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.

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 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.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Transformer Core market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Transformer Core market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Transformer Core market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Transformer Core market?
• Which is the largest regional market for Transformer Core market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Transformer Core market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Transformer Core market worldwide?