By 2032, the global voltage transformer market will reach $42.1 billion, with a compound annual growth rate of 6.6%
The advancement of materials and design has led to the development of smaller and lighter voltage transformers without affecting performance; this is particularly important in applications where space and weight are key factors.
(Transformer)
Wilmington, Delaware, January 17, 2024 (Global News Agency) - Allied Market Research released a report titled "Voltage Transformer Market by Voltage Type (Low Voltage, Medium Voltage, and High Voltage) and Application (Residential and Commercial, Utility, Industrial)": Global Opportunity Analysis and Industry Forecast 2023-2032. The report shows that the market value of voltage transformers in 2022 is 22.4 billion US dollars, and it is expected to reach 42.1 billion US dollars by 2032. The CAGR from 2023 to 2032 is 6.6%.
Prime determinants of growth
The global voltage transformer market is experiencing growth due to several factors, such as an increase in demand for electricity where voltage transformers are crucial components in the electricity distribution network, responsible for transforming power generated from various sources to meet the diverse voltage needs of end-use industries. However, the high initial costs of voltage transformers hinder the market growth to some extent. Moreover, the surge in demand for innovative grid initiatives offers remunerative opportunities for the expansion of the voltage transformer market.
The high voltage segment is expected to grow faster throughout the forecast period.
By voltage type, the medium voltage segment market holds the highest market share in 2022, accounting for nearly half of the global voltage transformer market revenue; they are expected to maintain their leading position throughout the entire forecast period; this is because medium voltage transformers play a crucial role in railway electrification systems. They are used to convert the high voltage of the power grid into the voltage required for railway infrastructure. However, it is expected that the compound annual growth rate of the high-voltage section will reach 6.9% from 2023 to 2032, as high-voltage transformers are used to increase the voltage generated by power plants. This high voltage reduces energy loss during long-distance transmission through power lines.
The transformer is expected to reach Lake Munmorah on Monday (February 5) and has attracted attention along the route.
Power system
Transformers play an essential role in the power system used for the transmission and distribution of electrical energy. There are step-up transformers, step-down transformers, and distribution transformers.
Testing and control field
Instrument transformer is a type of transformer mainly used in the field of electrical measurement, such as current transformer CT, voltage transformer PT, etc.
Power supply technology
Electronic transformers can convert AC power into different voltages, currents, or frequencies and are widely used in the power supply of electronic devices, such as computers, televisions, audio systems, etc.
Welding technology field
Special transformers such as welding transformers are used for welding power sources.
(Transformer)
Other fields
In addition, transformers are also used in mechanical manufacturing, automotive electronics, aerospace, and other fields.
Overall, transformers are widely used in many fields due to their ability to achieve functions such as boosting, reducing voltage, changing AC, changing impedance, and changing phase.
High-quality Supplier
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