The transformer market is expected to grow by about 5.7%.

WILMINGTON, Delaware, USA, May 5, 2023 (GLOBE NEWSWIRE) — Transparency Market Research — The global transformer market was estimated to be $28.26 billion in 2021 and projected to reach $48.11 billion by 2031 . From 2022 to 2031, global industry is likely to grow at an average of 5.7% per year. A transformer is a mechanical device that steps up or steps down voltage to transfer electrical energy from one AC circuit to one or more other circuits.
Transformers are used in many different areas including transmission, distribution, generation and use of electricity. They are used in a variety of domestic and commercial applications, especially for distribution and control of electricity over long distances. The size of the global transformer market is driven by the growing use of renewable energy sources and the growing demand for reliable and stable power sources. As the COVID-19 pandemic recedes, market participants are turning their attention to high-growth industries such as automotive and transportation, oil and gas, metals and mining.
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Electronic transformers are likely to witness continuous technological advancement, which is expected to drive the growth of the industry. Market-leading companies are developing transformers that are smaller, lighter, and have more power with less energy loss. Companies also produce industry-specific transformers such as electric arc furnace and rectifier transformers to differentiate their products from competitors.
Although their purpose varies depending on the needs of the system, all types of transformers, including those made for electromagnetic induction, operate on the same basic principles. These approaches use high temperature materials and provide users with a range of environmental, financial and safety benefits.

Post time: May-22-2023