Dublin, May 02, 2024 (GLOBE NEWSWIRE) -- The "Global Transformer Core Market by Core, Product, Winding, Cooling, Insulation, Application, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global transformer core market has witnessed a significant growth, reaching a value of US$ 9.3 billion in 2023. With increased emphasis on renewable energy and advancements in power transmission technologies, the market is forecasted to expand further to US$ 12.5 billion by 2032, progressing at a Compound Annual Growth Rate (CAGR) of 3.34% over the period of 2023-2032.
The market is experiencing a substantial push from the growing global demand for renewable energy, like solar and wind power, aiming to provide a more sustainable and reliable energy supply. Additionally, increasing environmental awareness and enhanced energy security measures are prompting greater demand for efficient transformer cores that facilitate effective power transmission.
Rapid urbanization, the growing global population, and significant investments in developing smart and sustainable cities have resulted in increased applications of transformer cores across residential, commercial, and industrial sectors. Governments' stringent policies aimed at reducing greenhouse gas emissions and enhancing energy efficiency have further augmented the growth of the transformer core market.
Innovation and development in distribution automation technologies enable real-time monitoring and control of power distribution systems, propelling the transformer core market forward. The burgeoning electric vehicle (EV) industry and the subsequent rise in EV charging infrastructure also contribute significantly to this expansion. Furthermore, the utilization of transformer cores in the telecommunication sector, for efficient signal transmission and processing, underscores their indispensable role in modern infrastructure.
Market Segmentation
The market analysis details the various segments driving the transformer core market, including core types such as shell, closed, and berry cores; products like power, distribution, and instrument transformers; and winding configurations including two winding and auto transformers. The comprehensive report presents insights into the various cooling types and insulation materials used, ranging from dry type and self-cooled systems to gas, oil, solid, and air insulation.
Regional Dynamics
Geographically, the report identifies the Asia Pacific region as a major driver of the transformer core market, attributing its growth to factors like surging electricity consumption and the implementation of strict regulatory standards. The analysis includes detailed reviews of other significant markets, including North America, Europe, Latin America, and the Middle East and Africa.
Competitive Landscape
The global transformer core market is characterized by a highly competitive environment where diverse players offer innovative solutions tailored for varied applications. Market structure analysis, competitive positioning, strategies, and company evaluations highlight the dynamism intrinsic to this market.
Companies Featured
- Arteche
- Corefficient S de RL de CV
- Eilor Magnetic Cores
- Ferroxcube International Holding B.V. (Yageo Group)
- Fuji Electric Co. Ltd.
- KRYFS Power Components Ltd.
- Metglas Inc. (Hitachi Metals Ltd.)
- Nicore Magnetic Cores
- Powercore Industries India Private Limited
- Vilas Transcore Ltd.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 137 |
| Forecast Period | 2023-2032 |
| Estimated Market Value (USD) in 2023 | $9.3 Billion |
| Forecasted Market Value (USD) by 2032 | $12.5 Billion |
| Compound Annual Growth Rate | 3.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/5at6da
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