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A transformer core is component that provides magnetic path to the channel flux. A core is a source of heat in a transformer. As the size of the transformer increases the cooling ducts within the core becomes necessary. The core is generally constructed of thin numerous strips of silicone steel. These strips are called as laminations. These strips are each electrically insulated to reduce the no load losses of transformer.
Increasing demand for electricity from every sector is likely to drive the market demand. Additionally, the increasing adoption of renewable energy resources is likely to create positive impact on the market. The increasing demand for transformers is expected to drive the market.
However, the transformer cores are highly expensive due to the large amount of copper wires present in the core. This is expected to hinder the market growth.
Key Market Driver -
Increasing demand from power sector.
Key Market Restraint -
High cost of transformer code.
Based on transformer type, the global transformer core market is segmented into power transformer, distribution transformer, isolation transformer, auto transformer, and others. Based on application, is segmented into power, electronics, power transmission, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global transformer core market consists of global & regional players operating. Some of the key players in the market include ABB Ltd, Mitsubishi Electric, Mitsubishi Electric, Crompton Greaves, Hitach, Ferroxcube International Holdings B.V., Fuji Electric, Toshiba, Hyosung, Siemens, and others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is estimated to hold largest share in market attributed to the high demand from the end-use sectors. Additionally, the high demand for transformers from countries with large manufacturing bases shall raise the demand. North America is estimated to hold significant share due to the technical advancements in the power generation sector. Europe is expected to show considerable growth. Latin America and Middle East & Africa shall exhibit sluggish growth by the end of forecast period.
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By Transformer Type
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