According to a market research report by Stratistics MRC, the global transformer core market was valued at $6.12 billion in 2017 and is expected to reach $9.95 billion by 2026, growing at a CAGR of 5.6% during the forecast period.

Some of the main factors driving the market growth are rising demand for transformer core in the power industry, hasty industrialization and urbanization in developing countries and increasing government investments in renewable energy sources.

However, price fluctuations in electrical steel and ferrite are hindering the market.

Asia Pacific holds the biggest market share over the forecast period due to a surge in demand for competent electricity transmission frameworks and growing population and rising demand for sustainable sources of energy.

Some of the key players profiled in the report include Crompton Greaves, Hitachi, Ltd., Mitsubishi Electric Corporation, Fuji Electric Co. Ltd., ABB Ltd., Toshiba Corporation, Ferroxcube International Holding B.V., Hyosung Corporation and Siemens AG.

Source: Stratistics MRC