Power Transformer Market
Power Transformer Market Size, Share & Trends Analysis Report by Application (Residential & Commercial, Utilities, and Industrial), by Core (Closed, Shell, and Berry), by Insulation (Gas, Oil, and Solid), and by Phase (Single, and Three) Forecast Period (2024-2031)
Power transformer market is anticipated to grow at a CAGR of 7.4% during the forecast period (2024-2031). Power transformers are electrical instruments used in transmitting electrical power from one circuit to another without changing the frequency. They operate by the principle of electromagnetic induction. They are used in transmitting electrical power between generators and distribution primary circuits. The increasing power demand globally is a key factor driving the global power transformer market.
Market Dynamics
Growing Energy Demand
The increasing global energy consumption due to population growth, urbanization, and industrialization is a significant driver for the power transformer market. The heightened demand for energy directly correlates with the rising demand for transformers at substations and along transmission lines. The upgradation of aging transmission & distribution infrastructure globally further creates requirements for transformers equipped with enhanced functionality such as high voltage and high current handling capacity to handle increased power flow.
Technological Advancement
Innovations in power transformer technology, such as green transformers development and high-voltage direct current (HVDC) transmission meet the growing energy demand more efficiently. Such developments are further aiding global market growth. In April 2021, Tata Power announced the commissioning of India’s largest natural ester-filled 110 /33 / 22 kV, 125 MVA power transformer in the Mumbai Transmission network at the BKC receiving station in active collaboration with Hitachi ABB Power Grids and Cargill. This transformer uses natural esters with a high fire point (350 degrees Celsius) to eliminate the fire risk.
Market segmentation
- Based on application the market is segmented into residential & commercial, utilities, and industrial.
- Based on core the market is segmented into closed, shell, and berry.
- Based on the insulation market is segmented into gas, oil, and solid.
- Based on the phase market is segmented into single and three.
Utilities Application Lead the Way in the Power Transformer Market
Power transformers are widely used transformers that are used to step up or down voltages at electrical generating stations. Power transformers in utility sectors ensure a safe, risk-free, and accurate supply of electricity as utilities are the backbone of electricity infrastructure. Cohesive government policies and investments in infrastructure projects to enhance national grids to enhance renewable energy production are further aiding the growth of this market segment.
Regional Outlook
The global power transformer market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Global Power Transformer Market Growth by Region 2024-2031
Asia-Pacific holds largest market share
According to the International Energy Agency, the Asia-Pacific region generates about 16.0% of the world's energy supply. In 2022, the region generated around 14,546.4 TWh of electricity, with thermal power contributing the highest share at about 67.7%. The high energy production across the region has created the demand for power transformers for effective power transmission across the region. In May 2023, the UK’s Octopus Energy announced plans to invest $1.8 billion (£1.5 billion) in the Asia-Pacific energy market by 2027, to expedite the region’s transition to a cleaner, smarter energy system. The company plans to invest $1.4 billion in solar and wind generation projects, with 50.0% of the money going into Japanese renewables. The growing investment in the regional energy sector is creating a huge scope for the growth of the regional market.
Major Player Outlook
*Note: Major Players Sorted in No Particular Order
The major companies serving in the global power transformer market include ABB Ltd., Siemens AG, General Electric, Toshiba Corp., Schneider Electric, and Alstom SA among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance,
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global power transformer market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. ABB Ltd.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Alstom SA
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Siemens AG
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global Power Transformer Market by Application
4.1.1. Residential & Commercial
4.1.2. Utilities
4.1.3. Industrial
4.2. Global Power Transformer Market by Core
4.2.1. Closed
4.2.2. Shell
4.2.3. Berry
4.3. Global Power Transformer Market by Insulation
4.3.1. Gas
4.3.2. Oil
4.3.3. Solid
4.4. Global Power Transformer Market by Phase
4.4.1. Single
4.4.2. Three
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
5.4.1. Latin America
5.4.2. Middle East & Africa
6. Company Profiles
6.1. Bharat Heavy Electricals Ltd.
6.2. CG Power and Industrial
6.3. Crompton Greaves Ltd.
6.4. Daihen Corp.
6.5. EMCO Ltd.
6.6. GE Co.
6.7. Hitachi Ltd.
6.8. Hyundai Heavy Industries Co. Ltd.
6.9. Hyosung Power & Industrial Systems Performance Group
6.10. Kirloskar Electric Co. Ltd.
6.11. Mitsubishi Electric Corp.
6.12. Schneider Electric
6.13. SGB-SMIT Group
6.14. SPX Transformer Solutions Inc
6.15. The Kraft Heinz Company
6.16. Toshiba Corp.
6.17. Voltamp Transformers Ltd.
1. GLOBAL POWER TRANSFORMER MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
2. GLOBAL POWER TRANSFORMER FOR RESIDENTIAL & COMMERCIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
3. GLOBAL POWER TRANSFORMER FOR UTILITIES MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
4. GLOBAL POWER TRANSFORMER FOR INDUSTRIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
5. GLOBAL POWER TRANSFORMER MARKET RESEARCH AND ANALYSIS BY CORE, 2023-2031 ($ MILLION)
6. GLOBAL CLOSED CORE POWER TRANSFORMER MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
7. GLOBAL SHELL CORE POWER TRANSFORMER MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
8. GLOBAL BERRY CORES POWER TRANSFORMER MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
9. GLOBAL POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY INSULATION, 2023-2031 ($ MILLION)
10. GLOBAL GAS POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
11. GLOBAL OIL POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
12. GLOBAL SOLID POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
13. GLOBAL POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY PHASE, 2023-2031 ($ MILLION)
14. GLOBAL SINGLE PHASE POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
15. GLOBAL THREE PHASE POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
16. GLOBAL POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
17. NORTH AMERICAN POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
18. NORTH AMERICAN POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY CORE, 2023-2031 ($ MILLION)
19. NORTH AMERICAN POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY INSULATION, 2023-2031 ($ MILLION)
20. NORTH AMERICAN POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY PHASE, 2023-2031 ($ MILLION)
21. EUROPEAN POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
22. EUROPEAN POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
23. EUROPEAN POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY CORE, 2023-2031 ($ MILLION)
24. EUROPEAN POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY INSULATION, 2023-2031 ($ MILLION)
25. EUROPEAN POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY PHASE, 2023-2031 ($ MILLION)
26. ASIA-PACIFIC POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
27. ASIA-PACIFIC POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
28. ASIA-PACIFIC POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY CORE, 2023-2031 ($ MILLION)
29. ASIA-PACIFIC POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY INSULATION, 2023-2031 ($ MILLION)
30. ASIA-PACIFIC POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY PHASE, 2023-2031 ($ MILLION)
31. REST OF THE WORLD POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
32. REST OF THE WORLD POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
33. REST OF THE WORLD POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY CORE, 2023-2031 ($ MILLION)
34. REST OF THE WORLD POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY INSULATION, 2023-2031 ($ MILLION)
35. REST OF THE WORLD POWER TRANSFORMERS MARKET RESEARCH AND ANALYSIS BY PHASE, 2023-2031 ($ MILLION)
1. GLOBAL POWER TRANSFORMERS MARKET SHARE BY APPLICATION, 2023 VS 2031 (%)
2. GLOBAL POWER TRANSFORMERS FOR RESIDENTIAL & COMMERCIAL MARKET SHARE BY REGION, 2023 VS 2031 (%)
3. GLOBAL POWER TRANSFORMERS FOR UTILITY MARKET SHARE BY REGION, 2023 VS 2031 (%)
4. GLOBAL POWER TRANSFORMERS FOR INDUSTRIAL MARKET SHARE BY REGION, 2023 VS 2031 (%)
5. GLOBAL POWER TRANSFORMERS MARKET SHARE BY CORE, 2023 VS 2031 (%)
6. GLOBAL CLOSED CORE POWER TRANSFORMERS MARKET SHARE BY REGION, 2023 VS 2031 (%)
7. GLOBAL SHELL CORE POWER TRANSFORMERS MARKET SHARE BY REGION, 2023 VS 2031 (%)
8. GLOBAL BERRY CORE POWER TRANSFORMERS MARKET SHARE BY REGION, 2023 VS 2031 (%)
9. GLOBAL POWER TRANSFORMERS MARKET SHARE BY INSULATION, 2023 VS 2031 (%)
10. GLOBAL GAS POWER TRANSFORMERS MARKET SHARE BY REGION, 2023 VS 2031 (%)
11. GLOBAL OIL POWER TRANSFORMERS MARKET SHARE BY REGION, 2023 VS 2031 (%)
12. GLOBAL SOLID POWER TRANSFORMERS MARKET SHARE BY REGION, 2023 VS 2031 (%)
13. GLOBAL POWER TRANSFORMERS MARKET SHARE BY PHASE, 2023 VS 2031 (%)
14. GLOBAL SINGLE PHASE POWER TRANSFORMERS MARKET SHARE BY REGION, 2023 VS 2031 (%)
15. GLOBAL THREE PHASE POWER TRANSFORMERS MARKET SHARE BY REGION, 2023 VS 2031 (%)
16. GLOBAL POWER TRANSFORMERS MARKET SHARE BY REGION, 2023 VS 2031 (%)
17. US POWER TRANSFORMERS MARKET SIZE, 2023-2031 ($ MILLION)
18. CANADA POWER TRANSFORMERS MARKET SIZE, 2023-2031 ($ MILLION)
19. UK POWER TRANSFORMERS MARKET SIZE, 2023-2031 ($ MILLION)
20. FRANCE POWER TRANSFORMERS MARKET SIZE, 2023-2031 ($ MILLION)
21. GERMANY POWER TRANSFORMERS MARKET SIZE, 2023-2031 ($ MILLION)
22. ITALY POWER TRANSFORMERS MARKET SIZE, 2023-2031 ($ MILLION)
23. SPAIN POWER TRANSFORMERS MARKET SIZE, 2023-2031 ($ MILLION)
24. REST OF EUROPE POWER TRANSFORMERS MARKET SIZE, 2023-2031 ($ MILLION)
25. INDIA POWER TRANSFORMERS MARKET SIZE, 2023-2031 ($ MILLION)
26. CHINA POWER TRANSFORMERS MARKET SIZE, 2023-2031 ($ MILLION)
27. JAPAN POWER TRANSFORMERS MARKET SIZE, 2023-2031 ($ MILLION)
28. SOUTH KOREA POWER TRANSFORMERS MARKET SIZE, 2023-2031 ($ MILLION)
29. REST OF ASIA-PACIFIC POWER TRANSFORMERS MARKET SIZE, 2023-2031 ($ MILLION)
30. LATIN AMERICA POWER TRANSFORMERS MARKET SIZE, 2023-2031 ($ MILLION)
31. MIDDLE EAST AND AFRICA POWER TRANSFORMERS MARKET SIZE, 2023-2031 ($ MILLION)
