Transformers Market is estimated to be US$ 84.50 billion by 2030 with a CAGR of 7.3% during the forecast period
Transformers Market accounted for US$ 42.0 billion in 2020 and is estimated to be US$ 84.50 billion by 2030 and is anticipated to register a CAGR of 7.3%. An electrical energy transfer device known as a transformer is a passive component that connects one or more electrical circuits to another. Transformers operate on the mutual induction theory as their fundamental tenet. Mutual induction is the phenomenon by which when the amount of magnetic flux linked with a coil changes, an E.M.F. is induced in the neighbouring coil. Mineral oil & Synthetic oil are used in Transformers. Transformers act as a bridge between the power generator & the primary distribution grid. The two main types of Transformers are Current Transformers (CTS) & Potential Transformers (PTS). Transformers are used to change AC voltage levels, such transformers being termed step-up or step-down type to increase or decrease voltage level. The growth in energy consumption in the industry...