The growing demand for energy efficiency is significantly driving the growth of the amorphous core transformers market
WILMINGTON, DE, UNITED STATES, December 3, 2024 /
EINPresswire.com/ -- Allied Market Research published a report, titled, "
Amorphous Core Power Transformers Market by Type (Oil-Immersed Amorphous Core Transformers and Dry-Type Amorphous Core Transformers), and Application (Consumer Electronics, Aerospace, Medical, Electricity, Automotive and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the amorphous core power transformers market was valued at $2.9 billion in 2023, and is estimated to reach $4.6 billion by 2033, growing at a CAGR of 4.8% from 2024 to 2033.
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Prime determinants of growth
The global amorphous core transformers market is experiencing growth due to surge in demand for energy-efficient transformers. However, the surge in initial cost of amorphous core transformers compared to conventional transformers hinders the market growth to some extent. Moreover, the ongoing modernization of aging power infrastructure in developed economies presents additional opportunities for the amorphous core transformers market.
Dry-type amorphous core transformers segment will maintain its dominance by 2033
By type, the dry-type amorphous core transformers segment held the highest market share in 2023 and is likely to retain its dominance throughout the forecast period. The rise in demand for dry-type amorphous core transformers is primarily driven by several factors. They offer higher efficiency compared to traditional transformers, which helps in reducing energy losses during transmission and distribution. Dry-type transformers eliminate the risk of oil leaks and fires, making them safer and more environment-friendly. The growing environmental regulations globally favor the adoption of energy-efficient and eco-friendly technologies, further boosting the demand for dry-type amorphous core transformers in various industrial and commercial applications.
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Consumer electronics segment will maintain its dominance by 2033
By application, the consumer electronics segment held the highest market share in 2023 and is likely to retain its dominance throughout the forecast period. The increase in demand for consumer electronics drives the growth of the amorphous core transformers market. Consumer electronics, such as smartphones, tablets, laptops, and televisions, require efficient power distribution and management systems. Amorphous core transformers offer advantages over traditional transformers, including higher energy efficiency and reduced energy losses.
Asia-Pacific is expected to experience the fastest growth throughout the forecast period
Based on region, Asia-Pacific was the fastest-growing region in terms of revenue in 2023. There is an increase in the demand for amorphous core transformers in the Asia-Pacific region. Rapid industrialization and urbanization in countries like China and India drive the need for efficient energy distribution systems. Governments' focus on energy efficiency and reduction in carbon footprints further boost the growth of the market. In addition, significant investments in renewable energy projects across the region necessitate reliable and efficient transformers, thereby fostering market growth for amorphous core transformers in Asia-Pacific.
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Leading Market Players: -
• Hitachi Industrial Equipment Systems Inc
• ABB Ltd
• Toshiba Energy Systems & Solutions Corporation
• Zhixin Electric Ltd
• Jiangshan Scotech Electrical Co., Ltd.
• San Jiang Electric Mfg. Co., Ltd.
• Siemens Energy AG
• Mitsubishi Electric Corporation
• Eaton Inc
• HYUNDAI ELECTRIC CO., LTD.
The report provides a detailed analysis of these key players in the global amorphous core transformers market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
David Correa
Allied Market Research
+15038946022 ext.
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