TOROIDAL POWER TRANSFORMERS MARKET REPORT OVERVIEW
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The global toroidal power transformers market size is estimated to be USD 329.8 million in 2022 and the market is projected to touch USD 440.2 million by 2028, with a growing CAGR of 4.9% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with toroidal power transformers experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.
Toroidal power transformers help to transfer power from the primary coil to the secondary coil. It is a power transformer that induces an electromotive force (EMF) and toroidal core. They are small transformers that have a donut or round shape core.
Growing digital technology advances are estimated to flourish market growth. The product has multiple advantages, such as low electromagnetic interference (EMI), high electrical efficiency, effectively deployed heating, low noise level, minimal magnetic core losses, and small dimensions. Such advantages of the transformers are projected to drive market growth. Rapid urbanization and industrialization globally are devastating demand for electricity which is predicted to expand market growth. Growing awareness of the incorporation of renewable energy sources is anticipated to boost product adoption. Rising disposable income and product is typically inbuilt thermal switch. However, fluctuating raw material prices and growing competition among prominent key players are estimated to hamper the market growth in the upcoming years.
COVID-19 Impact: Closure of Electronic Industry to Restrict Market Growth
Shutdown of electronic industry globally to hamper market growth. Lockdown restrictions and closure of end-user industries affected market expansion. Fluctuation of raw material prices due to border closure hinder market growth. An outbreak of COVID-19 pandemic disrupted business growth and declined product demand among consumers.
On the contrary, increasing digitalization and growing adoption of electronic devices for online meetings and classes is expected to recover market growth. Growth in the electronics sector and high demand for power management are projected to drive toroidal power transformers market growth.
LATEST TRENDS
"Growing Need for Electricity to Foster Market Growth"
Increasing demand for electricity globally is estimated to surge market growth. The transformer holds high electrical efficiency, which is anticipated to propel product adoption. It has flexible dimensions, which are extensively beneficial for mechanical. Growing demand for electrical products such as laptops, smartphones, microwaves, and TV. The product is suitable for applications in sensitive electronic equipment such as medical equipment, low level amplifiers, and near CRTs. It has an intense magnetic field for its unique construction. Growing adoption of transformers in industrial applications such as automotive, aircraft, and others is anticipated to fuel market growth. Growing need for excellent electrical performance due to its symmetry property is estimated to accelerate market expansion in the forthcoming years. Increasing demand for rising power projects is predicted to expand toroidal power transformers market growth.
TOROIDAL POWER TRANSFORMERS MARKET SEGMENTATION
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- By Power Capacity
Based on power capacity, the market is divided into Below 1 KVA, 1-10 KVA, and Above 10 KVA.
1-10 KVA is expected to be the leading part of the segmentation power capacity.
- By Application
Based on the application, the market is divided into Power Management, Medical Equipment, Telecommunications, Industrial Application, Audio, and Others.
Power management is expected to be the leading part of application segmentation.
DRIVING FACTORS
"Advantages of Toroidal Power Transformers to Stimulate Market Progress"
The product has multiple advantages such as low electromagnetic interference (EMI), high electrical efficiency, effectively deployed heating, low noise level, minimal magnetic core losses, and small dimension. Such advantages of the transformer are anticipated to surge market progress. Further, it has simple design, high torque, high power, and high speed, acting as a driver for the market progress. In addition, high demand for power management is anticipated to accelerate market growth. Increasing digital technology and effective operational maintenance are predicted to fuel market growth. The product can be used with a different number of outputs. Further, the product is extensively used in chargers, UPS devices, and amplifier rectifiers. It protects from overheating of the device. Such benefits of the product are anticipated to accelerate market growth in the upcoming years.
"Rapid Industrialization and Urbanization to Magnify Market Progress"
Increasing industrialization and urbanization globally are anticipated to fuel market growth. High disposable income of population and growing demand for home automation is predicted to surge market growth. Increasing demand for electronic products is expected to fuel market growth. Rapid adoption of the transformer in the audio sector for low noise level and electromagnetic induction. High demand from amplifier application is anticipated to surge market growth. The product is designed in such a way to work effectively in case of overheating. It has variable speed and modern pulse technique, which is responsible for stimulating toroidal power transformers market growth. Growing awareness of the incorporation of renewable energy sources is anticipated to boost product adoption.
RESTRAINING FACTORS
Fluctuating raw material prices are predicted to hinder market expansion. Growing competition among prominent key players is estimated to hamper the market growth in the upcoming years.
TOROIDAL POWER TRANSFORMERS MARKET REGIONAL INSIGHTS
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"Increasing Power Projects in Asia Pacific to Drive Market Share "
Asia Pacific is anticipated to capture largest toroidal power transformers market share due to consequently increasing power projects for development in the region. Growing demand for electricity and awareness about the incorporation of renewable energy sources is anticipated to boost the product adoption. Rapid urbanization and industrialization are predicted to stimulate market growth.
North America is estimated to surge in market growth owing to growing industrial automation. Increasing awareness about the benefits of the product is predicted to fuel market growth. Rising digital technology advances are estimated to flourish market growth. Further, high capital investment by major market players is projected to drive toroidal power transformers market growth.
Europe is anticipated to show a fair rate due to growing demand for the product among various industries such as automotive, packing, and manufacturing.
KEY INDUSTRY PLAYERS
"Leading Players Adopt New Strategies to Stay Competitive"
The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- Meramec (U.S.)
- Noratel (Norway)
- Eaton (Ireland)
- Amgis (U.S.)
- Hengda (China)
- Hammond Manufacturing (Canada)
- Eaglerise (China)
- Keen Ocean (China)
- Toroid Corporation (U.S.)
- ABB (Switzerland)
- Agile Magnetics (U.S.)
- ENPAY (Turkey)
- Pacific Transformers (U.S.)
- Talema (India)
- Olee
- Bel Fuse (U.S.)
- Powertronix (India)
- EEIO
- Olee
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 329.8 Million in 2022 |
| Market Size Value By | US$ 440.2 Million by 2028 |
| Growth Rate | CAGR of 4.9% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Types & Application |
| Regional Scope | Global |
Frequently Asked Questions
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What value is the toroidal power transformers market expected to touch by 2028?
The global toroidal power transformers market is expected to reach USD 440.2 million by 2028.
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What CAGR is the toroidal power transformers market expected to exhibit by 2028?
The toroidal power transformers market is expected to exhibit a CAGR of 4.9% by 2028.
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Which are the driving factors of the toroidal power transformers market?
Drivers of this toroidal power transformers market are advantages of toroidal power transformers and rapid industrialization and urbanization.
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Which are the top companies operating in the toroidal power transformers market?
Meramec, Noratel, Eaton, Amgis, Hengda, EEIO, Hammond Manufacturing, Eaglerise, Keen Ocean, Toroid Corporation, ABB, Agile Magnetics, ENPAY, Pacific Transformers, Talema, Olee, Bel Fuse, and Powertronix.
