Global Transformers
Market Report
2024
Delivery Includes:- Market Timeline 2019 till 2031, Market Size, Revenue/Volume Share, Forecast and CAGR, Competitor Analysis, Regional Analysis, Country Analysis, Segment Analysis, Market Trends, Drivers, Opportunities, Restraints, ESG Analysis, Porters Analysis, PESTEL Analysis, Market Attractiveness, Patent Analysis, Technological Trend, SWOT Analysis, COVID-19 Analysis, Consumer Behavior Analysis, etc.
Author Name: Vinayak Bali | Report ID: CMR974789 | The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2023 will be estimated one while the forecasted data will be from year 2024 to 2031. When we deliver the report that time we updated report data till the purchase date. PDF Access: Password protected PDF file, Excel File Access: Quantitative data, PPT Report Access: For the presentation purpose, Cloud Access: Secure Company Account Access.
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According to Cognitive Market Research, the global Transformers market size is USD 55121.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 7.50% from 2024 to 2031.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Transformers Market Sales Revenue 2024 | $ 55121.2 Million |
Global Transformers Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 7.5% |
Europe Transformers Sales Revenue 2024 | $ 16536.4 Million |
Europe Transformers Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6% |
North America Transformers Sales Revenue 2024 | $ 22048.5 Million |
North America Transformers Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.7% |
Asia Pacific Transformers Sales Revenue 2024 | $ 12677.9 Million |
Asia Pacific Transformers Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 9.5% |
South America Transformers Sales Revenue 2024 | $ 2756.06 Million |
South America Transformers Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.9% |
Middle East and Africa Transformers Sales Revenue 2024 | $ 1102.42 Million |
Middle East and Africa Transformers Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 7.2% |
Transformers Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The Transformers Market encompasses the global industry involved in the manufacturing, distribution, and maintenance of electrical transformers, essential devices used to transfer electrical energy between circuits. Transformers play a crucial role in power distribution networks, enabling voltage regulation and efficient transmission of electricity across various sectors, including utilities, industrial, commercial, and residential applications. One key driver of the Transformers Market is the growing demand for electricity worldwide, driven by urbanization, industrialization, and the expansion of infrastructure. Emerging economies, particularly in Asia-Pacific and Africa, are witnessing rapid urban development and industrial growth, leading to increased electricity consumption and the need for reliable power distribution systems. Additionally, the rising adoption of renewable energy sources such as solar and wind power necessitates the integration of transformers to facilitate grid connectivity and enhance energy transmission efficiency.
Another significant driver of the Transformers Market is technological advancements in transformer design and materials, aimed at improving energy efficiency, reliability, and environmental sustainability. Innovations such as smart transformers equipped with digital monitoring and control systems enable real-time performance optimization and predictive maintenance, reducing downtime and enhancing grid resilience. Furthermore, the development of eco-friendly transformer insulation materials and manufacturing processes contributes to reducing environmental impact and meeting stringent energy efficiency regulations, driving market growth.
In October 2021, Prolec Transformers Inc., a subsidiary of GE acquired SPX Transformer Solutions Corporation. For strengthening its footprints in Americas and offering sustainable electric equipment to customers.
The growing demand for electricity, driven by urbanization, industrialization, and the expansion of the manufacturing sector, is a key driver in the Transformers market. As countries continue to develop and modernize their infrastructure, the need for reliable and efficient power distribution systems becomes paramount. Transformers play a crucial role in transmitting electricity from power plants to end-users by stepping up or stepping down voltage levels as required. With the rising population and the increasing adoption of electric vehicles, renewable energy sources, and smart grid technologies, the demand for transformers is expected to witness significant growth.
Government initiatives aimed at expanding and upgrading power grids to improve energy access and reliability are driving the Transformers market. Many countries are investing in grid modernization projects to address issues such as aging infrastructure, energy losses during transmission, and the integration of renewable energy sources into the grid. These projects often involve the installation of new transformers or the replacement of existing ones with more efficient and technologically advanced models. Additionally, investments in smart grid technologies, such as digital monitoring and control systems, are driving the demand for transformers equipped with smart features to enhance grid efficiency and reliability.
One key restraint in the Transformers market is the risk of supply chain disruptions. The transformers industry relies heavily on a complex global supply chain network to source raw materials, components, and equipment required for manufacturing. Any disruptions in the supply chain, such as natural disasters, geopolitical tensions, trade disputes, or transportation disruptions, can lead to delays in production, increased costs, and shortages of critical components. These disruptions not only impact the timely delivery of transformers to customers but also affect manufacturers' ability to meet market demand and maintain competitive pricing. .
The Covid-19 pandemic has had a significant impact on the Transformers Market, causing disruptions across the supply chain and dampening demand in various end-user industries. Lockdown measures, travel restrictions, and workforce shortages have disrupted manufacturing operations, leading to delays in production and delivery of transformers. Additionally, the economic slowdown resulting from the pandemic has reduced investments in infrastructure projects, affecting the demand for transformers in sectors such as construction, energy, and manufacturing. However, the increased adoption of remote working and digitalization has highlighted the importance of reliable power supply, driving demand for transformers in data centers and telecommunications infrastructure. Overall, the Covid-19 pandemic has created both challenges and opportunities for the Transformers Market, necessitating adaptability and resilience in the face of evolving market dynamics.
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The competitive landscape of the Transformers market is characterized by the presence of several key players operating globally and regionally. Companies such as ABB, Siemens AG, General Electric, Schneider Electric, and Toshiba Corporation are among the prominent players dominating the market.
In May 2022, Hyundai Electric, a subsidiary of Hyundai Heavy Industries Group won a deal worth USD 122 million for delivering transformers to NextEra Energy Inc, a global leader in renewable generation.
(Source: https://transformers-magazine.com/tm-news/hd-hyundai-electric-wins-us-transformer-order/)
In April 2022, Siemens Energy Company decided to launch an innovative dry-type single-phase transformer named CAREPOLE for pole applications. The product is designed for the technological requirements according to the American grid. The new cast-resin distribution transformer product is a reliable and sustainable alternative to oil-filled transformers.
Top Companies Market Share in Transformers Industry: (In no particular order of Rank)
If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
Global Transformers Market Report 2024 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 Transformers Industry growth. Transformers market has been segmented with the help of its Transformer Type, Power Rating End-Use Industry, and others. Transformers 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.
According to Cognitive Market Research, Power Transformers stand out as the dominating category. These transformers are crucial components in electricity transmission networks, responsible for stepping up or stepping down voltage levels for efficient long-distance power transmission. Power transformers are widely used in high-voltage transmission systems, substations, and power generation plants, making them essential for ensuring reliable electricity supply. Their dominance is driven by the increasing demand for electricity, especially in emerging economies undergoing rapid industrialization and urbanization. Additionally, aging infrastructure in developed regions necessitates the replacement and upgrading of existing power transformers, further contributing to their dominance in the market.
As for the fastest-growing category, Distribution Transformers take the lead. These transformers play a vital role in delivering electricity from high-voltage transmission lines to end-users at lower voltage levels, typically for residential, commercial, and small-scale industrial applications. The growth of Distribution Transformers is fuelled by various factors, including expanding electricity access in rural areas, urbanization, and the rising demand for decentralized power generation sources like solar and wind energy. Moreover, initiatives to improve energy efficiency and reduce transmission losses are driving the adoption of modern, energy-efficient distribution transformers, thereby propelling the growth of this category in the market.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Transformers Industry. Request a Free Sample PDF!
According to Cognitive Market Research, Medium Power Transformers (10 MVA to 100 MVA) emerge as the dominating category. These transformers occupy a significant share of the market due to their versatile applications across various industries and power distribution networks. Medium Power Transformers are commonly used in substations, industrial facilities, and commercial buildings to step up or step down voltage levels for efficient power distribution. Their dominance is attributed to the widespread demand for reliable electricity supply in both developed and developing regions, driven by industrialization, urbanization, and infrastructure development projects. Additionally, the replacement and modernization of aging power infrastructure further contribute to the dominance of Medium Power Transformers in the market.
As for the fastest-growing category, Small Power Transformers (Up to 10 MVA) take the lead. The growth of Small Power Transformers is fueled by the increasing adoption of renewable energy sources, such as solar and wind power, which often require transformers for grid interconnection and power distribution at smaller scales. Moreover, the expansion of rural electrification initiatives in emerging economies contributes to the demand for Small Power Transformers to provide electricity access to remote areas. Additionally, advancements in technology have led to the development of more compact and efficient small transformers, making them increasingly attractive for various applications, thereby driving their growth in the market.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Transformers market report 2024 Edition by contacting our team.
According to Cognitive Market Research, the Power Transmission and Distribution sector emerges as the dominating category. This sector accounts for a significant portion of transformer demand globally, driven by the continuous need to transmit and distribute electricity from power generation sources to end-users efficiently. The expansion of smart grid infrastructure, coupled with the increasing integration of renewable energy sources into the grid, further boosts the demand for transformers in power transmission and distribution networks. Additionally, investments in grid modernization projects and the replacement of aging infrastructure contribute to the dominance of this sector in the transformer market.
As for the fastest-growing category, Industrial (including Oil and Gas, Mining, Manufacturing, etc.) take the lead. Industries rely heavily on transformers for various applications, including powering machinery, equipment, and processes. The growth in industrial activities, particularly in emerging economies, drives the demand for transformers to support infrastructure development, industrial automation, and manufacturing processes. Moreover, the expansion of oil and gas exploration and production activities, along with mining operations, further fuels the demand for transformers in industrial applications. Additionally, the adoption of electric vehicles and the electrification of transportation systems contribute to the increasing demand for transformers in the transportation sector, making industrial applications the fastest-growing segment in the transformer market.
According to Cognitive Market Research, Liquid-Filled Transformers stand out as the dominating category. Liquid-filled transformers, including mineral oil-immersed and silicone oil-immersed transformers, have been traditionally favoured for their effective cooling properties, high dielectric strength, and efficient insulation capabilities. These transformers are extensively used in various applications, such as power generation, transmission, and distribution, as well as industrial and commercial settings. The robust construction and reliable performance of liquid-filled transformers make them a preferred choice for handling high voltage levels and heavy loads, contributing to their dominance in the market.
The fastest-growing category in the Transformers market is Dry Type Transformers. Dry type transformers are gaining popularity due to their eco-friendly nature, enhanced safety features, and suitability for indoor installations where fire safety is a concern. With increasing awareness about environmental sustainability and stringent regulations regarding the use of hazardous substances, there is a growing preference for dry type transformers, particularly in urban areas, commercial buildings, and sensitive industrial environments. The demand for dry type transformers is also driven by their lower maintenance requirements and longer operational lifespan compared to liquid-filled transformers, making them the fastest-growing category in the transformer market.
According to Cognitive Market Research, conventional transformers continue to dominate the landscape. Conventional transformers have been the cornerstone of power distribution and transmission systems for decades, offering reliable and cost-effective solutions for converting voltage levels. Despite the emergence of advanced technologies, such as smart transformers, conventional transformers maintain their dominance due to their widespread use in existing infrastructure and their proven track record of reliability. Moreover, conventional transformers often come at a lower initial cost, making them more accessible to a broader range of consumers, particularly in developing regions where budget constraints may limit investment in newer technologies.
Smart transformers represent the fastest-growing category in the market. Smart transformers, equipped with advanced monitoring, control, and communication capabilities, offer numerous benefits, including improved efficiency, enhanced grid stability, and proactive fault detection. The increasing integration of renewable energy sources and the growing complexity of power grids have created a demand for smart transformers capable of dynamically adapting to changing grid conditions and optimizing energy flow. Additionally, the rise of smart grid initiatives and the adoption of digitalization technologies in the power sector are driving the growth of smart transformers, positioning them as the preferred choice for modernizing electrical infrastructure and achieving energy efficiency goals.
According to Cognitive Market Research, oil-cooled transformers dominate the landscape. Oil-cooled transformers use mineral oil or other dielectric fluids for cooling, which efficiently dissipate heat generated during operation, ensuring optimal performance and longevity of the transformer. These transformers are widely preferred for their ability to handle high loads and provide reliable operation, making them suitable for various applications, including power generation, transmission, and distribution. Additionally, oil-cooled transformers offer better insulation properties, reducing the risk of electrical breakdown and enhancing safety in critical infrastructure installations.
Air-cooled transformers is the fastest-growing category in the market. Air-cooled transformers eliminate the need for dielectric fluid, relying on natural or forced air convection for cooling. This design simplifies installation and maintenance, as there is no risk of oil leakage or contamination. Air-cooled transformers are also more environmentally friendly, as they do not pose the same risk of fluid spillage. Moreover, advancements in air-cooling technology have led to improved efficiency and performance, making air-cooled transformers an attractive choice for applications where space constraints or environmental considerations are paramount. As industries increasingly prioritize sustainability and energy efficiency, the demand for air-cooled transformers is expected to surge, driving their rapid growth in the market.
According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America asserts dominance in the Transformers market due to several factors. Firstly, the region's robust industrial infrastructure, particularly in sectors like energy, manufacturing, and automotive, drives substantial demand for transformers for power distribution and transmission purposes. Secondly, stringent regulatory standards regarding energy efficiency and grid modernization initiatives propel the adoption of advanced transformer technologies in the region.
Asia-Pacific stands out as the fastest-growing region in the Transformers market due to several key factors driving its rapid expansion. Firstly, the region's increasing investments in infrastructure development, particularly in emerging economies like China, India, and Southeast Asian countries, are fuelling the demand for transformers across various sectors such as energy, utilities, and manufacturing. Secondly, the transition towards renewable energy sources and the adoption of smart grid technologies are driving the need for modern, high-efficiency transformers to support efficient power transmission and distribution networks.
The current report Scope analyzes Transformers 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
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Market Split by Transformer Type |
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Market Split by Power Rating |
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Market Split by End-Use Industry |
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Market Split by Insulation Type |
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Market Split by Technology |
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Market Split by Cooling Type |
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Market Split by Voltage Level |
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Market Split by Phase |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Report scope is customizable as we have a huge database of Transformers industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
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This chapter helps you to understand the importance of report and how we designed the report scope of Transformers market. As per your requirement we can also design the market scope as a customised report.
This chapter provides insights on our data collection and data validation process. It covers detailed information on wide range of sources referred during the study.
The executive summary is an overview of a Transformers Market Report. In this chapter we have summarized the overall report data in snapshot format.
This chapters incorporated product description overview and regional sales statistics for the year 2019-2031.
This chapter covers a competitive analysis of the global Transformers market, and it includes quantitative information such as revenue and market share of the manufacturers. The chapter also includes information regarding the strategies adopted by the manufacturers such as mergers, acquisitions, and new product launches.
ESG analysis is the consideration of all factors in investment including environmental, social, and governance (ESG) factors. ESG integration is key part of the investment process. ESG analysis helps to measure company’s goals and progress when it comes to climate change, social improvement and good governance.
This chapter helps you understand the Market Drivers, Market Restrain, Market Opportunity and Trends by each segment.
This segment of the report provides in-depth and pertinent information on every foremost player in the market through both primary and secondary research. The Company Basic Information, and Sales Area chapter includes ten or more key players, which are dominating the market. Each company profile includes demystifying professional information in a tabular format, which comprises the company’s official website, established year, market position, geographical presence, competitors, and contact information. Further, company profiling includes an in-detailed business overview, COVID-19 impact on the particular firm, product type specifications, revenue & market share, and recent developments done by the company for its inorganic development, such as mergers, strategic acquisitions, partnerships, and others. Besides, profiling includes the company’s investment in research and development activities. The recent innovative product launches, business expansion, investments done by the company in different markets, and other news are also available in the company profiling section. At last, it provides the company’s business strategy and SWOT analysis.
This chapter covers in-detailed insights regarding type segments to understand consumer interests and provide a revenue stream for each type. Type segment analysis help in making a better business decision to maximize profitability by focusing resources on those market type that are relatively favorable to their goals.
This chapter covers in-detailed insights regarding type segments to understand consumer interests and provide a revenue stream for each type. Type segment analysis help in making a better business decision to maximize profitability by focusing resources on those market type that are relatively favorable to their goals.
This chapter covers in-detailed insights regarding type segments to understand consumer interests and provide a revenue stream for each type. Type segment analysis help in making a better business decision to maximize profitability by focusing resources on those market type that are relatively favorable to their goals.
This chapter covers in-detailed insights regarding type segments to understand consumer interests and provide a revenue stream for each type. Type segment analysis help in making a better business decision to maximize profitability by focusing resources on those market type that are relatively favorable to their goals.
This chapter covers in-detailed insights regarding type segments to understand consumer interests and provide a revenue stream for each type. Type segment analysis help in making a better business decision to maximize profitability by focusing resources on those market type that are relatively favorable to their goals.
This chapter covers in-detailed insights regarding type segments to understand consumer interests and provide a revenue stream for each type. Type segment analysis help in making a better business decision to maximize profitability by focusing resources on those market type that are relatively favorable to their goals.
This chapter covers in-detailed insights regarding type segments to understand consumer interests and provide a revenue stream for each type. Type segment analysis help in making a better business decision to maximize profitability by focusing resources on those market type that are relatively favorable to their goals.
This chapter covers in-detailed insights regarding type segments to understand consumer interests and provide a revenue stream for each type. Type segment analysis help in making a better business decision to maximize profitability by focusing resources on those market type that are relatively favorable to their goals.
This chapter categorizes detailed perceptions into an application segment based on end users’ needs, and preferences to understand their requirements and purchasing patterns effectively. It analyzes the current trends of the market that mainly consists of information related to new product use, trends in consumer demand, and available close substitutes of the product.
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Transformers market
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.
Why Power Transformers have a significant impact on Transformers market? |
What are the key factors affecting the Power Transformers and Distribution Transformers of Transformers Market? |
What is the CAGR/Growth Rate of Small Power Transformers (Up to 10 MVA) during the forecast period? |
By type, which segment accounted for largest share of the global Transformers Market? |
Which region is expected to dominate the global Transformers Market within the forecast period? |
According to Cognitive Market Research, three-phase transformers dominate the landscape as the dominating category. Three-phase transformers are extensively used in industrial and commercial applications where a reliable and efficient power supply is essential. They are capable of handling higher power loads and provide better efficiency compared to single-phase transformers. Moreover, three-phase transformers are commonly employed in power distribution systems and industrial machinery, contributing to their widespread adoption. Industries such as manufacturing, utilities, and infrastructure heavily rely on three-phase transformers to ensure stable and consistent power supply for their operations.
Single-phase transformers represent the fastest-growing category in the market. While historically less prevalent than three-phase transformers, single-phase transformers are witnessing increased demand due to their suitability for various residential and small-scale commercial applications. With the rise of distributed energy resources and the growing adoption of renewable energy systems at the consumer level, such as rooftop solar panels, there is a growing need for single-phase transformers to interface these sources with the grid efficiently. Additionally, the expansion of rural electrification projects and the development of microgrids in remote areas also drive the demand for single-phase transformers. These factors contribute to the rapid growth of single-phase transformers in the market.
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