The amorphous metal cores market is poised for substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 7.5% during the forecast period spanning from 2022 to 2032. This surge will elevate its market value from US$ 781.6 million in 2022 to an estimated US$ 1,610.90 million by 2032.
The utilization of amorphous alloys in the iron cores of transformers plays a pivotal role in reducing energy consumption and enhancing electrical performance, while simultaneously lowering CO2 emissions. In light of escalating energy costs and the environmental imperative to curb emissions, manufacturers of power transmission equipment are actively seeking technologies that can conserve energy and reduce operational expenses.
This growing demand for energy-efficient solutions has spurred amorphous metal cores manufacturers to innovate and deliver optimized products tailored for deployment in distribution transformers. Typically, electric companies experience losses of approximately 10% in total electricity generation during the distribution and transmission processes, making the adoption of amorphous metal cores a critical step towards improving efficiency and sustainability in the power sector.
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Amorphous Metal Cores Market: Dynamics
The amorphous alloy in the iron core of transformer significantly reduces energy costs and helps increase electrical characteristics while reducing the level of CO2 emissions. Power transmission equipment manufacturers today are searching for a technology that saves energy and reduces their operating cost. This has encouraged amorphous metal cores manufacturers to develop optimized and energy efficient products for use in distribution transformers. Normally, 10% of total electricity generated by an electric company is lost during the distribution and transmission process. Thus, distribution transformers consisting of amorphous metal cores help save a significant amount of energy and cost. Other uses that benefit from amorphous metal cores include output filter chokes in large Switched-Mode Power Supply (SMPS), power factor correction chokes in UPS systems and high-power lamp ballasts.
The initial costs of amorphous metal cores are relatively higher as compared to crystalline silicon steel owing to certain beneficial properties such as lower saturation magnetic flux density of amorphous steel than that of silicon steel, which is mostly preferred by transformer manufacturers. This results in high cost per unit of large sized amorphous core transformers. Although, it’s increased energy efficiency and low operational costs throughout the lifetime of transformer, could help compensate its high initial costs. Therefore, despite of high costs, the above mentioned factors are estimated to boost the market demand for amorphous metal cores in the coming years.
On the flip side, amorphous metal cores shows various limitations which may curb the market growth. Hardness along with reduced thickness makes slitting and shearing difficult. Moreover, the brittleness property of amorphous metal cores has also made it un-friendly to the transformer manufacturers. Due to these limitations, the amorphous metal core technology has been limited at present to very few customers across geographies.
Key Players:
Hitachi, Ltd., Advanced Technology & Materials Co., Ltd., Zhaojing Incorporated, Qingdao Yunlu New Energy Technology Co., Ltd., China Amorphous Technology Co.,Ltd, ENPAY, Mangal Electrical Industries Pvt. Ltd., KOTSONS Pvt. Ltd., Usha Amorphous Metals Ltd., Ti-Electronic.
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Key Segments Covered:
By Product Type:
- E Core
- C Core
- Others
By Application:
- Iron Based
- Cobalt Based
By End Use:
- Invertors
- Transformers
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Japan
- Middle East & Africa
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