Portland, OR -- (SBWire) -- 02/16/2018 --Transformer Core Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $8,897 million by 2022, registering a CAGR of 3.5% during the period 2016-2022. Power transformers dominated with around half of the total share of the market revenue and volume in 2015.
The market for transformer core is on a continuous rise due to increase in government investment in renewable power projects as well as the rapid industrialization and urbanization. Major drivers of the market are rising demand for electricity from various industries, increasing demand for transmission, and expansion of power projects to integrate renewable energy resources along with rapid urbanization globally. However, price fluctuations in electrical steel and ferrite could hamper the growth of the market.
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In the year 2015, the power transformer segment occupied around half of the overall transformer core market, and is expected to maintain its lead. This is due to the large quantity of electrical steel used for manufacturing power transformers to carry heavy loads at power stations.
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The world transformer core market is segmented on the basis of type of transformer and geography. On the basis of type, it is classified into power transformers, distribution transformers, and others. Power transformers dominated the market in 2014, and this trend is expected to continue throughout the forecast period. The distribution transformer segment is anticipated to grow at a significant CAGR of 3.5%. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is the largest region, in terms of revenue, with a share of more than half of the total in 2015, followed by Europe and North America.
Transformer Core Market Key Segments:
By Transformer Type
-Power Transformer
-Distribution Transformer
-Others
By Geography
-North America
-Europe
-Asia-Pacific
-LAMEA
Transformer Core Market: Factors Restraining the Growth of the Market
Global transformer core market is segmented on the basis of type of transformer and geography.