Transformer Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Research Report of Global Transformer Market is segmented by Power Rating (Large, Medium, and Small), Cooling Type (Oil-cooled and Air-cooled), Transformer Type (Power Transformer and Distribution Transformer), and Geography (North America, Asia-Pacific, Europe, South America, and Middle East and Africa). The report offers the market size and forecasts for the transformer market in revenue (USD billion) for all the above segments.

Transformer Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Transformer Market Size

Transformer Market Summary
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
CAGR 6.50 %
Fastest Growing Market Asia-Pacific
Largest Market North America
Market Concentration Low

Major Players

Transformer Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Transformer Market with other markets in Energy & Power Industry

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Transformer Market Analysis

The Transformer Market is expected to register a CAGR of greater than 6.5% during the forecast period.

The outbreak of COVID-19 negatively impacted the market. Currently, the market has reached pre-pandemic levels.

  • The transformers market is mainly driven by the growing power demand in line with the increasing population and a global inclination toward renewable-based power generation and related adjustments in the transmission infrastructure.
  • However, challenges like high initial costs are expected to hamper the market growth in the near future.
  • Technological innovations like smart transformers for smart grids create opportunities for the transformers market. Smart transformers operate independently to regulate voltage, monitor and manage the power demand fluctuations, and provide feedback in a power supply system. The utility can also have remote access to smart transformers.
  • The Asia-Pacific region is expected to dominate the market over the coming years due to growing power demand in rural and semi-urban areas.

Transformer Industry Overview

The global transformer market is fragmented. Some of the major companies include (in no particular order) Siemens AG, ABB Ltd, General Electric Company, Mitsubishi Electric Corporation, and Schneider Electric, among others.

Transformer Market Leaders

  1. Siemens AG

  2. ABB Ltd

  3. General Electric Company

  4. Mitsubishi Electric Corporation

  5. Schneider Electric

  6. *Disclaimer: Major Players sorted in no particular order
Transformer Market Concentration
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Transformer Market News

  • May 2022: Siemens Energy exported ten mobile transformers and ten sub-stations to the Transmission Company of Nigeria. The company acquired this contract in July 2020 and completed its contract in May 2022.
  • January 2022: Power Grid Corporation of India Ltd signed a joint development agreement with Africa50 to develop the Kenya Transmission Project on a public-private partnership basis. The project consists of the development, financing, construction, and operation of the 400kV Lessos- Loosuk and 220kV Kisumu- Musaga transmission lines, with PowerGrid India providing technical and operational expertise for the project.

Transformer Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Market Size and Demand Forecast in USD billion, till 2028
  • 4.3 Recent Trends and Developments
  • 4.4 Government Policies and Regulations
  • 4.5 Market Dynamics
    • 4.5.1 Drivers
    • 4.5.2 Restraints
  • 4.6 Supply Chain Analysis
  • 4.7 Porter's Five Forces Analysis
    • 4.7.1 Bargaining Power of Suppliers
    • 4.7.2 Bargaining Power of Consumers
    • 4.7.3 Threat of New Entrants
    • 4.7.4 Threat of Substitute Products & Services
    • 4.7.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION

  • 5.1 Power Rating
    • 5.1.1 Large
    • 5.1.2 Medium
    • 5.1.3 Small
  • 5.2 Cooling Type
    • 5.2.1 Air-cooled
    • 5.2.2 Oil-cooled
  • 5.3 Transformer Type
    • 5.3.1 Power Transformer
    • 5.3.2 Distribution Transformer
  • 5.4 Geography
    • 5.4.1 North America
    • 5.4.2 Asia-Pacific
    • 5.4.3 Europe
    • 5.4.4 South America
    • 5.4.5 Middle-East and Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted by Leading Players
  • 6.3 Company Profiles
    • 6.3.1 Siemens AG
    • 6.3.2 ABB Ltd
    • 6.3.3 General Electric Company
    • 6.3.4 CG Power and Industrial Solutions Ltd
    • 6.3.5 Hyundai Electric & Energy Systems Co. Ltd
    • 6.3.6 Toshiba Corp.
    • 6.3.7 Hyosung Corp.
    • 6.3.8 Bharat Heavy Electricals Limited
    • 6.3.9 Schneider Electric SE
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Transformer Industry Segmentation

A transformer is an electrical energy transfer device that either steps up or steps down the voltage from one alternating-current circuit to one or more other circuits. The transformer market is segmented by power rating, cooling type, transformer type, and geography. The market is segmented by power rating: large, medium, and small. By cooling type, the market is segmented into oil-cooled and air-cooled. By transformer type, the market is segmented into power transformers and distribution transformers. The report also covers the market size and forecasts for the transformer market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).

Power Rating Large
Medium
Small
Cooling Type Air-cooled
Oil-cooled
Transformer Type Power Transformer
Distribution Transformer
Geography North America
Asia-Pacific
Europe
South America
Middle-East and Africa
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Transformer Market Research FAQs

What is the current Transformer Market size?

The Transformer Market is projected to register a CAGR of greater than 6.5% during the forecast period (2025-2030)

Who are the key players in Transformer Market?

Siemens AG, ABB Ltd, General Electric Company, Mitsubishi Electric Corporation and Schneider Electric are the major companies operating in the Transformer Market.

Which is the fastest growing region in Transformer Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Transformer Market?

In 2025, the North America accounts for the largest market share in Transformer Market.

What years does this Transformer Market cover?

The report covers the Transformer Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Transformer Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Transformer Industry Report

The global transformer market is experiencing substantial growth, driven by escalating demand for electricity and significant infrastructure enhancements. Industry players are focusing on optimizing the efficiency and reliability of power distribution systems. They are integrating smart technologies and eco-conscious designs in transformer manufacturing. The market is segmented by power rating, cooling type, transformer type, and geography. Key growth drivers include large-scale renewable integrations, grid modernizations, and increasing demands due to rapid industrialization and urbanization globally.

The urgency for the adoption of technologically advanced and environmentally friendly transformers is powered by energy efficiency targets and regulations. This spurs innovations in the transformers industry, opening potential growth areas, especially in regions actively upgrading their grid infrastructures to align with changing energy paradigms.

Industry analysis reveals that both power transformers and distribution transformers cater to various power ratings and insulation methods across different applications and regions. The market size and forecasts for the transformer market in revenue are significant, and the industry reports provide detailed statistics on market share and growth rate.

The industry outlook remains positive with market leaders driving advancements and market predictions indicating continued expansion. Market data, including market segmentation and market value, highlight the dynamics within the industry. The market forecast suggests sustained market growth, supported by industry trends and market overview.

For comprehensive industry information, consider accessing a report example or a report PDF from industry research companies. These reports offer insights into industry sales, industry statistics, and market review, providing a thorough analysis of the current and future state of the global transformer market.