Transformer Manufacturing Market 2024-2028
The transformer manufacturing market is forecasted to grow by USD 14.4 mn during 2023-2028, accelerating at a CAGR of 4.8% during the forecast period. The report on the transformer manufacturing market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by increasing electricity demand, modernization and smart grid initiatives, and aging power infrastructure.
Technavio's transformer manufacturing market is segmented as below:
By Type
- Power transformers
- Distribution transformers
- Others
By Application
- Utilities
- Industrial and commercial
- Residential
- Others
By Geographical Landscape
- APAC
- North America
- Europe
- South America
- Middle East and Africa
This study identifies the renewable energy integration as one of the prime reasons driving the transformer manufacturing market growth during the next few years. Also, increase in production capacity and focus on sustainability will lead to sizable demand in the market.
The report on the transformer manufacturing market covers the following areas:
- Transformer Manufacturing Market sizing
- Transformer Manufacturing Market forecast
- Transformer Manufacturing Market industry analysis
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading transformer manufacturing market vendors that include ABB Ltd., Bharat Heavy Electricals Ltd., Celme Srl, CG Power and Industrial Solutions Ltd., Eaton Corp plc, EL Sewedy Electric Co., ERMCO, GE Vernova Inc., Hammond Power Solutions Inc., Hitachi Energy Ltd., Hyosung Heavy Industries Corp., Hyundai Electric and Energy Systems Co. Ltd., MPS Industries Inc., Ormazabal, Siemens Energy AG, Toshiba Corp., Triad Magnetics, and Voltamp Transformers Ltd. Also, the transformer manufacturing market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive primary and secondary research. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.