The global transformer cores market was valued at USD 7,036.92 million in 2015 is expected to reach USD 8,806.79 million in 2021 and is anticipated to grow at a CAGR of above 3.81% between 2016 and 2021.
The magnetic core is an essential component in transformers. These cores are typically some form of steel or iron and serve as a pathway for magnetic flux. There are many types of magnetic cores that are well suited for various purposes. Different types of transformer cores include solid iron/steel core, laminated silicon steel core and amorphous steel cores. The electrical power transformer has primary, secondary and may be tertiary windings. The performance of a transformer mostly depends on the flux linkages among these windings. For efficient flux linking among these windings, one low reluctance magnetic path common to all windings is provided in the transformer. This low reluctance magnetic path is referred as the core of the transformer.
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Increasing expansion activities in transmission and distribution network projects is expected to drive the global transformers market. This will, in turn, propel the demand for transformers core in the years to come. Transformer core market has witnessed substantial growth in the recent past on account of escalating government investment in renewable power projects and rapid urbanization and industrialization. However, pricing pressures on transformer manufacturers coupled with an increase in raw material costs may curtail the growth of the market in the foreseeable future.
Transformer cores are used in power transformers and distribution transformers. In 2015, power transformer cores dominated the global market over 50% share of the total market. Increasing expansion of power grids and power generation projects worldwide are fueling the total number of power transformers.
Asia Pacific is predicted to prevail over other regions owing to industrial, economic and social development in emerging countries such as India and China. Replacement of aging power infrastructure in Europe and North America is further anticipated to surge the demand for transformer cores in these regions. Furthermore, several initiatives undertaken by European nations to install green transformers are also expected to stimulate the transformer core market in near future.
ABB is one of the prominent players in transformer core industry and energy efficiency is a keystone of ABB strategy and has been a key driver of research and development in ABB’s transformer business for many years. Other key players in the transformer and transformer core industry include Siemens AG, ALSTOM, Jiangsu Huapeng Transformer, Schneider Electric, General Electric and Toshiba among others.