A transformer is an electrical equipment that helps in varying the voltage of the electric current. This stepping up and stepping down of the voltage is especially important when a safe amount of electric current is required to be supplied to the end users. In order to ensure continuous and safe transmission of electricity from the power generation plant to the end users, the transformers utilized for this purpose have to be monitored continuously in real time. This is achieved by installing a transformer monitoring system within a transformer housing. Requirement of a transformer monitor is especially important when faults and anomalies within the grid or circuit have to be detected before the complete breakdown of the transformer occurs.
According to the new market research report “Global Transformer Market Report 2023-2029”, published by QYResearch, the global Transformer market size is projected to reach USD 3.24 billion by 2029, at a CAGR of 6.5% during the forecast period.
Figure. Global Transformer Market Size (US$ Million), 2018-2029
Figure. Global Transformer Top 13 Players Ranking and Market Share (Ranking is based on the revenue of 2022, continually updated)
The global key manufacturers of Transformer include GEHitachi EnergySiemensEatonDoble Engineering CompanyWeidmannMitsubishiQualitrolVaisalaKoncar, etc. In 2021, the global top 10 players had a share approximately 69.0% in terms of revenue.
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