Lighting transformers are transformers that are specifically utilized to work with lighting. A transformer that is used to decouple two circuits is known as an isolation & illumination transformer. These transformers frequently have symmetrical windings with a ratio of 1:1. Increase in the application of transformers in residential and commercial areas is expected to offer opportunities for growth of the market in the near future. The lighting transformer market size was valued at $1.2 billion in 2021 and is estimated to reach $2.1 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.
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Moreover, growth in demand for low-voltage lighting
transformers and rise in trend for dimmers switches are factors that drive the
market. Resistive dimmers are another name for leading-edge dimmers. These
dimmer sets reduce the AC cycle at the input's leading edge. The phrase
"leading edge" derives from this. These dimmers are highly popular
and are found in many homes. These dimmers are rated in terms of watts, with
1000 Watts being the greatest variety usually found.
Moreover, rising organic growth strategies by major key
players across the Asia-Pacific and North America region have surged demand for
the low voltage lighting transformer market, which in turn is expected to
provide lighting transformers market opportunities. The high cost of
maintenance of low voltage transformer is expected to hamper the market growth.
On the basis of type, the electronic transformers segment
garnered the highest lighting transformer market share of about 54.68% in 2021
and is expected to maintain its dominance during the forecast period. This is
attributed to the rising in demand for electronic transformers from various
applications including residential, commercial, and industrial sectors, and
other industries.
The rise in demand for electronic transformers from
residential and industrial sectors such as homes, and manufacturing industries
to convert high power voltage to medium voltage is expected to drive the growth
of the market during the forecast period. Moreover, the surge in demand for
electronic transformers from industries that require less electrical energy
with a voltage of 33kV, and 440V-220V for domestic areas in residential areas
is expected to fuel the demand for the global electronic transformers market
during the analyzed time frame.
The isolation transformer segment garnered the
second-largest share in 2021, in terms of revenue, and is expected to grow at a
CAGR of 5.5%. Isolation One circuit is separated from another by a transformer.
Isolation transformers are frequently employed in situations where delicate
equipment needs to be shielded from harmful voltage or current levels crossing
a major power source.
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On the basis of application, the commercial and residential
segment garnered the largest share in 2021, in terms of revenue, and is
expected to grow at a CAGR of 5.5%, owing to a rise in demand for lighting
transformer systems from homes, commercial buildings, and others across the
regions. In addition, the rise in demand for transformers in the utility sector
for conversion of higher voltage to low-level voltage is anticipated to drive
the growth of the market in the coming years.
Rapid growth in the commercial sector over the last decade
is projected to continue in the upcoming years, owing to increased investments
in infrastructure, and refurbishment of the smart grids industry across the
Asia-Pacific and LAMEA regions. Large commercial complexes, malls, shops, data
centers, and other applications drive the demand for the transformer market.
Region-wise, Asia-Pacific dominated the market size in 2021
and is anticipated to maintain this transformer market trend during the
forecast period. This is attributed to the presence of a large number of key
players in the global lighting transformer market and the growth in sales of
electronic transformers in the U.S. and China. In addition, the rising
investment of major key players in Asia-Pacific is further anticipated to fuel
the growth of the market in the coming years.
The global lighting transformers market analysis covers
in-depth information on the major lighting transformers industry participants.
The key players operating and profiled in the report include Eaton Corporation
Plc., Schneider Electric, ABB Ltd., Hitachi, Trio Transformer, Trans Power
Tech, MX LightForce, Pelton Power Technologies Private Limited, Airlink
Transformers, and Leviton which hold significant shares of the market.
Significant development by major key players across the
globe is expected to have a positive impact on the growth of the lighting
transformers market during the forecast period. Several developing countries
across the globe are implementing and expanding their manufacturing lines with
the aim to achieve the digitization of the entire value chain from transformer
to production of lighting transformers and services which are expected to meet
the increase in demand from the industrial sector, which further fuels the
demand for lighting transformers market industry.
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Key findings
- North America is expected to exhibit a CAGR of 5.9% during
2021-2031.
- By type, the electronic segment is expected to exhibit the highest CAGR
during 2021-2031.
- By power rating, the small segment accounted for the largest market share in
2021.
- By application, utilities had the largest market share in 2021.
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