Global Transformer Core Market to Reach USD 12.6 Billion by 2033, Fostered by Increasing Need for Electricity

January 09, 2025 | Energy & Mining

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According to the latest report by IMARC Group, titled "Transformer Core Market by Core (Shell, Closed, Berry), Product (Power Transformer, Distribution Transformer, Instrument Transformer), Winding (Two Winding, Auto Transformer), Cooling (Dry Type, Self Cooled), Insulation (Gas, Oil, Solid, Air), Application (Industrial, Residential and Commercial, Utility), and Region 2025-2033," the global transformer core market size reached USD 9.6 Billion in 2024. A transformer core is a device that utilizes electromagnetic induction to transmit power from one source to another. It is manufactured using thin laminations of cold-rolled grain-oriented silicon steel and contains primary, secondary, or tertiary metallic windings, each with different ratings. Its function is to provide support to the windings and create a closed ferromagnetic path with low reluctance to the magnetic flux, which helps to minimize losses caused by flux leakage. Its efficiency and reliability are essential for the smooth functioning of these systems. It is available in different shapes and sizes, depending on the application and power rating of the transformer. It is used in a wide range of applications, from power generation and transmission to small electronic devices.

Global Transformer Core Market Trends:

The increasing need for electricity is driving the global market. Coupled with this, the increasing adoption of renewable energy sources, such as wind and solar power is also contributing to the market. In line with this, the rising government policies mandating the use of energy-efficient products and the adoption of renewable energy sources are creating a positive market outlook. Along with this, the advent of distribution automation technologies that enable real-time monitoring and control of power distribution systems is catalyzing the market. Moreover, the rising demand for smart grids and the need for modernizing existing power infrastructure are fuelling the demand for transformer cores. Besides, continual technological developments in advanced transformer core materials, including amorphous metal and nanocrystalline alloys, which offer improved efficiency and reduced energy losses, are providing a boost to the market. Additionally, several leading players are heavily investing in extensive research and development activities for incorporating sensors and control systems and high-temperature superconducting materials to optimize performance, increase efficiency, and reduce losses, thus propelling the demand. Apart from this, the growing need for electric vehicles (EVs) and the increasing number of EV charging stations are catalyzing the need for transformer cores. Other factors, such as the rising demand for smart grids and the need for modernizing existing power infrastructure, expanding trade activities, increasing demand for luxury cruise ships, and rapid industrialization and urbanization, are also influencing the market. Looking forward, the market value is projected to reach USD 12.6 Billion by 2033, expanding at a CAGR of 2.95% during 2025-2033.

Market Summary:

On the basis of the core, the market has been divided into shell, closed, and berry. Currently, the shell represented the largest market segment.
Based on the product, the market has been segmented into power, distribution, and instrument transformers. Among these, power transformer exhibits a clear dominance in the market.
On the basis of the winding, the market has been bifurcated into two winding and auto transformer. Auto transformer presently accounts for the largest market share.
Based on the cooling, the market has been classified into dry type and self-cooled. Currently, the dry type is leading the total market share.
On the basis of the insulation, the market has been classified into gas, oil, solid, and air. Among these, gas represented the largest segment.
Based on the application, the market has been segmented into industrial, residential and commercial, and utility. Industrial presently accounts for the largest segment.
On the basis of the region, the market has been categorized into North America (the United States, and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. Among these, Asia Pacific holds the leading position in the market.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Arteche, Corefficient S de RL de CV, Eilor Magnetic Cores, Ferroxcube International Holding B.V. (Yageo Group), Fuji Electric Co. Ltd., KRYFS Power Components Ltd., Metglas Inc. (Hitachi Metals Ltd.), Nicore Magnetic Cores, Powercore Industries India Private Limited, and Vilas Transcore Ltd.

Report Scope:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Cores Covered	Shell, Closed, Berry
Products Covered	Power Transformer, Distribution Transformer, Instrument Transformer
Windings Covered	Two Winding, Auto Transformer
Coolings Covered	Dry Type, Self Cooled
Insulations Covered	Gas, Oil, Solid, Air
Applications Covered	Industrial, Residential and Commercial, Utility
Regions Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Arteche, Corefficient S de RL de CV, Eilor Magnetic Cores, Ferroxcube International Holding B.V. (Yageo Group), Fuji Electric Co. Ltd., KRYFS Power Components Ltd., Metglas Inc. (Hitachi Metals Ltd.), Nicore Magnetic Cores, Powercore Industries India Private Limited, Vilas Transcore Ltd. etc.
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Global Transformer Core Market to Reach USD 12.6 Billion by 2033, Fostered by Increasing Need for Electricity

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