Transformer core market to reach $13.5 B by 2030
The global transformer core market size was valued at $8.9 B in 2020, and is projected to reach $13.5 B by 2030, growing at a CAGR of 4.3 % from 2020 to 2030.
The global transformer core market has witnessed considerable growth in the recent past, owing to rise in government investment in renewable power projects and rapid industrialization and urbanization. The World Bank reported that the power consumption in Latin America is anticipated to increase by twofold from 2010 to 2030, and is expected to obtain an investment of approximately $430 B to cater to the growing electricity demand. Thus, increase in the number of power transformers, in turn, boosts the growth of the market.
Increase in demand for electricity production across the globe and rise in integration of renewable sources of energy to produce electricity drive the transformer core market growth. In addition, Asia-Pacific is projected to register significant growth as compared to the saturated markets of North America and Europe.
Region wise, Asia-Pacific dominated the global market in 2020, and is projected to remain the fastest growing segment during the forecast period. This is attributed due to high demand of electricity by large population and shifting trends toward use of energy-efficient technologies, which, in turn, propel the demand for transformer core.
Source: Allied Market Research