USD 14.43 billion
Step-Up and Step-Down Transformer Market Size, Share, Growth Analysis, By Rating(Small, Medium and Large), By Output(Step-down and Step-up), By Cooling Type(Oil Cooled and Air Cooled), By pricing(High Priced, Medium Priced, Low Priced), By Application(Power Transformers, Distribution transformers), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20D2179 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
138
|Figures:
79
Step-Up and Step-Down Transformer Market Insights
Global Step Up and Step-Down Transformer Market size was valued at around USD 14.43 billion in 2022 and is poised to grow from USD 15.50 billion in 2023 to USD 27.48 billion by 2031, at a CAGR of 7.42% over the forecast period (2024–2031).
Step-up and step-down transformers will likely become more significant as the population and demand for power both grow over the upcoming years, resulting in significant growth in the worldwide market for these products. A part of the demand for transformers is being driven by the rising industrialization of the globe. The market is also anticipated to grow as a result of increased investments in the power sector and rising demand for smart grid technology.
Step-down transformers are used locally to reduce the voltage to safe levels as high voltages are dangerous to use in the home. These are essential to the electrification process because, without step-up transformers, providing electricity to every area would be extremely difficult and complex due to losses, and without step-down transformers, utilizing electrical products would be too dangerous due to high voltage circuits that might result in electric shocks. The demand for step-up and step-down transformers is expected to increase significantly as demand in renewable energy sources like solar and wind grows. These transformers are essential for linking renewable energy sources to the grid for transfer power. Emerging economies such as India and China are seeing rapid urban growth that is going to drive up electricity demand. As these transformers are essential for the transmission and distribution of electricity, this provides a significant opportunity for the step-up and step-down transformer market.
US Step-Up and Step-Down Transformer Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Beads
Fastest Growth
Powder
Growth Rate
7.42% CAGR
Global Step Up and Step-Down Transformer Market ($ Bn)
Country Share for North America Region (%)
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Step-Up and Step-Down Transformer Market Segmental Analysis
Step Up and Step-Down Transformer Market is segmented based on rating, output, cooling type, pricing, application and region. Based on rating the market is segmented into small, medium and large. Based on output the market is segmented into step-down and step-up. Based on cooling type the market is segmented into oil cooled and air cooled. Based on pricing the market is segmented into high priced, medium priced, low priced. Based on application the market is segmented into power transformers, distribution transformers. Based on region the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Step-Up and Step-Down Transformer Market Analysis by Output
Step-up and step-down transformers are used to transform the electricity created from renewable energy sources such solar and wind into usable power. In order to increase the voltage levels for effective power transmission, these transformers are employed in solar and wind power plants.
The rising demand for electricity and the development of new power generation technologies are projected to drive growth in the step-up and step-down transformer market over the coming years. In addition, it is expected that the focus on energy efficiency and the use of renewable energy sources would increase demand for these transformers across a range of industries.
Global Step Up and Step-Down Transformer Market By Rating
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Step-Up and Step-Down Transformer Market Regional Insights
The largest market for step-up and step-down transformers is found in the Asia Pacific area. It is anticipated that the region will maintain its dominance during the projected time as a result of the rising industrialization, urbanization, and demand for power in the region. The key forces behind the market expansion in the Asia Pacific area are escalating government efforts and investments in electricity infrastructure, particularly in China and India.
North America is the second-largest market in the world for step-up and step-down transformers. The market is characterized by high levels of technological sophistication, a tested infrastructure, and the existence of long-standing businesses. Market growth in North America is being driven by the need to replace aging infrastructure, upgrade the system, include renewable energy sources, and do so.
Global Step Up and Step-Down Transformer Market By Region
- Largest
- Fastest
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Step-Up and Step-Down Transformer Market Dynamics
Step-Up and Step-Down Transformer Market Drivers
Increased Demand for Electricity to Bolster Market Growth
- The demand for step-up and step-down transformers is driven by the rising demand for energy across a variety of industries, including industry, healthcare, and transportation. To satisfy the unique requirements of varied applications, these transformers step up or step down the voltage levels.
- The demand for step-up and step-down transformers is being driven by the integration of renewable energy sources, such as wind and solar power, into the electrical grid. These transformers are employed to match the voltage levels of the power grid with the voltage levels of energy produced from renewable sources.
- The demand for step-up and step-down transformers is being driven by the expansion of the industrial and urban sectors. These transformers are used to supply various pieces of machinery and equipment in the manufacturing industry as well as to satisfy the rising demand for energy in metropolitan areas.
Step-Up and Step-Down Transformer Market Restraints
High Cost to Hinder Market Growth
- The market is significantly constrained by the high cost of step-up and step-down transformers. These transformers are costly as they require premium materials and cutting-edge manufacturing techniques.
- A huge obstacle to the industry is the scarcity of raw materials like copper or aluminum, which are required for producing transformers. Transformer production and cost may be affected by fluctuations in the cost of certain raw materials.
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Step-Up and Step-Down Transformer Market Competitive Landscape
The companies are global in scope and offer a broad selection of step-up and step-down transformers to satisfy the demands of various sectors. To acquire a market edge, they put a focus on innovation, product development, and strategic partnerships. These companies engaged in fierce competition with one another, competing for market share based on criteria such price, quality, and after-sales services.
Step-Up and Step-Down Transformer Market Top Player’s Company Profiles
- ABB Ltd.
- Siemens AG
- General Electric Company
- Schneider Electric SE
- Eaton Corporation
- Mitsubishi Electric Corporation
- Crompton Greaves Limited
- Hyosung Corporation
- Bharat Heavy Electricals Limited
- Toshiba Corporation
- Hitachi, Ltd.
- Alstom SA
- Fuji Electric Co., Ltd.
- KONČAR - Electrical Industry Inc.
- SGB-SMIT Group
- Wilson Transformer Company Pty Ltd.
- SPX Transformer Solutions, Inc.
- Hammond Power Solutions Inc.
- WEG Electric Corp.
- Voltamp Transformers Limited
- Others.
Step-Up and Step-Down Transformer Market Recent Developments
- In February 2024, Hitachi Energy revealed its plan to invest over €30 million ($32 million) in the expansion and modernization of its power transformer manufacturing facility located in Bad Honnef, Germany.
- In August 2023, a prominent figure in the field of transformers initiated a laboratory aimed at creating more adaptable AI models. Additionally, Databricks and OpenAI are actively engaged in negotiating deals.
- In May 2023, Mitsui Chemicals, Inc. and IBM Japan, Ltd. began collaborating to evaluate the agility and precision in uncovering new applications for Mitsui Chemicals products. They are leveraging Generative Pre-trained Transformer (GPT), a generative AI technology, along with IBM Watson Discovery. This joint effort seeks to enhance the sales and revenue performance of Mitsui Chemicals products by driving digital transformation within the business domain.
Step-Up and Step-Down Transformer Key Market Trends
- Renewable energy sources like wind and solar are in higher demand, and to connect to the grid, they need step-up and step-down transformers. The demand for step-up and step-down transformers is anticipated to rise in response to the growing emphasis on lowering carbon emissions and implementing sustainable energy sources.
- It is anticipated that the implementation of smart grid technology would increase demand for step-up and step-down transformers that can connect to digital technologies. Transformers that can function at various voltage levels and adjust to shifting demand and supply patterns are necessary for smart grids.
- The demand for energy-efficient transformers is anticipated to rise as a result of a growing emphasis on increasing energy efficiency in the power sector. Manufacturers are spending money on R&D to create transformers that use less energy and lose less power.
- Electricity demand is rising quickly in emerging economies like China and India, which is likely to raise demand for step-up and step-down transformers. Transformer demand is anticipated to increase as a result of the increasing urbanization, industrialization, and infrastructure building activities in these economies.
Step-Up and Step-Down Transformer Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the Step Up and Step-Down Transformer market is Step-up and step-down transformers will likely become more significant as the population and demand for power both grow over the upcoming years, resulting in significant growth in the worldwide market for these products. A part of the demand for transformers is being driven by the rising industrialization of the globe. The market is also anticipated to grow as a result of increased investments in the power sector and rising demand for smart grid technology. Renewable energy sources like wind and solar are in higher demand, and to connect to the grid, they need step-up and step-down transformers. The demand for step-up and step-down transformers is anticipated to rise in response to the growing emphasis on lowering carbon emissions and implementing sustainable energy sources. The demand for energy-efficient transformers is anticipated to rise as a result of a growing emphasis on increasing energy efficiency in the power sector. Manufacturers are spending money on R&D to create transformers that use less energy and lose less power.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 14.43 billion |
| Market size value in 2031 | USD 27.48 billion |
| Growth Rate | 7.42% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Step-Up and Step-Down Transformer Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Step-Up and Step-Down Transformer Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Step-Up and Step-Down Transformer Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Step-Up and Step-Down Transformer Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Step-Up and Step-Down Transformer Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Step-Up and Step-Down Transformer Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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