Electric Motor Sales Market Is Slated To Witness Tremendous Growth In Future

The global electric motor sales market size was valued at USD 182.65 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2030.

Transformers Procurement Intelligence

Procurement of transformers benefits buyers from several end-use sectors by minimizing energy losses, improving power quality, and enhancing grid reliability. The global market size was estimated at USD 87.3 billion in 2023. Key drivers of the industry include rising demand for electric vehicles (EVs), a shift towards renewable energy, grid modernization initiatives, and technological advancements in design. APAC accounted for the largest share (~30%) of the global industry in 2023. Rapid urbanization, smart city projects, and favorable incentives and subsidies were the major factors driving the APAC market in 2023.

The global industry has been substantially impacted by raw material price volatility, replacement costs of aging infrastructure and equipment, disruptions in supply chain and logistics, high capital investments, and energy transition challenges. For instance, fluctuating prices of copper, steel, and specialized insulation materials are affecting production costs and timelines. At the same time, delays in shipping and transportation, exacerbated by geopolitical tensions and global trade uncertainties, are causing supply chain bottlenecks. Similarly, the rapid pace of technological advancements is rendering existing technologies to become obsolete, thus posing a challenge for manufacturers to keep up to date.

Key technology trends that are driving the growth of the industry in 2024 include integration of 3D printing, use of innovative cooling systems, adoption of IoT-integrated smart transformers, and utilization of digital twins. For instance, the integration of 3D printing offers numerous benefits, including enhanced customization, efficient prototyping, material efficiency, and production flexibility. Similarly, innovative cooling systems such as liquid immersion cooling and hybrid cooling are being used to improve reliability and lifespan. In liquid immersion cooling, the windings of the equipment are directly immersed in cooling fluid to improve heat transfer and enhance cooling capacity.

Government initiatives are playing a crucial role in influencing the growth of this industry globally. For instance, in India, certain programs, namely the ‘Green Energy Corridors’ (GEC) initiative and the ‘Revamped Distribution Sector Scheme,’ are improving electrification, advancing transmission infrastructure, and safeguarding last-mile connectivity. Renewable energy capacity of ~19 GW is set to be included in the intra-state scheme under the ‘GEC-II’ initiative. This is not only boosting the demand for transformers but is also driving investments in modernization and capacity enhancement throughout the value chain of the power sector.

Order your copy of the Transformers category procurement intelligence report 2024-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

Transformers Sourcing Intelligence Highlights

  • This market consists of a fragmented landscape, with the players engaged in robust competition.
  • Buyers within this market have substantial bargaining power due to relatively low product differentiation and low costs of switching to alternative suppliers.
  • India, China, Vietnam, Mexico, and Colombia are preferred as low-cost or best-cost countries within their regions for sourcing and procurement due to low raw material costs, cheap labor costs, economies of scale, and favorable government policies.
  • The key components of the cost structure involve raw materials, labor, equipment and tools, energy and utilities, logistics, and others as the key components. Other costs include RD, compliance, warranty, rent, general and administrative, and marketing and sales.

List of Key Suppliers

  • ABB Ltd.
  • Alstom SA
  • CG Power Industrial Solutions Ltd.
  • Eaton Corporation plc
  • General Electric Company
  • Hitachi Energy Ltd.
  • Hyosung Heavy Industries
  • Hyundai Heavy Industries Co., Ltd.
  • Mitsubishi Electric Corporation
  • Schneider Electric SE
  • Siemens AG
  • Toshiba Corporation

Browse through Grand View Research’s collection of procurement intelligence studies:

Transformers Procurement Intelligence Report Scope 

  • Transformers Category Growth Rate : CAGR of 6% from 2024 to 2030 
  • Pricing Growth Outlook : 5% - 10% increase (Annually) 
  • Pricing Models : Cost-plus pricing, volume-based pricing, demand-based pricing, competition-based pricing 
  • Supplier Selection Scope : Cost and pricing, past engagements, productivity, geographical presence 
  • Supplier Selection Criteria : Geographical service provision, industries served, years in service, employee strength, revenue generated, key clientele, regulatory certifications, transformer type (power/distributed/SST/others), voltage type (high/medium/low), cooling type (oil-cooled/air-cooled), customer service, lead time, and others 
  • Report Coverage : Revenue forecast, supplier ranking, supplier positioning matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model 

Our services include (not limited to): 

  • Market Intelligence involving – market size and forecast, growth factors, and driving trends
  • Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
  • Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
  • Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.


Steve Rey

100 Blog posts

Comments