Transformer Core Market Projected to Hit $13.5 Billion by 2030, growing at a CAGR of 4.3%

Increase in demand for energy across the world, expansion of power grids and surging demand for transformers drive the growth of the transformer core market.

PORTLAND, OREGON, UNITED STATES, July 13, 2022 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, " Transformer Core Market by Core, Product, Winding, Cooling, Insulation, Application and Region: Global Opportunity Analysis and Industry Forecast, 2020-2030," the global transformer core market size was valued at $8.9 billion in 2020, and global transformer core market forecast projected to hit $13.5 billion by 2030, with global market forecast expected at a CAGR of 4.3% from 2021 to 2030.

Increase in demand for electricity production across the globe and rise in integration of renewable sources of energy to produce electricity drive the market growth. However, factors such as rapid fluctuations in raw material prices and change in regulatory environment are expected to hinder the market growth. In addition, Asia-Pacific is projected to register significant growth as compared to the saturated markets of North America and Europe. The amount of transformer cores used in distribution transformers is expected to decline, owing to increase in expansion of power grids and power generation projects, thus fueling the total number of power transformers.

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Transformer core is used to carry the flux that links the secondary winding of the transformer and induce EMF. It should be made of good magnetic material, which has less reluctance so that magnetic flux can easily flow in it. The core in magnetic circuits is the same as the conductor of electrical circuits. The design of transformer core has an effect on the efficiency of the transformer. Cores are constructed of legs and yokes. The vertical legs support the coils, and upper & lower yokes connect the legs. The ends of the laminations used to construct the core are often cut at a 45° angle instead of square. This allows the lamination layers of the legs and yokes to overlap slightly at the corner. This helps improve the magnetic conduction path through the core. A transformer core requires a low cost and high-quality material for good performance. Core loss, permeability, magnetostriction, insulation coating, strip flatness, thickness & width variations, camber, space factor, and physical characteristics are the factors affecting the core performance. Consideration of these factors will help to improve the core performance.

The transformer core industry is segmented on the basis of core, product, winding, cooling, insulation, application, and region. Depending on core the market is categorized into closed, shell, and berry. On the basis of product, it is segmented into distribution transformer, power transformer, and instrument transformer. As per winding, it is bifurcated into two winding and auto-transformer. By cooling, it is divided into dry type and self-cooled. By insulation, it is classified into gas, oil, solid, and air. According to application, it is fragmented into residential & commercial, utility, and industrial. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global transformer core market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Arteche, Corefficient S.R.L., Eilor Magnetic Cores, Foshan Juli Electromechanical Co., Ltd., KRYFS, Megger, Metglas, Inc., Nicore Magnetic Cores, Power Core Industries, and VilasTranscore Ltd.

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Impact Of Covid-19 On The Global Transformer Core Market

COVID-19 has impacted various industries due to shut down of different industrial operations and disrupted supply chain. Many companies halted their operation due to less workforce. However, there is a gradual decline in the hardware industry which has high negative impact on transformer core due to the impact of COVID-19.

The electric industry accounted for significant share in terms of consumption of transformer core globally. The demand for electricity has increased due to the significant reductions in services and industry only partially offset by higher residential use ,which, in turn, increases the demand for transformer core.
According to the Organization for Economic Co-operation and Development (OECD), surge in the price of crude oil began during the lockdown, due to extensive supply and less demand which increased the production of electricity. However, the demand for transformer increased, which, in turn, increased the demand for transformer core.

According to the UNIDO, 30.0–70.0% of the pre-COVID-19 workforce in various industries migrated to the hometowns due to uncertainties and loss of income during the lockdown. This unavailability of workforce is expected to directly affect the production and manufacturing activities, thereby resulting in a decline in demand for raw materials used in the transformer core. This is expected to decline the growth of the market during the forecast period.

The manufacturing of transformer core was halted for a specific period due to high peak of COVID-19 situation, which highly impacted the sales of transformer core.

Sales of transformer core is directly proportional to the demand for transformer. Transformer is the basic equipment used to transfer electricity to houses. However, the continued demand for electricity has not impacted the demand for transformer core.

Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using transformer core and thereby affecting the global transformer core market.

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David Correa
Allied Analytics LLP
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