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The Power Transformer Market size was valued at USD 22.96 billion in 2023 and is expected to grow to USD 44.80 billion by 2032 and grow at a CAGR of 7.71% over the forecast period of 2024-2032.
A power transformer is a device that is used to transfer electronic energy from one electric circuit to another electric circuit without a change in the frequency. The principle of electromagnetic induction is applied to operate the power transformers. These power transformers are also considered static devices as they did not have rotating or moving parts. Efficient power transmission is enabled if the voltage of the incoming power is increased. That’s why they are used in distribution networks to step up or step down the voltage.
These power transformers include a broad range of electrical transformers like autotransformers, current transformers, control transformers, distribution transformers, voltage transformers, isolation transformers, and general-purpose transformers.
Power transformers and distribution transformers are both essential components of the electrical grid, but they serve different purposes. Power transformers are responsible for transmitting electricity over long distances, while distribution transformers are responsible for delivering electricity to homes and businesses. Understanding the differences between these two types of transformers is crucial for ensuring the efficient and reliable operation of the electrical grid.
Transformers are commonly utilized to convert voltage to the desired level. In addition, power transformers are used to convert medium voltage from the source (10 kV to 50 kV) to high voltage (110 kV to 500 kV or higher) before transmitting it to the high-voltage line. This is because utilizing a higher voltage line over a long-distance results in less energy loss.
Drivers
Rising electricity demand in developing and developed nations with increasing investment in infrastructure
Increasing infrastructural spending
Increasing demand for recreating the existing grid infrastructure.
Rising transmission network research and the fast use of non-traditional and renewable energy sources for generating electricity in remote places
Restrain
Time-consuming and difficult process of power transformer designing.
Opportunities
Increasing spending by the government on technologically advanced power transformers
The rise in the usage of electricity in houses, public institutions, and businesses
Challenges
High cost related to the power consumption for the key players in the market
Rise in the price of raw material
The COVID-19 pandemic has had a significant impact on the power transformer market. The global economy has been severely affected, and the power industry is no exception. The pandemic has caused a decrease in demand for power transformers due to the slowdown in construction projects and the closure of factories. Additionally, supply chain disruptions have led to delays in the delivery of raw materials and components, further affecting the production of power transformers. However, the pandemic has also created opportunities for the power transformer market. With the increase in remote work and online learning, there has been a surge in demand for reliable and uninterrupted power supply. This has led to an increased demand for power transformers in the data center and telecommunications industries.
The aftermath of the Russia-Ukraine war has left Ukraine's energy sector in a dire state. The Russian attack on power plants in residential areas has caused significant damage, leading to a collapse of the country's energy infrastructure. As a result, Ukrainians have been forced to endure frequent rolling blackouts, which have had a devastating impact on the economy. Despite efforts to restore the electricity supply, it remains far below the country's needs, exacerbating the situation.
The power transformer market has been significantly affected by the recent economic recession. The recession has caused a decrease in demand for power transformers, resulting in a decline in sales and revenue for manufacturers. This has led to a decrease in production and employment in the industry. Furthermore, the recession has also affected investment in the power sector, resulting in a decrease in the number of new power projects. This has further reduced the demand for power transformers, as there are fewer new installations and replacements.
On the basis of rating, the power transformer market is further segmented into Small Power Transformer (Up to 60 MVA) Medium Power Transformer (61- 600 MVA), and Large Power Transformer (Above 600 MVA). Medium Power transformers dominated the market with the highest CAGR during the forecast period due to the increasing need for electric energy owing to industrialization and urbanization worldwide.
On the basis of the type of cooling method, the power transformer market is further bifurcated into oil-cooled and air-cooled transformers. The oil-cooled transformer is expected to propel the market in the foreseeable future owing to its safe to use while dealing with high voltage applications.
On the basis of phase, the power transformer market is classified into single-phase and three-phase power transformers. Three-phase transformers have dominated the market and are also expected to show a significant growth rate in the future. This is because of the affordability, lighter, and smaller at greater power ratings.
On the basis of core, the power transformer market is segmented into closed, shell, and berry. Shell Core has dominated the market with a high market share in 2022 and is also predicted to propel with a significant CAGR in the future. Because these are less expensive and are also used to minimize the cost of the circuit.
On the basis of the application, the power transformer market is segmented into Residential & Commercial, Utilities, and Industrial. The industrial segment is going to dominate the market with a significant growth rate due to the safe, risk-free, and accurate usage of electricity in Industrial use.
By Rating
Small Power Transformer (Up to 60 MVA)
Medium Power Transformer (61- 600 MVA)
Large Power Transformer (Above 600 MVA)
By type of cooling method (Oil-cooled and air-cooled)
Oil-cooled
Air-cooled
By Phase
Single
Three
By Core
Closed
Shell
Berry
By application
Residential & Commercial
Utilities
Industrial
By region, the Asia Pacific region dominated the market in terms of revenue in 2022 and is forecasted to grow with a significant CAGR during the foreseeable period. Rapid economic development and the rising need for uninterrupted and reliable power supply due to the increasing population in this region are the driving factors of regional growth. China is rapidly investing in the expansion of its current electrical transmission and distribution system to satisfy the growing demand for electricity from the population due to urbanization.
Rising energy demand and a growing focus on the production of renewable electric power are the main factors that help to propel market growth. Another factor that helps Asia Pacific to grow significantly in the power transformer market is the high production of energy in the world.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major key players are ABB Ltd., Alstom SA, Hyosung Power & Industrial Systems Performance Group, Crompton Greaves Ltd., GE Co., Hyundai Heavy Industries Co. Ltd., Siemens Energy, Mitsubishi Electric Corporation, Toshiba Corp., Bharat Heavy Electricals Limited and other key players will be included in the final report.
| Report Attributes | Details |
| Market Size in 2023 | US$ 22.96 Billion |
| Market Size by 2032 | US$ 44.80 Billion |
| CAGR | CAGR of 7.71% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Rating (Small Power Transformer (Up to 60 MVA), Medium Power Transformer (61- 600 MVA), Large Power Transformer (Above 600 MVA)) • By type of cooling method (Oil-cooled and air-cooled), by phase (Single, Three) • By core (Closed, Shell, Berry), by application (Residential & Commercial, Utilities, Industrial) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | ABB Ltd., Alstom SA, Hyosung Power & Industrial Systems Performance Group, Crompton Greaves Ltd., GE Co., Hyundai Heavy Industries Co. Ltd., Siemens Energy, Mitsubishi Electric Corporation, Toshiba Corp., Bharat Heavy Electricals Limited |
| Key Drivers | • Rising electricity demand in developing and developed nations with increasing investment in infrastructure • Increasing infrastructural spending |
| Market Opportunities | • Increasing spending by the government on technologically advanced power transformers • The rise in the usage of electricity in houses, public institutions, and businesses |
The expected CAGR of the global power transformer market during the forecast period is 7.5%.
The market size of the power transformer market is USD 22.96 billion in 2023.
The major key players are ABB Ltd., Alstom SA, Hyosung Power & Industrial Systems Performance Group, Crompton Greaves Ltd., GE Co., Hyundai Heavy Industries Co. Ltd., Siemens Energy, Mitsubishi Electric Corporation, Toshiba Corp., and Bharat Heavy Electricals Limited.
Asia Pacific region dominated the power transformer market.
Increasing electricity demand in emerging and developed countries with rising investment in infrastructure, Modernizing the existing power grids for improving energy efficiency and minimizing losses, and Rising transmission network research and the fast use of non-traditional and renewable energy sources for generating electricity in remote places are the key driving factors of power transformer market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Power Transformer Market Segmentation, by rating
8.1 Small Power Transformer (Up to 60 MVA)
8.2 Medium Power Transformer (61- 600 MVA)
8.3 Large Power Transformer (Above 600 MVA)
9. Power Transformer Market Segmentation, by type of cooling method
9.1 Oil-cooled
9.2 Air-cooled
10. Power Transformer Market Segmentation, by phase
10.1 Single
10.2 Three
11. Power Transformer Market Segmentation, by core
11.1 Closed
11.2 Shell
11.3 Berry
12. Power Transformer Market Segmentation, by application
12.1 Residential & Commercial
12.2 Utilities
12.3 Industrial
13. Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 North America Power Transformer Market by country
13.2.2North America Power Transformer Market by rating
13.2.3 North America Power Transformer Market by type of cooling method
13.2.4 North America Power Transformer Market by phase
13.2.5 North America Power Transformer Market by core
13.2.6 North America Power Transformer Market by application
13.2.7 USA
13.2.7.1 USA Power Transformer Market by rating
13.2.7.2 USA Power Transformer Market by type of cooling method
13.2.7.3 USA Power Transformer Market by phase
13.2.7.4 USA Power Transformer Market by core
13.2.7.5 USA Power Transformer Market by application
13.2.8 Canada
13.2.8.1 Canada Power Transformer Market by rating
13.2.8.2 Canada Power Transformer Market by type of cooling method
13.2.8.3 Canada Power Transformer Market by phase
13.2.8.4 Canada Power Transformer Market by core
13.2.8.5 Canada Power Transformer Market by application
13.2.9 Mexico
13.2.9.1 Mexico Power Transformer Market by rating
13.2.9.2 Mexico Power Transformer Market by type of cooling method
13.2.9.3 Mexico Power Transformer Market by phase
13.2.9.4 Mexico Power Transformer Market by core
13.2.9.5 Mexico Power Transformer Market by application
13.3 Europe
13.3.1 Europe Power Transformer Market by country
1.3.3.2 Europe Power Transformer Market by rating
13.3.3 Europe Power Transformer Market by type of cooling method
13.3.4 Europe Power Transformer Market by phase
13.3.5 Europe Power Transformer Market by core
13.3.6 Europe Power Transformer Market by application
13.3.7 Germany
13.3.8.1 Germany Power Transformer Market by rating
13.3.8.2 Germany Power Transformer Market by type of cooling method
13.3.8.3 Germany Power Transformer Market by phase
13.3.8.4 Germany Power Transformer Market by core
13.3.8.5 Germany Power Transformer Market by application
13.3.8 UK
13.3.8.1 UK Power Transformer Market by rating
13.3.8.2 UK Power Transformer Market by type of cooling method
13.3.8.3 UK Power Transformer Market by phase
13.3.8.4 UK Power Transformer Market by core
13.3.8.5 UK Power Transformer Market by application
13.3.9 France
13.3.9.1 France Power Transformer Market by rating
13.3.9.2 France Power Transformer Market by type of cooling method
13.3.9.3 France Power Transformer Market by phase
13.3.9.4 France Power Transformer Market by core
13.3.9.5 France Power Transformer Market by application
13.3.10 Italy
13.3.10.1 Italy Power Transformer Market by rating
13.3.10.2 Italy Power Transformer Market by type of cooling method
13.3.10.3 Italy Power Transformer Market by phase
13.3.10.4 Italy Power Transformer Market by core
13.3.10.5 Italy Power Transformer Market by application
13.3.11 Spain
13.3.11.1 Spain Power Transformer Market by rating
13.3.11.2 Spain Power Transformer Market by type of cooling method
13.3.11.3 Spain Power Transformer Market by phase
13.3.11.4 Spain Power Transformer Market by core
13.3.11.5 Spain Power Transformer Market by application
13.3.12 The Netherlands
13.3.12.1 Netherlands Power Transformer Market by rating
13.3.12.2 Netherlands Power Transformer Market by type of cooling method
13.3.12.3 Netherlands Power Transformer Market by phase
13.3.12.4 Netherlands Power Transformer Market by core
13.3.12.5 Netherlands Power Transformer Market by application
13.3.13 Rest of Europe
13.3.13.1 Rest of Europe Power Transformer Market by rating
13.3.13.2 Rest of Europe Power Transformer Market by type of cooling method
13.3.13.3 Rest of Europe Power Transformer Market by phase
13.3.13.4 Rest of Europe Power Transformer Market by core
13.3.13.5 Rest of Europe Power Transformer Market by application
13.4 Asia-Pacific
13.4.1 Asia Pacific Power Transformer Market by country
13.4.2 Asia Pacific Power Transformer Market by rating
13.4.3 Asia Pacific Power Transformer Market by type of cooling method
13.4.4Asia Pacific Power Transformer Market by phase
13.4.5Asia Pacific Power Transformer Market by core
13.4.6 Asia Pacific Power Transformer Market by application
13.4.7 Japan
13.4.7.1 Japan Power Transformer Market by rating
13.4.7.2 Japan Power Transformer Market by type of cooling method
13.4.7.3 Japan Power Transformer Market by phase
13.4.7.4 Japan Power Transformer Market by core
13.4.7. 5Japan Power Transformer Market by application
13.4.8South Korea
13.4.8.1 South Korea Power Transformer Market by rating
13.4.8.2 South Korea Power Transformer Market by type of cooling method
13.4.8.3 South Korea Power Transformer Market by phase
13.4.8.4 South Korea Power Transformer Market by core
13.4.8.5 South Korea Power Transformer Market by application
13.4.9 China
13.4.9.1 China Power Transformer Market by rating
13.4.9.2 China Power Transformer Market by type of cooling method
13.4.9.3 China Power Transformer Market by phase
13.4.9.4 China Power Transformer Market by core
13.4.9.5 China Power Transformer Market by application
13.4.10 India
13.4.10.1 India Power Transformer Market by rating
13.4.10.2 India Power Transformer Market by type of cooling method
13.4.10.3 India Power Transformer Market by phase
13.4.10.4 India Power Transformer Market by core
13.4.10.5 India Power Transformer Market by application
13.4.11 Australia
13.4.11.1 Australia Power Transformer Market by rating
13.4.11.2 Australia Power Transformer Market by type of cooling method
13.4.11.3 Australia Power Transformer Market by phase
13.4.11.4 Australia Power Transformer Market by core
13.4.11.5 Australia Power Transformer Market by application
13.4.12 Rest of Asia-Pacific
13.4.12.1 APAC Power Transformer Market by rating
13.4.12.2 APAC Power Transformer Market by type of cooling method
13.4.12.3 APAC Power Transformer Market by phase
13.4.12.4 APAC Power Transformer Market by core
13.4.12.5 APAC Power Transformer Market by application
13.5 The Middle East & Africa
13.5.1 The Middle East & Africa Power Transformer Market by country
13.5.2 The Middle East & Africa Power Transformer Market by rating
13.5.3 The Middle East & Africa Power Transformer Market by type of cooling method
13.5.4The Middle East & Africa Power Transformer Market by phase
13.5.5 The Middle East & Africa Power Transformer Market by core
13.5.6The Middle East & Africa Power Transformer Market by application
13.5.7 Israel
13.5.7.1 Israel Power Transformer Market by rating
13.5.7.2 Israel Power Transformer Market by type of cooling method
13.5.7.3 Israel Power Transformer Market by phase
13.5.7.4 Israel Power Transformer Market by core
13.5.7.5 Israel Power Transformer Market by application
13.5.8 UAE
13.5.8.1 UAE Power Transformer Market by rating
13.5.8.2 UAE Power Transformer Market by type of cooling method
13.5.8.3 UAE Power Transformer Market by phase
13.5.8.4 UAE Power Transformer Market by core
13.5.8.5 UAE Power Transformer Market by application
13.5.9South Africa
13.5.9.1 South Africa Power Transformer Market by rating
13.5.9.2 South Africa Power Transformer Market by type of cooling method
13.5.9.3 South Africa Power Transformer Market by phase
13.5.9.4 South Africa Power Transformer Market by core
13.5.9.5 South Africa Power Transformer Market by application
13.5.10 Rest of Middle East & Africa
13.5.10.1 Rest of Middle East & Asia Power Transformer Market by rating
13.5.10.2 Rest of Middle East & Asia Power Transformer Market by type of cooling method
13.5.10.3 Rest of Middle East & Asia Power Transformer Market phase
13.5.10.4 Rest of Middle East & Asia Power Transformer Market by core
13.5.10.5 Rest of Middle East & Asia Power Transformer Market by application
13.6 Latin America
13.6.1 Latin America Power Transformer Market by country
13.6.2 Latin America Power Transformer Market by rating
13.6.3 Latin America Power Transformer Market by type of cooling method
13.6.4 Latin America Power Transformer Market by phase
13.6.5 Latin America Power Transformer Market by core
13.6.6 Latin America Power Transformer Market by application
13.6.7 Brazil
13.6.7.1 Brazil Power Transformer Market by rating
13.6.7.2 Brazil Africa Power Transformer Market by type of cooling method
13.6.7.3 Brazil Power Transformer Market by phase
13.6.7.4 Brazil Power Transformer Market by core
13.6.7.5 Brazil Power Transformer Market by application
13.6.8 Argentina
13.6.8.1 Argentina Power Transformer Market by rating
13.6.8.2 Argentina Power Transformer Market by type of cooling method
13.6.8.3 Argentina Power Transformer Market by phase
13.6.8.4 Argentina Power Transformer Market by core
13.6.8.5 Argentina Power Transformer Market by application
13.6.9 Rest of Latin America
13.6.9.1 Rest of Latin America Power Transformer Market by rating
13.6.9.2 Rest of Latin America Power Transformer Market by type of cooling method
13.6.9.3 Rest of Latin America Power Transformer Market by phase
13.6.9.4 Rest of Latin America Power Transformer Market by core
13.6.9.5 Rest of Latin America Power Transformer Market by application
14.Company Profile
14.1 ABB Ltd
14.1.1 Market Overview
14.1.2 Financials
14.1.3 Product/Services/Offerings
14.1.4 SWOT Analysis
14.1.5 The SNS View
14.2 Alstom SA
14.2.1 Market Overview
14.2.2 Financials
14.2.3 Product/Services/Offerings
14.2.4 SWOT Analysis
14.2.5 The SNS View
14.3 Hyosung Power & Industrial Systems Performance Group
14.3.1 Market Overview
14.3.2 Financials
14.3.3 Product/Services/Offerings
14.3.4 SWOT Analysis
14.3.5 The SNS View
14.4 Crompton Greaves Ltd.
14.4.1 Market Overview
14.4.2 Financials
14.4.3 Product/Services/Offerings
14.4.4 SWOT Analysis
14.4.5 The SNS View
14.5 GE Co.
14.5.1 Market Overview
14.5.2 Financials
14.5.3 Product/Services/Offerings
14.5.4 SWOT Analysis
14.5.5 The SNS View
14.6 Hyundai Heavy Industries Co. Ltd.
14.6.1 Market Overview
14.6.2 Financials
14.6.3 Product/Services/Offerings
14.6.4 SWOT Analysis
14.6.5 The SNS View
14.7 Siemens Energy
14.7.1 Market Overview
14.7.2 Financials
14.7.3 Product/Services/Offerings
14.7.4 SWOT Analysis
14.7.5 The SNS View
14.8 Mitsubishi Electric Corporation
14.8.1 Market Overview
14.8.2 Financials
14.8.3 Product/Services/Offerings
14.8.4 SWOT Analysis
14.8.5 The SNS View
14.9 Toshiba Corp
14.9.1 Market Overview
14.9.2 Financials
14.9.3 Product/Services/Offerings
14.9.4 SWOT Analysis
14.9.5 The SNS View
14.10 Bharat Heavy Electricals Limited
14.10.1 Market Overview
14.10.2 Financials
14.10.3 Product/Services/Offerings
14.10.4 SWOT Analysis
14.10.5 The SNS View
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share analysis
15.3 Recent Developments
16. Use Cases and Best Practices
17. Conclusion
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