Transformers Global Market Report 2022 – By Type (Low Rated Transformer, High Rated Transformer), By Transformer Type (Power Transformer, Distribution Transformer), By Phase (Single Phase, Three Phase), By Application (Residential And Commercial, Utility, Industrial) – Market Size, Trends, And Global Forecast 2022-2026

Starting Price : $4000.00 | Pages : 150 | Published : February 2022 | SKU CODE : 7338 | Delivery Time: 2-3 business days | Format :


The transformers market consists of sales of transformers and related services which are used in the manufacturing of power, distribution, and specialty transformers. A transformer transfers energy from one circuit to another. Transformers increase or decrease voltage and current level, increase or decrease capacitor value, prevent direct current from passing between two circuits, and isolate circuits.

The main types of transformers market are low rated transformer, high rated transformer. The low-rated transformer is transmitted to the receiving end. This low voltage power if transmitted results in greater line current which is causing more line losses. The transformer types are power transformer, distribution transformer. The phases are single-phase, three-phase. The applications are residential and commercial, utility and industrial.

The global transformers market size is expected to grow from $64.52 billion in 2021 to $70.78 billion in 2022 at a compound annual growth rate (CAGR) of 9.7%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The transformer market is expected to reach $94.75 billion in 2026 at a CAGR of 7.6%.

Favorable government policies to increase electrification will contribute to the growth of the transformers market in the forecast period. Countries around the world are implementing several initiatives to increase electrification across the countries. For example, in 2019, the Indian government launched the ‘One Nation One Grid’, an initiative aimed at offering affordable power to all the states. These initiatives increased the market for medium power transformers in the historic period. The increasing demand for medium, low, and high-power transformers supported by favorable government initiatives will positively impact the growth of the transformers market.

Instability in the pricing of raw materials is a major restraint in the transformers manufacturing market. The instability is due to the volatility in the raw material prices of steel, copper, and crude oil. Steel and copper are predominantly used in the manufacture of transformers. Increased tariffs on raw materials such as steel and copper, increased the volatility of prices, thereby limiting the growth of the market for medium power transformers. For instance, in October 2021, the United States and the European Union had reached an agreement on the lifting of US tariffs of 25 percent on imports of steel from the EU and 10 percent on imports of aluminum from the EU. The increase in prices leads to an increase in operating expense thereby hampering the growth of the market.

The transformers market is moving towards the evolution of independent and self-regulating smart transformers. Smart transformers are programmed to constantly regulate voltage and maintain contact with the stakeholders and provide information and feedback on the power supply. They provide the exact amount of power that is needed and respond to fluctuations through a process known as voltage optimization. They significantly reduce greenhouse gas emissions and power consumption as they supply electrical equipment with the ideal amount of power. For instance, in 2021, the U.S. Department of Energy (DOE) invested a total of $20 million in funding for innovative research and development in artificial intelligence (A.I.) and machine learning. DOE’s Office of Electricity has selected eight projects to receive nearly $7 million in total to explore the use of big data, artificial intelligence, and machine learning technologies for improving existing knowledge and discover new insights and tools for better grid operation and management. Companies should consider investing in technologies to produce smart transformers for commercial establishments.

In June 2019, Hitachi, Ltd., a Japan-based energy solution provider company acquired 80.1% of ABB’s power grids business for $11 billion. The acquisition was aimed to broaden the product portfolio of Hitachi, by combining ABB’s power grids and offering enhanced energy solutions globally. ABB is a Switzerland-based company that specializes in manufacturing power grids products such as power transformers.

Major players in the transformers market are ABB, General Electric Corporation, Schneider Electric S.A., Mitsubishi Electric Corporation, Schneider Electric, Mitsubishi Electricis, Toshiba Corporation, Siemens, SGB-SMIT, and Hammond Power Solutions.

The regions covered in the transformers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the transformers market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The global transformers market is segmented -

1) By Type: Low Rated Transformer, High Rated Transformer

2) By Transformer Type: Power Transformer, Distribution Transformer

3) By Phase: Single Phase, Three Phase

4) By Application: Residential and Commercial, Utility, Industrial

The global transformers market reached a value of nearly $202.7 billion in 2019, having grown at a compound annual growth rate (CAGR) of 8.38% since 2015, and is expected to grow at a CAGR of 8.76% to nearly $283.6 billion by 2023.

The transformers market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia Pacific was the largest region in the transformers market in 2019.

Favorable government policies to increase electrification contributed to the growth of the transformers market in the historic period. Countries around the world are implementing several initiatives to increase electrification across the countries. For example, in 2019, Indian government launched the ‘One Nation One Grid’, an initiative aimed at offering affordable power to all the states.  These initiatives increased the market for medium power transformers in the historic period. Similarly, in 2017, government of India launched the ‘Pradhan Mantri Sahaj Bijli Har Ghar Yojana’ to achieve 100% electrification in the country. The increasing demand for medium, low and high-power transformers supported by favorable government initiatives positively impacts the growth of transformers market.

Instability in pricing of raw materials is a major restraint in the transformers manufacturing market. The instability is due to the volatility in the raw material prices of steel, copper, and crude oil. Steel and copper are predominantly used in manufacture of transformers. Increased tariffs on raw materials such as steel and copper, increased the volatility of prices, thereby limiting the growth of the market for medium power transformers. For instance, in 2018, USA imposed 25% and 10% tariffs on import of steel and aluminum respectively. The increase in prices leads to increase in operating expense thereby hampering the growth of the market.

Transformers market is moving towards evolution of independent and self-regulating smart transformers. Smart transformers are programmed to constantly regulate voltage and maintain contact with the stakeholders and provide information and feedback on the power supply. They provide the exact amount of power that is needed and respond to fluctuations through a process known as voltage optimization. They significantly reduce greenhouse gas emissions and power consumption as they supply electrical equipment with the ideal amount of power. For instance, in 2018, The US Department of Energy (DOE) invested $7.5 million to support research and development of smart transformers for grid resiliency. Companies should consider investing in technologies to produce smart transformers for commercial establishments.

In June 2019, Hitachi, Ltd., a Japan-based energy solution provider company acquired 80.1% of ABB’s power grids business for $11 billion. The acquisition was aimed to broaden the product portfolio of Hitachi, by combining ABB’s power grids, and to offer enhanced energy solutions globally. ABB is a Switzerland-based company that specializes in manufacturing power grids products such as power transformers.

The major players in the global transformers market are ABB, General Electric Corporation, Schneider Electric S.A., Mitsubishi Electric Corporation, Schneider Electric, Mitsubishi Electricis, Toshiba Corporation, Siemens, SGB-SMIT and Hammond Power Solutions.

The countries covered in the global transformers market report are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia

The Global Transformers Market is segmented:
1)By Transformer Type: Power Transformer, Distribution Transformer
2)By Type: Low rated transformer , High rated transformer

    Table Of Contents

    1. Executive Summary

    2. Transformers Market Characteristics

    3. Transformers Market Size And Growth

    3.1. Global Transformers Historic Market, 2016 - 2021, $ Billion

    3.1.1. Drivers Of The Market

    3.1.2. Restraints On The Market

    3.2. Global Transformers Forecast Market, 2021 - 2023F, 2026F, 2031F, $ Billion

    3.2.1. Drivers Of The Market

    3.2.2. Restraints On the Market

    4. Transformers Market Segmentation

    4.1. Global Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    Low Rated Transformer 

    High Rated Transformer 

    4.2. Global Transformers Market, Segmentation By Transformer Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    Power Transformer

    Distribution Transformer

    4.3. Global Transformers Market, Segmentation By Phase, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    Single Phase

    Three Phase

    4.4. Global Transformers Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    Residential And Commercial

    Utility

    Industrial

    5. Transformers Market Regional And Country Analysis

    5.1. Global Transformers Market, Split By Region, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    5.2. Global Transformers Market, Split By Country, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    6. Asia-Pacific Transformers Market  

    6.1. Asia-Pacific Transformers Market Overview  

    6.2. Asia-Pacific Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    7. China Transformers Market  

    7.1. China Transformers Market Overview  

    7.2. China Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F,$ Billion

    8. India Transformers Market  

    8.1. India Transformers Market Overview  

    8.2. India Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    9. Japan Transformers Market  

    9.1. Japan Transformers Market Overview  

    9.2. Japan Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    10. Australia Transformers Market  

    10.1. Australia Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    11. Indonesia Transformers Market  

    11.1. Indonesia Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    12. South Korea Transformers Market  

    12.1. South Korea Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    13. Western Europe Transformers Market  

    13.1. Western Europe Transformers Market Overview

    13.2. Western Europe Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    14. UK Transformers Market  

    14.1. UK Transformers Market Overview

    14.2. UK Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    15. Germany Transformers Market  

    15.1. Germany Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    16. France Transformers Market  

    16.3. France Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    17. Eastern Europe Transformers Market  

    17.1. Eastern Europe Transformers Market Overview

    17.2. Eastern Europe Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    18. Russia Transformers Market  

    18.1. Russia Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    19. North America Transformers Market  

    19.1. North America Transformers Market Overview

    19.2. North America Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    20. USA Transformers Market  

    20.1. USA Transformers Market Overview

    20.2. USA Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    21. South America Transformers Market  

    21.1. South America Transformers Market Overview

    21.2. South America Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    22. Brazil Transformers Market  

    22.1. Brazil Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    23. Middle East Transformers Market  

    23.1. Middle East Transformers Market Overview

    23.2. Middle East Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    24. Africa Transformers Market  

    24.1. Africa Transformers Market Overview

    24.2. Africa Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion

    25. Transformers Market Competitive Landscape And Company Profiles

    25.1. Transformers Market Competitive Landscape

    25.2. Transformers Market Company Profiles

    25.2.1. ABB

    25.2.1.1. Overview

    25.2.1.2. Products and Services

    25.2.1.3. Strategy

    25.2.1.4. Financial Performance

    25.2.2. General Electric Corporation

    25.2.2.1. Overview

    25.2.2.2. Products and Services

    25.2.2.3. Strategy

    25.2.2.4. Financial Performance

    25.2.3.  Schneider Electric S.A.

    25.2.3.1. Overview

    25.2.3.2. Products and Services

    25.2.3.3. Strategy

    25.2.3.4. Financial Performance

    25.2.4. Mitsubishi Electric Corporation

    25.2.4.1. Overview

    25.2.4.2. Products and Services

    25.2.4.3. Strategy

    25.2.4.4. Financial Performance

    25.2.5. Schneider Electric

    25.2.5.1. Overview

    25.2.5.2. Products and Services

    25.2.5.3. Strategy

    25.2.5.4. Financial Performance

    26. Key Mergers And Acquisitions In The Transformers Market

    27. Transformers Market Trends And Strategies

    28. Transformers Market Future Outlook and Potential Analysis

    29. Appendix

    29.1. Abbreviations

    29.2. Currencies

    29.3. Research Inquiries

    29.4. The Business Research Company

    29.5. Copyright And Disclaimer

List Of Tables

    Table 1: Global Historic Market Growth, 2016-2021, $ Billion
  • Table 2: Global Forecast Market Growth, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 3: Global Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 4: Global Transformers Market, Segmentation By Transformer Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 5: Global Transformers Market, Segmentation By Phase, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 6: Global Transformers Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 7: Global Transformers Market, Split By Region, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 8: Global Transformers Market, Split By Country, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 9: Asia-Pacific, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 10: China, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 11: India, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 12: Japan, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 13: Australia, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 14: Indonesia, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 15: South Korea, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 16: Western Europe, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 17: UK, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 18: Germany, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 19: France, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 20: Eastern Europe, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 21: Russia, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 22: North America, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 23: USA, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 24: South America, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 25: Brazil, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 26: Middle East, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 27: Africa, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Table 28: ABB Financial Performance
  • Table 29: General Electric Corporation Financial Performance
  • Table 30:  Schneider Electric S.A. Financial Performance
  • Table 31: Mitsubishi Electric Corporation Financial Performance
  • Table 32: Schneider Electric Financial Performance

List Of Figures

    Figure 1: Global Historic Market Growth, 2016-2021, $ Billion
  • Figure 2: Global Forecast Market Growth, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 3: Global Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 4: Global Transformers Market, Segmentation By Transformer Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 5: Global Transformers Market, Segmentation By Phase, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 6: Global Transformers Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 7: Global Transformers Market, Split By Region, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 8: Global Transformers Market, Split By Country, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 9: Asia-Pacific, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 10: China, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 11: India, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 12: Japan, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 13: Australia, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 14: Indonesia, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 15: South Korea, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 16: Western Europe, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 17: UK, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 18: Germany, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 19: France, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 20: Eastern Europe, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 21: Russia, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 22: North America, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 23: USA, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 24: South America, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 25: Brazil, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 26: Middle East, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 27: Africa, Transformers Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2023F, 2026F, 2031F, $ Billion
  • Figure 28: ABB Financial Performance
  • Figure 29: General Electric Corporation Financial Performance
  • Figure 30:  Schneider Electric S.A. Financial Performance
  • Figure 31: Mitsubishi Electric Corporation Financial Performance
  • Figure 32: Schneider Electric Financial Performance
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