The global Special Transformer Market is estimated to be valued at US$ 2.61 Mn or billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Special transformers are specially designed transformers used in industrial applications that require precise voltage regulation and custom outputs. They are used mining and metallurgy industries for various processes like melting, refining and electrolysis due to their ability to withstand harsh environmental conditions and provide constant voltage output.
Market key trends:
One of the key trends in the special transformer market is growing mining and metallurgy industries in developing nations. There has been significant rise in mining and metal production across countries like China, India and Africa in recent years. This is driving demand for special transformers used in mineral processing, metal melting and refining applications. Special transformers suited for harsh environments ensure uninterrupted operations and higher production efficiencies in these industries.
Segment Analysis
The global special transformer market is segmented by type, and end-use industry. Based on type, the special transformer market is segmented into furnace transformers, rectifier transformers, high frequency transformers, welding transformers, search coil transformers and others. Among these, furnace transformers dominates the market and accounted for highest market share in 2022. Furnace transformers are specially designed transform to regulate power supplies for electric arc furnaces. They help maintain steady power, minimize voltage fluctuations and current spikes during melting and heating process.
Key Takeaways
The global special transformer market is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing demand for special transformer from power transmission industry.
Regional analysis – Asia Pacific dominates the special transformer market and accounted for around 35% of global market share in 2022. Growing power infrastructure development and industrial growth in China and India is driving the demand for special transformers in the region.
Key players – Key players operating in the special transformer market are Mitsubishi Electric Corporation, Sunten Electric Equipment Co., Ltd., Siemens Ltd., Alstom, Schneider Electric, ABB, Wolong Electric Group Co.,Ltd., Toshiba India Pvt. Ltd., TBEA India, Baoding Tianwei Group, Wuzhou Transformer Co., Ltd., and Jinan XD Special Transformer Co.,Ltd. The global special transformer market is consolidated in nature with top 5 players accounting for over 40% of market share.
