Portland, OR, March 20, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global lighting transformer market generated $1.2 billion in 2021, and is estimated to reach $2.1 billion by 2031, witnessing a CAGR of 5.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.2 billion |
| Market Size in 2031 | $2.1 billion |
| CAGR | 5.6% |
| No. of Pages in Report | 391 |
| Segments covered | Type, Power Rating, Application and Region |
| Drivers | The surge in the demand for low voltage lighting application |
| Growth in investment for global transformer market | |
| The increase in the demand for dimmer switches | |
| The rise in the demand for lighting transformer in outdoor applications | |
| The surge in organic growth strategies | |
| Opportunities | The increasing usage of dimmer switches in the residential, commercial, and utility sectors, and other industrial applications |
| Restraints | High cost of maintenance |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the lighting transformer market due to disruptions in the supply chain, a shortage of labor, and strict transportation regulations that caused production delays in manufacturing.
- Additionally, the economic slowdown impacted the development of new lighting transformer projects worldwide, as government funding was prioritized towards healthcare systems.
- As the global situation began to recover, a growing demand for lighting transformers was witnessed in various industries.
The report offers a detailed segmentation of the global lighting transformer market based on type, power rating, application and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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By type, the electronic segment held the largest share in 2021, accounting for more than half of the global lighting transformer market and would dominate the market in terms of revenue through 2031. The same segment would also cite the fastest CAGR of 5.9% throughout the forecast period. The isolation and magnetic segments are also studied in the report.
By power rating, the small segment contributed to more than two-fifths of the global lighting transformer market revenue and is projected to rule the roost by 2031. The same segment would also display the fastest CAGR of 6.0% throughout the forecast period. The other segments assessed in the report include medium and large.
By application, the utility segment held the major share in 2021, garnering more than half of the global lighting transformer market revenue and is projected to maintain the lion’s share by 2031. Simultaneously, the same region would portray the fastest CAGR of 5.8% throughout the forecast period. The residential & commercial and industrial segments are also discussed in the report.
By region, North America held the major share in 2021, garnering nearly one-third of the global lighting transformer market revenue and is projected to maintain its dominance by 2031. The same region would also showcase the fastest CAGR of 5.9% throughout the forecast period. The other provinces studied through the report include Asia-Pacific, Europe, and LAMEA.
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The prominent market players analyzed in the global lighting transformer market report include Trans Power Tech, MX Lightforce, Airlink Transformers, Pelton Power Technologies Private Limited, Schneider Electric, Hitachi, Leviton, ABB, Trio Transformer, and Eaton Corporation. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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