How Has the Transformer Market Evolved Historically and What is its Current Size?
The transformer market has seen considerable growth due to a variety of factors.
• In the past few years, there has been a robust growth in the transformer market size. It is expected to increase from $76.4 billion in 2024 to $81.77 billion in 2025, showcasing a compound annual growth rate (CAGR) of 7.0%.
The expansion during the historic period is tied to factors such as electrification and industrialization, infrastructure advancement, economic development, and regulatory norms.
What Is The Projected Growth Of The Transformer Template Market?
The transformer market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the transformer market is predicted to experience robust expansion in the ensuing years, culminating in a value of $101.42 billion by 2029, representing a compound annual growth rate (CAGR) of 5.5%.
The growth projected within this period is due, in part, to factors such as integration of renewable energy, modernization of grids, transportation electrification, heightened urbanization, and the rising demand for more efficient transformers. Projections for this phase also anticipate trends such as intelligent transformers, designs with higher energy efficiency, compact and environmentally friendly transformers, transformers designed for renewable integration, and a focus on resilience and reliability.
What Are The Key Drivers Fueling Growth In The Transformer Market?
Positive governmental protocols that aim to boost electrification are expected to fuel the expansion of the transformers market within the projected timeline. Various governmental actions worldwide seek to escalate the level of electrification within their respective territories. For instance, since 2022, the progression of the transformers market has been significantly propelled by government strategies focusing on electrification and upgrading power grids. The U.S., under the Biden Administration, has launched several schemes aimed at making the electric system carbon-free by 2030, thereby stimulating the demand for transformers. The priority is set on renewing old grids and broadening the newly electrified infrastructure, notably for renewables such as wind and solar power, which necessitate the addition of more transformers due to their decentralised characteristics.
What Are The Principal Market Segments In The Global Transformer Industry?
The transformer market covered in this report is segmented –
1) By Transformer Type: Power Transformer, Distribution Transformer
2) By Type: Low Rated Transformer, High Rated Transformer
3) By End User: Utility, Residential And Commercial, Industry
Subsegments:
1) By Power Transformer: Small Power Transformer (Up To 60 MVA), Medium Power Transformer (60–200 MVA), Large Power Transformer (Above 200 MVA)
2) By Distribution Transformer: Pole-mounted Transformers, Pad-mounted Transformers, Underground Distribution Transformers
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How Are Emerging Trends Reshaping The Dynamics Of The Transformer Market?
Key players in the transformers market are concentrating on product innovation, like cloaliphatic cast resin instrument transformers, to offer reliable solutions to their customers. These transformers make use of outdoor insulation, making them suitable for external use. An example of this is observed when Straton Electricals Pvt. Ltd., an India-based transformer manufacturer, introduced its cloaliphatic cast resin instrument transformers in June 2023. These transformers are engineered to cope with severe temperature changes and harsh environmental conditions. They come in a variety of casting materials, including the moisture, chemical, and environment-resistant cycloaliphatic epoxy resin, known for its superior insulation characteristics.
Who Are the Key Players In The Transformer Market?
Major companies operating in the transformer market include:
• ABB Ltd
• General Electric Corporation
• Schneider Electric S.A.
• Mitsubishi Electric Corporation
• Schneider Electric
• Toshiba Corporation
• Siemens Energy AG
• SGB-SMIT
• Hammond Power Solutions Inc.
• Hitachi Energy
• Alstom
• Eaton Corporation
• SPX Transformer Solutions
• Kirloskar Electric Company
• RITZ Instrument Transformers GmbH
• TBEA Co. Ltd.
• Jefferson Electric
• Mace
• Performance Group
• Fortune Electric Co. Ltd.
• Schaffner Holding AG
• EFACEC Power Solutions SGPS
• Fuji Electric Co. Ltd.
• Hyosung Heavy Industries Co. Ltd.
• Hyundai Electric & Energy Systems Co. Ltd.
• JSHP Transformer Co. Ltd.
• Altran Corp.
• Bharat Heavy Electricals Limited (BHEL)
• CG Power and Industrial Solutions Limited
• Crompton Greaves Limited
• Daelim
• Delta Star Inc
• ELANTAS PDG Inc
• Emerson Electric Co.
• Howard Industries Inc.
• Hyundai Heavy Industries
• Pacific Transformer Corp.
• Pico Electronics
What Are The Regional Insights Into The Transformer Market?
Asia-Pacific was the largest region in the transformers market in 2023. Western Europe was the second-largest region in the transformer market analysis. The regions covered in the transformer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
