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The report on the Carbide Tools market covers comprehensive information about market trends, volume (Thousand Units) and value (US$ Mn) projections, recent developments, dynamics (drivers, restraints, trends & opportunities) and competition landscape pertaining to the global Carbide Tools market for the study period 2018 to 2028.

The global Carbide Tools market is projected to reach US$ 10,726.3 Mn by the end of the forecast period while growing at a value CAGR of 7.0%. Moreover, according to Future Market Insight’s volume analysis, the global Carbide Tools Market is estimated to have reached 187,652.6 thousand units by 2018 end and is anticipated to reach 365,280.9 thousand units by 2028 while exhibiting a CAGR of 6.9% during the forecast period.

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Estimated at a healthy Y-o-Y growth of 6.4%, global revenues of carbide tools market are set to exceed US$ 5 billion in 2019. A new Future Market Insights (FMI) study forecasts robust growth prospects for the global carbide tools market, prominently driven by fostering rate of adoption for automotive and fabrication applications. Drills and mills will remain the highest selling types of carbide tools, according to the report.

FMI’s analysis concludes that mills and drills collectively account for just-under 60% share in the total revenue generated through carbide tools sales. Carbide drills are however observed hold an edge over carbide mills owing to higher adoption for automotive applications, particularly related to automotive engines. The latter are expected to gain prominence in fabrication, as indicated by the report. Moreover, notably increasing demand for thermal deburring applications will reportedly spur sales of carbide burrs in the near future.

Escalating utilization of carbide tools for job-shop applications in metal fabrication, general automotive applications, and high-speed cutting applications will predominantly push sales prospects of carbide tools, as per FMI’s research. While adoption of carbide tools for automotive and fabrication end use applications holds more than 55% share in the total market revenue, growing adoption by heavy machinery manufacturers is also underpinning significant revenue generation in carbide tools market.

Europe has been spearheading the expansion of carbide tools market, which is likely to receive strong support from towering sales of EVs in the region. The report underscores remarkable contribution of China and India to the global market revenue. Spectacular growth of the automotive components and metal fabrication industries has been instrumental in fueling the use of carbide tools within high-potential developing Asian economies, particularly China and India. Rapid automation of metal fabrication applications is cited as a predominant booster to adoption rate of carbide tools within the aforementioned countries. According to the report, the collective share of China and India currently equates just-under a fourth of the global value, likely to thrive at a robust pace in the years to come.

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Competitive Landscape:

The global Carbide Tools market is fragmented. Organized players account for more than 50% share in the global Carbide Tools market even though there are numerous small players in the global market which are creating a competitive environment for well-established players.

In the global Carbide Tools market, FMI has covered prominent players including KYOCERA Corporation, Sandvik AB, YG-1 Co., Ltd., Makita Corporation, CERATIZIT S.A., Mitsubishi Materials Corporation, Guhring Limited, Allied Machine & Engineering Corp., IMC Group, OSG Corporation, Kennametal Inc., Elementos de Mecanismos, S.A. de C.V. (Elmec), Fullerton Tool Company, Sumitomo Electric Hartmetall GmbH, Xinrui Industry Co., Ltd., Sorma S.p.A., Fratelli Vergnano Srl, TDC Cutting Tools Inc., TSUNE SEIKI CO.,LTD. and Cutoutil Hardware Tools Co.,Ltd.

Based on FMI’s analysis, most of the carbide tools that are sold have machine-based configuration. The report highlights significant opportunities in automatic machines or lathe machines. Convenient handling and operation, high-speed compatibility, and superior proficiency will remain the key determining factors rendering higher preference for machine-based over hand-based configuration.

Almost 90% of carbide tools are coated, which affirm their improved performance over non-coated counterparts. Despite a high price point associated with the former, FMI anticipates that the revenue of coated tools will remain dominant over non-coated tools, as performance has become the paramount. Adoption for woodworking applications will sustain sales of non-coated carbide tools.

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By Segment:

By Product Type:

• Circular Saw Blades
• CNC Inserts
• Router Bits
• Cutters
• Mills
• Tap & Dies
• Reamers

By end user:

• metal fabrication
• automotive & transportation
  • automotive
  • railway
  • aerospace
  • marine
• heavy machinery
• construction
• furniture & carpentry
• oil & gas
  • fabrication
  • manufacturing purposes
• other manufacturing

Gains in the woodworking router bits market would be realized by grooving operations, which will capture nearly half of overall market stack. Their applicability in almost all wood types such as plywood, chipboard, medium-density fiberboard (MDF), and hardwood is reflecting value-capture prospects for manufacturers.

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Moreover, the adoption of woodworking machines in grooving operations is likely to surge at a promising pace. Although they hold a relatively lower market share, manufacturers are also unlocking revenue streams from cutting and jointing & rebating operations. According to a new research report published by Future Market Insights (FMI), the global woodworking router bits market is estimated to exhibit a CAGR of close to 5% during the forecast period of 2019-2029.

Key Takeaways of Woodworking Router Bits Market Study

1. Woodworking router bits have prominent application in engraving and carving all kinds of wood such as chipboard, plywood, hardwood, and softwood, and play a crucial role in the furniture industry.
2. Targeting the expanding DIY consumer segment, manufacturers are offering customized products, which facilitate effective usage in handheld operations such as drilling, cutting, milling, etc.
3. The most common types of router bits available in the market are handheld router bits and CNC router bits. Handheld router bits are limited to specific applications, resulting in steady market growth, whereas, CNC router bits are versatile, providing lucrative business avenues for investors.
4. Out of all woodworking operations, grooving holds a significant share, and is projected to witness maximum growth during the forecast years.
5. In recent years, the market has witnessed price variations, owing to diversified product lines offered by manufacturers that target a broad clientele based on the type of woodworking operation.
6. Growing usage of wood in the design of basic utilities in commercial construction is expected to further raise the demand for woodworking router bits.

“In the woodworking router bits market, products with high-end precision and durability are necessary for complex woodworking operations. Manufacturers are capitalizing on this trend by actively providing customized products for application-specific woodworking operations.”

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By Segmentation:

Operation 

• Jointing & Rebating
• Cutting
• Grooving

Shank Size

• 1/2″
• 1/4″
• 3/8″
• 3/4″
• 5/8″
• 5/16″

Tool Type

• Rabbeting Bits
• Door/Window Making Router Bits
• Flush Trim Router Bits
• Edge Making Router Bits
• Grooving Router Bits
• Slot Making Router Bits
• Spiral Router Bits
• Straight Router Bits
• Others (Chamfer, Bead, Dove Tail, Thumbnail, Molding, Round Over, Flat Rounding, Ogiee, Cove, Stile)

Region

• North America
• South America
• Europe
• Asia Pacific
• Middle East & Africa

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Competitive Landscape

The woodworking router bits market has become increasingly competitive as manufacturers are launching advanced products that offer various operational benefits and are compatible to the woodworking industry. There are a significant number of organized and unorganized players actively operating in the global market. Key players involved in the woodworking router bits market are Robert Bosch GmbH, Stanley Black and Decker, Kanefusa Corporation, Amana Tool Corporation, and CMT Utensili SpA, among others. The offering of versatile router bits can be a differentiating move for manufacturers in the global market.

The global power tools market is expanding at a significant rate on the back of consumer inclination towards cordless power tools. This is anticipated to remain the key defining factor in the power tool market. As per Future Market Insights (FMI) analysis the global power tools market is expected to be reach US$ 33.36 Bn in 2021.  The demand is expected to soar as construction activities surge around the world. According to FMI, construction applications will account for maximum sales in the market through the forecast period. Besides this, the rising trend of do-it-yourself activities will fuel sales opportunities for the market.

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The COVID-19 pandemic has severely affected the global economy. Resulting in manufacturing plants shutdowns, coupled with supply chain disruptions owing to nationwide lockdowns across the globe, subsequently resulting in the plunge in the power tools market growth. However, the market is expected to recover sharply as the economic activities resume post the containment of pandemic. Manufacturers are focusing on scaling up their production capabilities with improved production rate creating positive prospected for the power tools market growth.

Key Takeaways of Global Power tool Market Study

1. Power tools market will exhibit growth of 0.2% in 2021 over 2020 to reach 4,3%
2. Overall outlook remains positive as FMI forecasts the market to rise at ~5.1% between 2021 and 2031.
3. U.S. is expected to spearhead growth in North America, accounting for over 62% of overall share in the region in 2021
4. U.K. is expected to exhibit 4.6% year-on-year growth between 2021 and 2031
5. Outlook for Italy and France is expected to remain positive over the forecast period

“The power tools market is witnessing a strong growth trend, attributing to increasing demand from various end use industries. Key industry participants are focusing on developing partnerships with regional distributors in order to gain a competitive advantage in the evolving global market. To comply with the advent of online sales channel, adoption of e-commerce will create extensive opportunities for market participants during the forecast period.” says FMI analyst.

Competitive Landscape

The global power tools market is highly competitive market owing to presence large number of global and regional players operating in the market. Manufacturers are focusing on research and development for innovative improvements in their product portfolio, expansion in untapped markets coupled with developing their business via e-commerce platforms to gain competitive edge.

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Some of the leading companies operating in the market are:

• Robert Bosch Power Tools GmbH
• Stanley Black & Decker, Inc.
• Makita Corporation
• Hilti Corporation
• Atlas Copco AB
• Techtronic Industries Company Limited
• Snap-on Incorporated
• Actuant Corporation
• Husqvarna AB
• Illinois Tool Works
• Panasonic Corporation
• Hitachi Corporation
• Ingersoll Rand, Inc.
• Enerpac Tool Group
• Kyocera Corporation
• Apex Tool Group
• Ridgid Tools
• Koki Holdings Co., Ltd.

According to FMI, offline sales channels will continue dominating through the forecast period. By 2021, offline sales are expected to account for 64.3% of the overall share. Offline sales offer instant gratification, which continues to be a key driver.  However, the COVID-19 outbreak has exposed the vulnerabilities of this medium. As a result, there is an increasing focus on diversification. Market players are exploring opportunities across online sales channels. According to FMI, online channels will report growth at a higher pace than their offline counterparts.

By Segment:

Product Type

• Drilling Tool
• Fastening Tool
• Heat Gun
• Angle Grinder
• Chain Saw
• Orbital Sander
• Jigsaw
• Impact Wrench
• Circular Saw

Technology

• Electric
  • Corded
  • Cordless
• Pneumatic

Application

• Manufacturing
  • Metal Fabrication
  • Automotive
  • Railways
  • Aerospace
  • Furniture
  • Others
• MRO Services
  • Facility Management
  • Automotive
  • Aerospace
  • Other Industrial
• DIY
• Construction

Sales Channel

• Online
• Offline

Region

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)

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Electric and pneumatic are currently the leading technologies available, of which the demand for the former has been surging at a higher pace. The advent of cordless technology is expected to fuel growth opportunities within the market. Some of the leading players such as Bosch, Milwaukee, Hitachi, and others include cordless power tools in their portfolios.

Also driven by surging demand, they are increasingly investing in the launch of advanced technologies, which will ultimately fuel demand within the electric category. For instance, Bosch has recently launched cordless power tools in-built with lithium-ion batteries in June 2019. According to FMI, over 6 out of 10 power tools sold will be from the electric category in 2021

Energy-efficiency and environment-friendliness continue to be buzz words that impact production and demand of heat pumps. However, given that construction, especially in the residential segment, is a key determinant for demand of heat pumps, the drop in construction activity in almost all countries due to the COVID-19 pandemic has severely hurt the market.

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According to FMI’s recent study, the global heat pumps market was valued at around US$ 32 Bn in 2019 and is estimated to expand at a CAGR of 5% over the forecast period of 2020-2030, with a limited impact of the current pandemic situation on long-term growth forecasts. Increasing demand for tech-advanced cooling solutions with low carbon footprint, government initiatives to curb greenhouse gas emissions, and advancements in heating, ventilation, and air conditioning (HVAC) systems are factors contributing to the revenue pool of the global heat pumps market.

The global heat pumps market will witness v-shaped recovery growth, owing to rising inclination towards innovative construction solutions, especially in countries such as India, China, and Mexico.

Key Takeaways from Heat Pumps Market Study

• Air-water heat pumps are finding immense use in domestic hot water, floor heating, and space heating/cooling applications.
• Heat pumps having flexible or twin-speed features to reduce energy consumption and improve overall efficiency throughout are likely to garner substantial traction over the forecast period.
• Demand for CO2 refrigerant heat pumps is expected to increase, given its excellent recyclability, low cost, and environment-friendly attributes.
• Hybrid heat pumps are likely to see significant rise in adoption, owing to their high efficiency, lower energy consumption, and cost effectiveness as compared to other heat pumps.
• Air-source heat pumps continue to grab huge attention of market players, owing to their low installation cost and high demand in North America and Western Europe.

“As the world moves towards sustainable and green energy solutions, heat pumps are expected to replace conventional heating systems rapidly in the near term. In addition, the ongoing coronavirus (COVID-19) spread can alter how companies organize their supply chains in the coming years, with more stress being layed on decentralization”.

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By Segmentation:

The global heat pumps market is segmented into six segments in detail to cover every aspect of the market and present complete market intelligence to the readers.

By Type

• Air-water Heat Pumps
• Air-air Heat Pumps
• Ground Source Heat Pumps
• Hybrid Heat Pumps

By Power Source

• Electric
• Others (Gas Driven)

By End User

• Residential
• Commercial
• Industrial

By Refrigerants

• HFC
• CO2
• Ammonia
• Hydrocarbon
• Others

By System Type

• Air-source Heat Pumps
• Ductless Mini-split Heat Pumps
• Geothermal Heat Pumps
• Absorption Heat Pumps

By Region

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• MEA

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Competitive Landscape

The study provides vital insights of the competition landscape in the heat pumps market, along with various strategies adopted by prominent players. The global heat pumps market is fairly competitive, with manufacturers offering identical products. Some of the key manufactures in the heat pumps market are Panasonic Corporation, Mitsubishi Electric Corporation, Daikin Group, NIBE Group, and Danfoss Group Global.

According to the findings of an independent report, food preparation equipment accounts for around 30% of the restaurant’s energy bill. Rising energy costs resulted in the growing consumer demand for energy star-labelled equipment. Governments of several countries are promoting green technologies, by offering schemes such as tax credit programs.

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The growing awareness regarding green technologies among consumers is anticipated to lead to the rapid replacement of conventional foodservice equipment over the next few years. The trend is expected to be prominent among developing regions of Asia Pacific and Latin America.

1. The global consumer appliances market size in 2018 was approximately US$ 339 Bn.
2. The consumer appliances market is expected to grow at a CAGR of approx. 4% during the forecast period of 2019-2029.
3. Basic consumer appliances continue to grow in emerging markets, while premium ones are expected to grow in developed markets.
4. Collectively, Europe, North America, and East Asia are likely to account for half of the revenue shares in the consumer appliances industry by the end of 2029.
   • Europe, attributing to the strong presence in kitchen appliances, is expected to be a prominent product type for consumer appliances manufacturers
5. The kitchen appliances segment is expected to remain a prominent product type to invest in for consumer appliances market players.
   • Microwave and refrigerator segments have witnessed significant growth over the recent past.
   • Noteworthy product type potential of consumer appliances has been identified in the ranges and ovens segment.

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Key SegmentBy Product Type

• Kitchen Appliances
  • Refrigerators
  • Ranges and Ovens
  • Microwave
  • Conventional Grill
  • Dishwashers
  • Chimneys
  • Electric Stove
  • Induction Cooktops
• Small Appliances
  • Hair Dryers
  • Irons
  • Toasters
  • Bread Makers
  • Coffee Machines
  • Grinders & Mixers
  • Food Processors
• Washing Machine
• Air Purifiers
• Water Heaters
• Water Purifiers
• Cloth Dryers/Tumbler
• Air Conditioners
• Vacuum Cleaners

By End Use

• Domestic
• Professional
  • Hotels
  • Salon & Grooming Parlors
  • Cafeteria & Restaurants
  • Offices & Institute
  • Others

By Sales Channel

• Offline
  • Organized Retailer
  • Unorganized
• Offline
  • Company Direct Sales
  • Independent Vendor/E Commerce

By Region

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East and Africa

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Consumer Appliances Market Structure Analysis

• The global consumer appliances market represents a fairly consolidated competition landscape, where a majority of key players maintain their strategic focus on the development of solid distribution partnerships and joint ventures, targeting a firmer global footprint.
• The consumer appliances market has been relatively moderate in size, which remains a key factor for its dynamic competitive nature.
• Prominent manufacturers of consumer appliances are currently prioritizing R&D and new product launches to resonate with the growing consumption of eco-friendly consumer appliances in North America, Europe, and China.
• Portfolio extension is also identified to remain as one of the key developmental strategies adopted by manufacturers of consumer appliances.
• For a strong foothold in target markets, consumer appliances manufacturers are expected to rely on inorganic strategies, such as mergers and acquisitions.

Global end suction pump market to register year-on-year (YoY) growth of 3.5% in 2021 to total 4.3 million units. As per the end suction pumps industry analysis, demand for close coupled pump will grow by 3.6% to total 3.6 million units by the end of 2021. Steered by surging application in commercial and industrial sectors alike, the sales of end suction pumps will represent 3% of global pumps market in 2021. Rapid industrialization has increased the demand for various production related equipment. Driven by this, the end suction pumps market will rise at 4.6% CAGR between 2021 and 2031 in comparison above 5.8% CAGR registered during 2016-2020.

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Increasing construction of commercial spaces, including hotels, retail space, office and institutions has boosted the demand for the end suction pumps because of their utility in water dosing, HVAC gas suction, and fire suppression applications. The continued demand for new installations is expected to aid the market growth over the coming years.

Leading manufacturing companies are focusing on expanding their sales and distribution footprint in untapped emerging markets based in South Asia, Latin America and Africa. To improve clientele base and key accounts management.

Some companies are collaborating directly with end users for turnkey projects via proposal bids. The key manufacturers are also looking forward to develop customer specific custom made products according to their needs backed with aftersales service.

Increasing energy costs and growing environmental awareness among end users are expected to drive demand for energy-efficient and cost-effective end suction pumps over the forecast period. Industries often rely on end suction pumps to improve pump efficiency and reduce energy consumption.

Key Takeaways from End Suction Pumps Market Study

• Close coupled pump segment is projected to hold over 80% volume share in the global market in 2021.
• The demand from industrial sector is set to account for 75% of the overall sales in the market.
• East Asia will remain a primary market, backed by expansion of industries and growing urbanization in the region. It is expected to account for over 25% of the demand registered globally in 2021.
• Upto 100 GPM end suction pumps sales is set to surge at CAGR of approximately 4.6% over the coming decade.
• Sales of end suction pumps in the U.S. will total US$ 992.4 Mn by 2031.

“Higher focus on expansion of manufacturing will boost end suction pumps sales in the coming years. Focus on turnkey projects by OEMs is expected to create attractive opportunity for the growth of the market” says a Future Market Insights analyst.

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By Segmentation:

By Type:

• Close Coupled Pump
• Separately Coupled Pump

By Flow Rate:

• Upto 100 GPM
• 100 to 300 GPM
• 300 to 500 GPM
• 500 to 1,300 GPM
• 1,500 to 5,000 GPM
• Above 5,000 GPM

By Application:

• Commercial
  • Hotels
  • Swimming Pool
  • Retail Space
  • Office & Institution
• Industrial
  • Food & Beverages
  • Chemicals
  • Mining & Metals
  • Power Generation
  • General Manufacturing

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)

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Competition Landscape

The end suction pumps market is highly fragmented with more than 100 players across the world. The top companies account for around 15-20% of the market share. In order to achieve high sales, leading market players are creating contracts with end users and customizing solution to cater to industry specific requirements.

The land survey equipment market is expected to register year-on-year growth at 6.7% in 2021, with the overall valuation forecast to reach US$ 6.0 Bn. As per a Future Market Insights (FMI) analysis, sales of land survey equipment is expected to increase at 7.8% CAGR between 2021 and 2031.

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According to the study, the overall land survey equipment market worth is expected to reach US$ 12.8 Bn by 2031. Level survey equipment systems are expected to remain dominant among products available. Meanwhile, the demand for global navigation satellite system (GNSS) land survey equipment will increase by 6.7% CAGR in 2021.

Demand for land survey equipment is increasing also on account of the advancements in automotive and marine application. With increasing fleet of connected and autonomous vehicles coupled with increasing use of GNNS systems in small marine application, the land survey equipment market is set to get substantial boost from it.

Increasing number of players focusing on research and development related to Land Survey equipment is anticipated to contribute towards market growth in the years to come.

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Key Takeaways from Land Survey Equipment Market Study

• By product type, the level equipment is set to hold around 50% of the market in terms of volume through the forecast period, owing to its low cost and high application.
• The inspection segment is set to hold over 29% of the market share on the basis of application by 2031-end, supported by increasing use of inspection techniques in construction sector.
• The Europe will remain a primary market and account for over 27% share by the end of forecast period.
• The markets in India and China are set to surge at CAGR of approximately 8.3% and 7.6% over the coming decade.
• Nordics is emerging as a key market in Europe, with a valuation of over US$ 271.0 Mn in 2021.

“The land survey equipment market is growing at a strong pace, driven largely by increasing demand for energy efficient and precise measuring equipment. Increasing upstream and downstream exploration in oil & gas and mining coupled with rising adoption of drone technology in surveying are propelling growth of the market,” says a Future Market Insights analyst.

Competitive Analysis:

The land survey equipment market is moderately consolidated, with leading players accounting for more than 30% of the market share. These players are likely to invest in new technology developments, expansion of their distribution networks and tie-ups with prominent end users in order to maintain their market presence.

Some of the key players in this industry include but are not limited to Trimble Inc., Hexagon AB, Topcon, Beijing UniStrong Science & Technology Co., South Surveying & Mapping Instrument Co., Ltd., Hi-Target Surveying Instrument Co., Ltd., among others.

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By Segment:

By Product Type:

• GNSS
• Theodolite
• Level Equipment
• Total Station
• Laser Scanning
• UAV
• GIS Asset Collection
• Data Collectors

By Application:

• Inspection
• Monitoring
• Volumetric Calculation
• Layout Points

By End Use:

• Oil & Gas
• Construction
  • By Government
  • By Non-Government
• Mining
• Agriculture
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa (MEA)

The power transformer market is poised to grow at 4.6% CAGR from 2021 to 2031, with overall valuation expected to reach US$ 21.9 billion in 2021. Future Market Insights (FMI) forecasts total sales to surpass 2000 units by the end of 2031. Some of the leading market players are ABB, General Electric, Siemens AG, Toshiba Corporation, and Schneider Electric. Among these companies, ABB holds around 12% of the market, while General Electric accounts for 8% of the overall share.Power transformers are integral components within power grids as they assist in power transmission between networks without change in frequency and minimum loss. Increasing investments towards expansion of power grid networks and distribution channels to enable electricity access in remote areas will fuel the demand for power transformers in the forthcoming years.Get | Download Sample Copy with Graphs & List of Figures:
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Driven by this, the market will grow at 4.6% CAGR from 2021 to 2031, says FMI in its recent report. Power transformers steps up voltage to reduce the line current leading to efficient power transmission. Increasing research in transmission network and rapid utilization of non-conventional and renewable sources of energy for generating electricity in remote areas will drive the power transformer market in the assessment period.

Smart grids allow remote access and monitoring of grid and respond to fluctuating power demand instantly. They also ensure efficient cooling and optimum power supply thus reducing carbon emission. Stringent government regulations aimed at reducing greenhouse gas emission, utilization of high voltage transmission technologies and development of green transformers will complement the global power transformer market growth during the forecast period.

Key Takeaways from FMI’s Power Transformer Market Study

• North America power transformer market is forecast to experience growth at 3% CAGR due to rising necessity to replace old power grid networks with modern and efficient equipment and increasing supply and demand gap of electricity in U.S. and Canada.
• Europe power transformer market is anticipated to grow at 3.2% CAGR during the forecast period. Growth uptick can be attributed to rapid electrification and increasing investment towards upgrading transmission and distribution networks in the region.
• Growing awareness among population regarding CO₂ emission, increase in consumption of electricity, and increasing efforts towards electrification of rural areas will drive the demand for power transformers in India.
• China is expected to offer lucrative opportunities owing to increasing investment in power grid infrastructure development and booming mining and oil and gas industries in the country.
• Japan and South Korea account for 7% of global power transformer market share in 2021. Industrialization, increasing efforts to fill the energy supply and demand gap, and imposition of energy efficient laws and standards are key growth drivers in these countries.

“Increasing demand for upgrading traditional transmission system to sustain high voltage power transfer and incorporation of smart grids will boost the demand for power transformer in upcoming years,” says the FMI analyst.

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By Segmentation:

By Product Type:

• Core
• Shell

By Insulation Type:

• Dry
• Wet

By Phase Type:

• Single Phase
• Three Phase

By End Use:

• Residential & Commercial
• Utilities
• Industrial

By Voltage Type:

• 100-200kV
• 200-400 kV
• Above 400 kV

By Application Type:

• Generation Step-up
• Transmission

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa

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Competitive Landscape

Future Market Insights (FMI) states that ABB, General Electric, Siemens AG, Toshiba Corporation, and Schneider Electric are the top five market players operating in power transformer market. They collectively account for more than 35% of global market share in 2021.

In an attempt to create clean energy and gain obtain significant competitive advantage, market players are focusing on designing and developing green transformers. For instance, in December 2020, Efacec launched new modularity system concept for core power transformer which will lead to higher performance, optimization and efficiency.

This novel concept is expected to be applied to transformers from 10MVA to 170MVA and up to 400kV and also incorporates new functions like mechanical protection, noise, ultraviolet and ballistics.

ABB, General Electric, Schneider Electric, Siemens AG, Eaton, and Kirloskar Electric.

Similarly in November 2018, ABB introduced “ABB Ability™ TXpert™ Dry”, world’s first oil free digital transformer to promote digitalization of grids and provide increased security, efficiency, and reliability.