According to a new report published by Allied Market Research, titled, ” Transformer Core Market by Core, Product, Winding, Cooling, Insulation, Application and Region: Global Opportunity Analysis and Industry Forecast, 2020-2030,” the global transformer core market size was valued at $8.9 billion in 2020, and global transformer core market forecast projected to reach $13.5 billion by 2030, with global market forecast expected at a CAGR of 4.3% from 2021 to 2030.
Increase in demand for electricity production across the globe and rise in integration of renewable sources of energy to produce electricity drive the market growth. However, factors such as rapid fluctuations in raw material prices and change in regulatory environment are expected to hinder the market growth. In addition, Asia-Pacific is projected to register significant growth as compared to the saturated markets of North America and Europe. The amount of transformer cores used in distribution transformers is expected to decline, owing to increase in expansion of power grids and power generation projects, thus fueling the total number of power transformers.
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The transformer core industry is segmented on the basis of core, product, winding, cooling, insulation, application, and region. Depending on core the market is categorized into closed, shell, and berry. On the basis of product, it is segmented into distribution transformer, power transformer, and instrument transformer. As per winding, it is bifurcated into two winding and auto-transformer. By cooling, it is divided into dry type and self-cooled. By insulation, it is classified into gas, oil, solid, and air. According to application, it is fragmented into residential & commercial, utility, and industrial. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global transformer core market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Arteche, Corefficient S.R.L., Eilor Magnetic Cores, Foshan Juli Electromechanical Co., Ltd., KRYFS, Megger, Metglas, Inc., Nicore Magnetic Cores, Power Core Industries, and VilasTranscore Ltd.
The global transformer core market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2020–2030. The report includes the study of the market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers for the transformer core market growth.
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Impact Of Covid-19 On The Global Transformer Core Market
- COVID-19 has impacted various industries due to shut down of different industrial operations and disrupted supply chain. Many companies halted their operation due to less workforce. However, there is a gradual decline in the hardware industry which has high negative impact on transformer core due to the impact of COVID-19.
- The electric industry accounted for significant share in terms of consumption of transformer core globally. The demand for electricity has increased due to the significant reductions in services and industry only partially offset by higher residential use ,which, in turn, increases the demand for transformer core.
- According to the Organization for Economic Co-operation and Development (OECD), surge in the price of crude oil began during the lockdown, due to extensive supply and less demand which increased the production of electricity. However, the demand for transformer increased, which, in turn, increased the demand for transformer core.
- According to the UNIDO, 30.0–70.0% of the pre-COVID-19 workforce in various industries migrated to the hometowns due to uncertainties and loss of income during the lockdown. This unavailability of workforce is expected to directly affect the production and manufacturing activities, thereby resulting in a decline in demand for raw materials used in the transformer core. This is expected to decline the growth of the market during the forecast period.
- The COVID-19 pandemic has curtailed the movement of people, goods, and services across the globe, including in most of the regions in which production of transformer is on large scale. As part of intensifying efforts to limit the spread of COVID-19, a number of local, state, and national governments have imposed various restrictions on the conduct of business and travel, such as stay-at-home orders and quarantines that have led to a significant number of business slowdowns and closures. The COVID-19 pandemic has resulted in, and is expected to continue to result in a substantial curtailment of business activities (including the decrease in demand for a broad variety of goods and services), weakened economic conditions, supply chain disruptions, significant economic uncertainty and volatility in the financial and commodity markets, including the reduction in global demand for oil & gas combined with excessive supply due to disagreements between Organization of the Petroleum Exporting Countries (OPEC) , both in the U.S., and abroad. However, due to the disruption in such all-mentioned activities led to decrease the demand for transformer core and negatively impacted the whole market.
- The manufacturing of transformer core was halted for a specific period due to high peak of COVID-19 situation, which highly impacted the sales of transformer core.
- Sales of transformer core is directly proportional to the demand for transformer. Transformer is the basic equipment used to transfer electricity to houses. However, the continued demand for electricity has not impacted the demand for transformer core.
- Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using transformer core and thereby affecting the global transformer core market.
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