The transformer market growth graph is forecast to depict a major rise owing to large-scale urbanization, high energy demand, rising investments across the energy infrastructure sector, and rapid expansion of smart grid networks. Favorable government norms toward alleviating energy security concerns will also drive the transformers market share. A transformer is referred as an electrical apparatus specifically designed to convert AC from one voltage to another.

Transformer market is segmented in terms of core, product type, by winding, by installation, by cooling, by insulation, by phase, by potential rating, by mounting, by application avenues, and regional landscape.

Based on core, the transformer market is classified into berry, shell, and closed. Among these, berry core segment will witness substantial growth over the forthcoming time period owing to increasing urbanization and rapid expansion of smart grid networks.

With respect to product, the transformer market is categorized into instrument transformer, power transformer, and distribution transformer. Ongoing electricity demand in continuity to positive utility inclination towards the electric networks expansion across grid isolated areas will fuel the instrument transformer segment growth.

Instrument transformer segment is further divided based on potential and current. Current transformer segment is anticipated to grow at a rate of over 7% by the end of the analysis timeframe. In 2020, potential transformer segment was valued at more than $2 billion and will exhibit strong growth over the forecast time period.

Based on winding, the market is divided into auto transformer and two winding. Among these, two winding transformer segment is expected to grow at a rate of over 5% by the end of the analysis timeline.

In terms of cooling, the transformer market is divided into oil immersed and dry type. The dry type segment is further classified into air blast and self-air. Two winding transformer segment is projected to grow at a rate of about 8% by the end of the projected time period. Meanwhile, in 2020, air blast transformer segment was valued at more than $8 billion and will showcase remunerative growth over the coming time period.

The oil immersed segment is bifurcated into forced oil, water cooled, and self-cooled. Here, the self-cooled transformer segment is expected to grow at a rate of about 4% by the end of the analysis timeframe. In 2020, water cooled transformer segment was valued over $12 billion and is forecasted to follow a lucrative growth trend. Forced oil transformer segment is projected to grow at a rate of around 5% by the end of the analysis timeline.

With respect to insulation, the transformer market is categorized into air, solid, oil, and gas. Current technological enhancements together with drifting propensities toward replacement of present insulation techniques to attain environmental sustainability will drive the demand for solid transformers segment.

Based on rating, the overall market is segmented into > 600 MVA, 61 MVA to 600 MVA, 11 MVA to 60 MVA, and ??? 10 MVA. Among these, 61 MVA to 600 MVA segment will witness rapid growth over the coming years owing to the refurbishment demand for existing grid infrastructure. Meanwhile, expansion of small scale industries in line with ongoing electrification programs will complement the > 600 MVA segment growth.

With respect to mounting, the market is divided into PC/PCB, pole and pad. Favorable government norms toward accruing energy security concerns and large-scale integration of renewable sector will stimulate the PC/PCB segment demand.

In terms of application, the overall market is bifurcated into industrial, utility, and residential & commercial. Residential & commercial segment is further classified into apartments, hospitals, and hotels. Hotels segment will witness robust growth over the coming years owing to the booming tourism sector. In 2020, transformer market across hospital establishments was valued at more than $2 billion and is estimated to follow remunerative growth trend over the coming time period. Rising electricity demand across the developing nations will drive the apartments segmental growth.

Utility application segment will witness high growth over the coming time period owing to rising investments across the energy infrastructure sector and increasing demand for restoration of prevailing electrical setup.

Meanwhile, the industrial application segment is classified into oil & gas, power, cement, and railways. Transformer market across railways application is anticipated to grow at a rate of around 6% by the end of the forecast time period. Increasing infrastructural investments coupled with developing commercial sector will drive the cement segmental growth.

Transformer market across the power industry is anticipated to surpass a valuation of approximately $4 billion by the end of the analysis timeframe. In 2020, oil & gas segment accounted for around 20% of the overall market share and is likely to follow similar growth in the coming time period.

From a regional frame of reference, North America transformer market is anticipated to grow at a rate of over 5% by the end of the analysis timeline. Meanwhile, increasing energy demand and large-scale urbanization across Latin America will considerably drive the product demand.