Global Transformer
Market Report
2025
Global Transformer market size was $59.96 Billion in 2022 and it is forecasted to reach $93.96 Billion by 2030. Transformer Industry's Compound Annual Growth Rate will be 5.8% from 2023 to 2030.
The base year for the calculation is 2024. The historical will be 2021 to 2024. The year 2025 will be estimated one while the forecasted data will be from year 2025 to 2033. When we deliver the report that time we updated report data till the purchase date.
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Global Transformer market size was $59.96 Billion in 2022 and it is forecasted to reach $93.96 Billion by 2030. Transformer Industry's Compound Annual Growth Rate will be 5.8% from 2023 to 2030.
2021 | 2025 | 2033 | CAGR | |
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Global Transformer Market Sales Revenue | $ 57.812 Billion | $ 73.4 Billion | $ 118.319 Billion | 6.15% |
North America Transformer Market Sales Revenue | $ 20.176 Billion | $ 25.14 Billion | $ 39.045 Billion | 0.057% |
United States Transformer Market Sales Revenue | $ 15.758 Billion | $ 19.548 Billion | $ 30.077 Billion | 5.533% |
Canada Transformer Market Sales Revenue | $ 2.643 Billion | $ 3.366 Billion | $ 5.47 Billion | 6.257% |
Mexico Transformer Market Sales Revenue | $ 1.776 Billion | $ 2.225 Billion | $ 3.498 Billion | 5.821% |
Europe Transformer Market Sales Revenue | $ 12.95 Billion | $ 16.075 Billion | $ 25.084 Billion | 5.72% |
United Kingdom Transformer Market Sales Revenue | $ 2.15 Billion | $ 2.701 Billion | $ 4.307 Billion | 6.008% |
Germany Transformer Market Sales Revenue | $ 2.797 Billion | $ 3.536 Billion | $ 5.794 Billion | 6.367% |
France Transformer Market Sales Revenue | $ 1.58 Billion | $ 1.921 Billion | $ 2.86 Billion | 5.099% |
Italy Transformer Market Sales Revenue | $ 1.295 Billion | $ 1.588 Billion | $ 2.426 Billion | 5.436% |
Russia Transformer Market Sales Revenue | $ 0.829 Billion | $ 0.981 Billion | $ 1.392 Billion | 4.478% |
Spain Transformer Market Sales Revenue | $ 1.075 Billion | $ 1.349 Billion | $ 2.152 Billion | 6.016% |
Sweden Transformer Market Sales Revenue | $ 0.699 Billion | $ 0.876 Billion | $ 1.388 Billion | 5.925% |
Denmark Transformer Market Sales Revenue | $ 0.518 Billion | $ 0.635 Billion | $ 0.968 Billion | 5.416% |
Switzerland Transformer Market Sales Revenue | $ 0.609 Billion | $ 0.738 Billion | $ 1.094 Billion | 5.043% |
Luxembourg Transformer Market Sales Revenue | $ 0.078 Billion | $ 0.089 Billion | $ 0.116 Billion | 3.38% |
Rest of Europe Transformer Market Sales Revenue | $ 1.321 Billion | $ 1.661 Billion | $ 2.586 Billion | 5.689% |
Asia Pacific Transformer Market Sales Revenue | $ 15.551 Billion | $ 20.369 Billion | $ 35.023 Billion | 7.01% |
China Transformer Market Sales Revenue | $ 4.93 Billion | $ 6.498 Billion | $ 11.33 Billion | 7.197% |
Japan Transformer Market Sales Revenue | $ 2.519 Billion | $ 3.228 Billion | $ 5.274 Billion | 6.328% |
India Transformer Market Sales Revenue | $ 1.726 Billion | $ 2.353 Billion | $ 4.378 Billion | 8.072% |
South Korea Transformer Market Sales Revenue | $ 1.555 Billion | $ 1.994 Billion | $ 3.289 Billion | 6.453% |
Australia Transformer Market Sales Revenue | $ 0.731 Billion | $ 0.904 Billion | $ 1.397 Billion | 5.59% |
Singapore Transformer Market Sales Revenue | $ 0.778 Billion | $ 1.031 Billion | $ 1.804 Billion | 7.246% |
South East Asia Transformer Market Sales Revenue | $ 1.135 Billion | $ 1.526 Billion | $ 2.742 Billion | 7.605% |
Taiwan Transformer Market Sales Revenue | $ 0.709 Billion | $ 0.91 Billion | $ 1.519 Billion | 6.603% |
South America Transformer Market Sales Revenue | $ 3.584 Billion | $ 4.61 Billion | $ 7.598 Billion | 6.447% |
Brazil Transformer Market Sales Revenue | $ 1.405 Billion | $ 1.798 Billion | $ 2.935 Billion | 6.317% |
Argentina Transformer Market Sales Revenue | $ 0.702 Billion | $ 0.918 Billion | $ 1.569 Billion | 6.934% |
Colombia Transformer Market Sales Revenue | $ 0.495 Billion | $ 0.635 Billion | $ 1.004 Billion | 5.887% |
Peru Transformer Market Sales Revenue | $ 0.233 Billion | $ 0.297 Billion | $ 0.481 Billion | 6.197% |
Chile Transformer Market Sales Revenue | $ 0.269 Billion | $ 0.349 Billion | $ 0.587 Billion | 6.726% |
Rest of South America Transformer Market Sales Revenue | $ 0.481 Billion | $ 0.613 Billion | $ 1.023 Billion | 6.616% |
Middle East Transformer Market Sales Revenue | $ 3.006 Billion | $ 3.85 Billion | $ 6.291 Billion | 6.331% |
Saudi Arabia Transformer Market Sales Revenue | $ 0.875 Billion | $ 1.124 Billion | $ 1.847 Billion | 6.408% |
Turkey Transformer Market Sales Revenue | $ 0.542 Billion | $ 0.702 Billion | $ 1.177 Billion | 6.677% |
UAE Transformer Market Sales Revenue | $ 0.427 Billion | $ 0.561 Billion | $ 0.971 Billion | 7.087% |
Egypt Transformer Market Sales Revenue | $ 0.385 Billion | $ 0.485 Billion | $ 0.762 Billion | 5.806% |
Qatar Transformer Market Sales Revenue | $ 0.302 Billion | $ 0.383 Billion | $ 0.615 Billion | 6.089% |
Rest of Middle East Transformer Market Sales Revenue | $ 0.475 Billion | $ 0.594 Billion | $ 0.919 Billion | 5.599% |
Africa Transformer Market Sales Revenue | $ 2.544 Billion | $ 3.358 Billion | $ 5.278 Billion | 5.816% |
Nigeria Transformer Market Sales Revenue | $ 0.471 Billion | $ 0.627 Billion | $ 1.001 Billion | 6.02% |
South Africa Transformer Market Sales Revenue | $ 1.096 Billion | $ 1.473 Billion | $ 2.413 Billion | 6.366% |
Rest of Africa Transformer Market Sales Revenue | $ 0.977 Billion | $ 1.258 Billion | $ 1.864 Billion | 5.037% |
Base Year | 2024 |
Historical Data Time Period | 2021-2024 |
Forecast Period | 2025-2033 |
Market Split by Type |
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Market Split by Application |
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Market Split by Power Rating |
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Market Split by Cooling Type |
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Market Split by Insulation |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Transformer Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Transformer is a type of device, which is used to electrical energy covert from one alternating current to another circuit using the electromagnetic induction principle. These are voltage control devices used in the distribution and transmission of alternating current electricity. The transformer is termed the most vital and critical part of the power distribution ecosystem transformers are exclusively capable of maintaining the constant minimizing the fluctuations and power distribution frequency across the circuit.
Increasing demand for transformers for the power supply and rising incorporation of sustainable resources deliver power is the major factor expected to drive the growth of the market. In addition, increasing modernization, urbanization, and the introduction of new technologies are likely to drive the growth of the global transformers market.
The transformer’s requirement has increased due to reducing the cost of infinite energy sources for power generation is projected to create growth opportunities for the transformers market in the coming years.
Risk related to high DC voltages and raw material price fluctuations is the key factor anticipated to hamper the growth of the global market.
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In 2025, global trade entered a turbulent phase as the U.S., under President Donald Trump, introduced aggressive "Liberation Day Tariffs" to address trade imbalances. These tariffs, ranging from 10% to 46%, heavily impacted the energy and power sector, which relies on global supply chains for critical components like rare earth metals, solar panels, wind turbines, and lithium. The U.S.–China trade war escalated, with reciprocal tariffs and China's trade surplus with the U.S. reaching USD 102.6 billion. Retaliatory tariffs from the EU and Canada further disrupted energy supply chains, raising material costs and causing delays in key projects.
The U.S. imposed a 20% tariff on rare earths, impacting EVs and clean tech; 25% on solar panels, increasing installation costs; 15–25% on wind turbine parts, affecting project timelines; and 10–15% on oil and gas equipment, pushing producers to rethink supply networks. Sub-sectors like renewables, EVs, oil & gas, and power generation are all experiencing rising costs, supply bottlenecks, and delayed investments. For instance, solar and wind projects now face 10–30% higher costs, and EV producers are struggling with battery input inflation.
China remains central to the U.S. energy supply chain, with even indirect imports via countries like Vietnam and Malaysia tightly linked to Chinese inputs. As a result, U.S. energy firms are exploring alternative sourcing from Southeast Asia, Latin America, and domestic production to reduce exposure. However, switching suppliers requires significant investment, coordination, and time.
In this volatile environment, market research is critical. It helps energy firms map supplier risks, track price trends, and explore alternative sourcing. It enables supply chain optimization through AI and predictive analytics, while regulatory tracking and scenario planning allow companies to anticipate future disruptions. Energy firms like NextEra and First Solar are responding by diversifying suppliers, investing in local production, and leveraging digital tools to improve procurement and adapt to tariff-driven challenges. Those using data-driven strategies and flexible operations are best positioned to thrive amid rising trade tensions.
In June 2021: Mitsubishi Electric and Siemens Energy signed to venture into the collaboration to develop high-voltage and clean power transmission. These companies have signed a Memorandum of Understanding (MoU) to develop modern high-voltage switching solutions using Siemens Energy’s Blue Portfolio solutions.
Top Companies Market Share in Transformer Industry: (In no particular order of Rank)
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Asia-Pacific has the largest revenue share in the transformers market. This is due to increasing urbanization and industrialization in the region and the growing demand for electricity from the utility and renewable energy solutions adoption is anticipated to drive the global market in the region.
The current report Scope analyzes Transformer Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only.
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Global Transformer Market Report 2025 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Transformer Industry growth. Transformer market has been segmented with the help of its Type, Application Power Rating, and others. Transformer market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
Based on type, the distribution transformer segment dominated the transformers market. This is due to the increasing demand for power in urban and rural areas. Furthermore, distribution transformers are very helpful to distribute power from small transformers to large transformers with a loss minimum amount of power is likely to boost the growth of the target market.
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Based on application, the utility segment has dominated the transformers market. This is owing to the increasing use of several power rating transformers for various purposes in the utility sector and this sector middleman of power consumers and producers in the different sectors. This is probable to fuel the growth of this segment in the target market.
The above Graph is for representation purposes only. This chart does not depict actual Market share.
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Based on the power rating, the small segment dominated the transformers market. This is owing to the increasing various installations of renewable energy in the residential sector and small transformers are vastly effective in the distribution of power.
Based on cooling type, air-cooled is the leading segment in the transformers market. This is attributed to air-cooled transformers performing well in power services and improving energy security. Air-cooled transformers cooling down easily and quickly is vital for an extensive transformer life this factor affects the growth of the global market.
Based on insulation, the dry segment has dominated the transformers market. This is due to dry transforms being eco-friendly and the safest transformers and installation of dry transforms are easy and installed in outdoor and indoor locations driving the global market in this segment.
Senior Research Analyst at Cognitive Market Research
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights.
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights. Experience in analyzing current trends, market demand, market assessment, growth indicators, competitors' strategy, etc. to help top management & investors to make strategic and tactical decisions in the form of market reports and presentations. Successfully delivered more than 500+ client & consulting assignments across verticals. Ability to work independently as well as with a team with confidence and ease.
I am committed to continuous learning and staying at the forefront of emerging trends in research and analytics. Regularly engaging in professional development opportunities, including workshops and conferences, keeps my skill set sharp and up-to-date. I spearheaded research initiatives focused on market trends and competitive landscapes. I have a proven track record of conducting thorough analyses, distilling key insights, and presenting findings in a way that resonates with diverse stakeholders. Through collaboration with cross-functional teams, I played a pivotal role in shaping business strategies rooted in robust research.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Transformer Market is witnessing significant growth in the near future.
In 2023, the Power Transformer segment accounted for noticeable share of global Transformer Market and is projected to experience significant growth in the near future.
The Commercial and Residential segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Mitsubishi Electric Corporation, Toshiba Corporation and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Type | Power Transformer, Distribution Transformer, Others |
Application | Commercial and Residential, Utility, Industrial |
Power Rating | Large, Small, Medium |
Cooling Type | Oil Cooled, Air Cooled |
Insulation | Liquid Immersed, Dry |
List of Competitors | Mitsubishi Electric Corporation, Daihen Corporation, Toshiba Corporation, Schneider Electric, General Electric, Eaton Corporation, ABB Ltd., Elsewedy Electric, CG Power and Industrial Solutions, Kirloskar Electric, Raychem RPG, IMEFY Group, Siemens AG, Hyosung Power & Industrial Systems, TRENCH Group, KOTSONS Pvt. Ltd., Banmore Electricals Pvt Ltd. |
This chapter will help you gain GLOBAL Market Analysis of Transformer. Further deep in this chapter, you will be able to review Global Transformer Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
This chapter will help you gain North America Market Analysis of Transformer. Further deep in this chapter, you will be able to review North America Transformer Market Split by various segments and Country Split.
Chapter 2 North America Market Analysis
This chapter will help you gain Europe Market Analysis of Transformer. Further deep in this chapter, you will be able to review Europe Transformer Market Split by various segments and Country Split.
Chapter 3 Europe Market Analysis
This chapter will help you gain Asia Pacific Market Analysis of Transformer. Further deep in this chapter, you will be able to review Asia Pacific Transformer Market Split by various segments and Country Split.
Chapter 4 Asia Pacific Market Analysis
This chapter will help you gain South America Market Analysis of Transformer. Further deep in this chapter, you will be able to review South America Transformer Market Split by various segments and Country Split.
Chapter 5 South America Market Analysis
This chapter will help you gain Middle East Market Analysis of Transformer. Further deep in this chapter, you will be able to review Middle East Transformer Market Split by various segments and Country Split.
Chapter 6 Middle East Market Analysis
This chapter will help you gain Middle East Market Analysis of Transformer. Further deep in this chapter, you will be able to review Middle East Transformer Market Split by various segments and Country Split.
Chapter 7 Africa Market Analysis
This chapter provides an in-depth analysis of the market share among key competitors of Transformer. The analysis highlights each competitor's position in the market, growth trends, and financial performance, offering insights into competitive dynamics, and emerging players.
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
This chapter would comprehensively cover market drivers, trends, restraints, opportunities, and various in-depth analyses like industrial chain, PESTEL, Porter’s Five Forces, and ESG, among others. It would also include product life cycle, technological advancements, and patent insights.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2021 - 2033
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Application Analysis 2021 - 2033
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 12 Market Split by Power Rating Analysis 2021 - 2033
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 13 Market Split by Cooling Type Analysis 2021 - 2033
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 14 Market Split by Insulation Analysis 2021 - 2033
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Transformer market
Chapter 15 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Chapter 16 Research Methodology and Sources
Why Power Transformer have a significant impact on Transformer market? |
What are the key factors affecting the Power Transformer and Distribution Transformer of Transformer Market? |
What is the CAGR/Growth Rate of Commercial and Residential during the forecast period? |
By type, which segment accounted for largest share of the global Transformer Market? |
Which region is expected to dominate the global Transformer Market within the forecast period? |