The Global Toroidal Inductors and Transformers Market was valued at US$ 602.3 Million in 2021 and is expected to surpass US$ 892.1 Million by 2030, exhibiting a CAGR of 4.5% during the forecast period (2022-2030), according to the Global Toroidal Inductors and Transformers Market Report, by Product Type (Toroidal Inductors (Fixed Inductance and Variable Inductance) and Toroidal Transformers (Single Phase and Three Phase)), by Application (Automotive, Industrial, IT & Telecommunication, Military & Defense, Consumer Electronics, Transmission & Distribution, Healthcare, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
The toroidal inductors and transformers market is being driven by beneficial factors of toroidal inductors and transformers such as simple design, high power, high speed, high torque, etc. The technologies such as line voltage or new pulse techniques are used in toroidal inductors and transformers that helps to achieve variable speed of electric conversion with the help of an adjustable governor, which is used to alter the speed according to voltage fluctuations in the electrical circuit. Owing to these benefits the market is expected to grow continuously over the forecast period. Furthermore, rising urbanization and industrialization across the globe is driving significant growth of the electrical industry, which is further expected to drive growth of the toroidal inductors and transformer market over the forecast period. For instance, the World Bank registers 5.6% of growth in the global economy in 2021 due to rising urbanization and industrialization across the developed, as well as emerging economies across the globe.
The factors such as frequent need of maintenance, complex production process, and higher costs of toroidal inductors and transformers may hinder the revenue growth of this market up to certain extent. The global consumer electronics sector is rapidly expanding, resulting in the constant development innovative electronic items. As a result, the market for toroidal transformers and inductors is expected to benefit from increased demand for electrical components such as toroidal transformers and inductors. Furthermore, rising need for renewable energy sources is expected to drive demand for toroidal inductors and transformers, contributing to the market's revenue growth.
Global Toroidal Inductors and Transformers Market - Impact of Coronavirus (Covid-19) Pandemic :
The COVID-19 pandemic halted the manufacturing of numerous products in several industries including electrical sector due to imposed lockdown in leading countries in industrial sectors such as the U.S., U.K., China, India, Japan, etc., Furthermore, owing to the COVID-19 pandemic, the production cycles across industries such as electrical, automobile, etc., has been limited, which has resulted in a scarcity of raw materials required for the production of toroidal inductors and transformers. The distributors and suppliers of these products have partially resumed manufacturing activities, and liquidity of cash was a major concern for them due to halt of pre-shutdown down payments on purchase orders. However, the suppliers and distributors are currently making significant efforts to scale up their operations and procure raw materials, in order to meet the existing demand.
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Key Trends and Analysis of the Global Toroidal Inductors and Transformers Market:
- Asia Pacific held dominant position in the global toroidal inductors and transformers market in 2021, and is expected to retain its dominance throughout the forecast period. This is owing to the fact that the large group of market players such as ABB Ltd., Hammond Manufacturing Ltd., Plitron Manufacturing Inc., etc. has major market share in Asia Pacific market and the countries in this region such as China, India, and Japan have significant revenue share in this market.
- Among product type, toroidal transformers segment held a dominant position in the market in 2021, and is expected to retain its dominance during the forecast period. In the global toroidal inductors and transformers market, toroidal transformers segment under product type is expected to reach US$ 480.1 Million by 2030.
- Major players operating in the global toroidal inductors and transformers market include ABB Ltd., Abracon, AMPLIMO BV, Hammond Manufacturing Ltd., Lintron Electronics Ltd., Cortec Toroidal Power Products, MCI Transformer Corporation, NORATEL, PICO Electronics, Inc., Nuvotem Talema, Plitron Manufacturing Inc., Schuntermann GmbH, Shilchar Technologies Ltd., Standex-Meder Electronics, Inc., Talema Group, LLC, and Triad Magnetics among others
