According to the research report titled ‘Transformer Market Size By Core (Closed, Shell, Berry), By Product (Distribution Transformer, Power Transformer, Instrument Transformer {Current, Potential}), By Winding (Two Winding, Auto-Transformer), By Installation (Outdoor, Indoor), By Cooling (Dry Type {Self-Air, Air Blast}, Oil Immersed {Self Cooled, Water Cooled, Forced Oil}), By Insulation (Gas, Oil, Solid, Air), By Phase (Three, Single), By Rating (? 10 MVA, 11 To 60 MVA, 61 To 600 MVA, > 600 MVA), By Mounting (Pad, Pole, PC/PCB), By Application (Residential & Commercial {Hotels, Hospitals, Apartments}, Utility, Industrial {Railways, Cement, Power, Oil & Gas}), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report, the global transformer market crossed USD 60 billion in 2019 and is expected to register an annual deployment of 7 million units by the year 2026.
 

Extensive integration of renewable energy resources in order to meet rising electricity demand is the major factor driving the transformer market. Strict government regulations regarding energy conservation in emerging economies is also aiding the market expansion. Moreover, growing inclination towards using energy efficient utility systems and several projects for long-route electrification are augmenting the demand for transformers across the globe.
 

Adoption of effective management systems to balance supply & consumption of electricity is stimulating the market outlook. Advancements in transformer technology allowing operational flexibility, minimum loses, and sustainable network integration, along with stringent energy efficiency policies are fueling the growth of transformer market.
 

As per report, dry cooling transformer market is estimated to grow by 7% through the year 2026. Rising traction can be attributed to environment sustainability and effective resistive of system towards short circuits & power surges. This type of transformer offers effective fire prevention, efficient performance in harsh weather conditions, and environmental compatibility. However, steep installation cost of dry transformers as compared to its counterparts may impede the growth of the segment.
 

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Considering geographical landscape, rapid industrialization and increasing suburban migration in regions such as Asia-Pacific and Middle East are impelling the global transformer market. India transformer market is estimated to cross annual deployment of 150,000 units by the year 2026. Favorable government reforms for providing electricity to rural areas, coupled with introduction of sustainable policies such as IEP (Integrated Energy Policy) has propelled the electricity industry, which in turn is boosting the transformer market in India.
  

The prominent companies operating in transformer market are Hyundai Heavy Industries Co. Ltd., CG Power & Industrial Solutions Ltd., Eaton Corp., Toshiba Corp., Mitsubishi Electric, Schneider Electric, Siemens AG, General Electric, ABB Limited, Daihen Corp., Bharat Heavy Electricals Ltd., Hyosung Power and Industrial Systems, Kirloskar Electric, Celme, Ormazabal, Voltamp Oman, and SPX Transformer.