Global Power Transformer Market Size, Share, and COVID-19 Impact Analysis, By Core (Closed, Shell, and Berry), By Insulation (Gas, Oil, Solid, Air, and Other), By Phase (Single and Three), By Rating (100 MVA to 500 MVA, 501 MVA to 800 MVA, and 801 MVA to 1200 MVA), By Application (Residential & Commercial, Utilities, and Industrial), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032

Industry: Energy & Power


Global Power Transformer Market Insights Forecasts to 2032

  • The Power Transformer Market was valued at USD 21.64 Billion in 2022.
  • The Market is growing at a CAGR of 7.6% from 2023 to 2032
  • The Worldwide power transformer market is expected to reach USD 45.02 Billion by 2032
  • Asia-Pacific is expected to grow the fastest during the forecast period

Global Power Transformer Market

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The Global power transformer market is expected to reach USD 45.02 Billion by 2032, at a CAGR of 7.6% during the forecast period 2023 to 2032.


Market Overview

A power transformer is an electrical device that is used to transfer electrical energy from one circuit to another, typically at different voltage levels. It works on the principle of electromagnetic induction and is designed to either step up or step down the voltage level of an alternating current (AC) power supply. Power transformers are widely used in electrical power transmission and distribution systems, as well as in industrial applications such as inverter circuits, motor drives, and power supplies for electronic equipment. They are typically large and heavy and require regular maintenance to ensure their proper functioning and longevity.


Report Coverage

This research report categorizes the market for power transformer market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the power transformer market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the power transformer market.



Global Power Transformer Market Report Coverage

Report CoverageDetails
Base Year:2022
Market Size in 2022:USD 21.64 Billion
Forecast Period:2022-2032
Forecast Period 2022-2032 CAGR:7.6%
2032 Value Projection:USD 45.02 Billion
Historical Data for:2018-2021
No. of Pages:200
Tables, Charts & Figures:100
Segments covered:By Core, By Phase, By Insulation, By Rating, By Application, By Region and COVID-19 Impact Analysis
Companies Covered:ABB Ltd.,  Siemens AG, General Electric Company, Toshiba Corporation,  Schneider Electric SE, Mitsubishi Electric Corporation, Hitachi, Ltd., Crompton Greaves Limited, Bharat Heavy Electricals Limited (BHEL), Hyundai Electric & Energy Systems Co., Ltd., Hyosung Power & Industrial Systems Performance Group, SPX Transformer Solutions, Inc., Hammond Power Solutions Inc., WEG SA,  SGB-SMIT Group
Pitfalls & Challenges:COVID-19 Empact, Challenge, Future, Growth, & Analysis

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Driving Factors

The power transformer market is driven by several factors, including the growing demand for electricity in emerging economies, the increasing adoption of renewable energy sources, and the aging power infrastructure in developed countries. Additionally, the need for grid modernization and the expansion of smart grid networks are also contributing to the growth of the market. Technological advancements, such as the development of more efficient and compact transformers, are also driving market growth. The growth of the industrial sector, particularly in the Asia Pacific region, is another key driver of the power transformer market, as it creates a demand for power transformers for industrial applications.


Restraining Factors

Restraints of the power transformer market include the high cost of installation and maintenance, strict regulations on carbon emissions, fluctuating raw material prices, and the availability of alternatives such as gas-insulated transformers. Additionally, the impact of COVID-19 has disrupted supply chains and caused delays in project implementation, which has affected market growth. The increasing use of distributed energy resources and energy storage systems may also pose a challenge to the growth of the power transformer market.


Market Segmentation

  • In 2022, the shell core segment accounted for around 45.3% market share

On the basis of core type, the global power transformer market is segmented into closed, shell, and berry cores. The shell core held the largest market share in 2022, due to its superior design and performance characteristics. These transformers are known for their ability to withstand high overloads, high short-circuit currents, and harsh environmental conditions. They are also more compact and efficient than other types of transformers, making them a popular choice for use in urban areas and other locations with limited space. Additionally, advancements in technology have made shell core transformers more reliable and easier to maintain, further contributing to their popularity and market dominance.


  • In 2022, the industrial segment dominated with more than 43.7% market share

Based on insulation type, the global power transformer market is segmented into residential & commercial, utilities, and industrial. Out of this, the industrial is dominating the market with the largest market share in 2022, due to the high demand for electrical energy in industrial applications. This sector includes industries such as manufacturing, mining, oil and gas, and transportation, which require a reliable and stable power supply to operate efficiently. Power transformers are used in various industrial applications such as power generation, motor drives, and control circuits. The increasing need for automation and process control systems in industries also drives the demand for power transformers.


Regional Segment Analysis of the Power Transformer Market

  • North America (U.S., Canada, Mexico) 
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Rest of APAC)
  • South America (Brazil and the Rest of South America) 
  • The Middle East and Africa (UAE, South Africa, Rest of MEA)


Asia-Pacific dominated the market with more than xx% revenue share in 2022.


Global Power Transformer Market

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Based on region, the Asia-Pacific region dominated the power transformer market due to a number of factors. First, the region has experienced rapid economic growth and industrialization, leading to an increasing demand for electricity. Second, governments in the region are investing heavily in power infrastructure development to support economic growth and meet the rising electricity demand. Third, the region is home to many of the world's largest power transformer manufacturers, who are driving innovation and technology advancements. Finally, the high population density in the region creates a need for compact and efficient power transformers, further fueling market growth.


Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global power transformer market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.


List of Companies:

  • ABB Ltd.
  • Siemens AG
  • General Electric Company
  • Toshiba Corporation
  • Schneider Electric SE
  • Mitsubishi Electric Corporation
  • Hitachi, Ltd.
  • Crompton Greaves Limited
  • Bharat Heavy Electricals Limited (BHEL)
  • Hyundai Electric & Energy Systems Co., Ltd.
  • Hyosung Power & Industrial Systems Performance Group
  • SPX Transformer Solutions, Inc.
  • Hammond Power Solutions Inc.
  • WEG SA
  • SGB-SMIT Group


Key Target Audience

  • Market Players
  • Investors
  • End-Users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture Capitalists
  • Value-Added Resellers (VARs)


Recent Developments

  • In January 2022, General Electric introduced a line of power transformers designed to facilitate the use of renewable energy sources. Among these are the GE-Mistral-14, which operates within the 275 kV to 400 kV range, as well as two 340 MVA large power transformers and the MBH Power transformer. These transformers have been installed in various wind farm projects across several countries. GE's range of power transformers encompasses various voltage levels and is used in a range of applications, including power generation, transmission, and distribution.


Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global power transformer market based on the below-mentioned segments:


Power Transformer Market, By Core

  • Closed
  • Shell
  • Berry


Power Transformer Market, By Insulation

  • Gas
  • Oil
  • Solid
  • Air
  • Other


Power Transformer Market, By Phase

  • Single
  • Three


Power Transformer Market, By Rating

  • 100 MVA to 500 MVA
  • 501 MVA to 800 MVA
  • 801 MVA to 1200 MVA


Power Transformer Market, By Application

  • Residential & Commercial
  • Utilities
  • Industrial


Power Transformer Market, Regional Analysis

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of Middle East & Africa

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