Transformers Market By Product (Power Transformer, Distribution Transformer, and Others), By Application (Power Industry, Metallurgy Industry, Petrochemicals Industry, and Others), and By Region - Trends, Analysis and Forecast till 2030

The transformers market was valued at US$ 42.0 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 7.3% to reach US$ 84.50 billion by 2030.

A transformer is a passive component used to link one or more electrical circuits to another. It is a device used to transmit electrical energy. The basic principle of transformer operation is the mutual induction hypothesis. Mutual induction is the process by which an E.M.F. is induced in the neighboring coil when the amount of magnetic flux associated with one coil varies.  Transformers use both synthetic and mineral oil.  Transformers serve as a link between the main distribution grid and the power generation. Potential Transformers (PTS) and Current Transformers (CTS) are the two primary types of transformers.