development activities to introduce cheaper and more efficient products to avoid core losses especially in distribution transformers. Some of the major players operating in the global transformer core market include Ferroxcube International Holdings B.V., Siemens AG, ABB Ltd., Hyosung, Mitsubishi Electric, Toshiba, Crompton Greaves, Fuji Electric and Hitachi Ltd. among others.
Key Trends
