Transformer Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

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

Single User License


Team License


Corporate License


Book before:
Transformer Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
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


Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License


Team License


Corporate License


Book before:

Transformer Market Analysis

The transformers market is expected to register a CAGR of more 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 Market Trends

Distribution Transformers Expected to Dominate the Market

  • The final voltage transition in the electrical power distribution system is carried out by distribution transformers (DTs). DTs are used to lower the distribution lines' voltage, which is often up to 36 kV, to the level that the client uses.
  • In many nations, the expansion of electricity transmission and distribution projects has led to a steady rise in transformer capacity recently. For instance, the distribution network in Mexico's transformer capacity reached 1,14,807 MVA in 2021. The expansion of many other countries' transmission networks resulted in the extensive use of distribution transformers.
  • In addition to meeting the need for power during peak hours, utility companies are building distribution voltage regulators to enhance power consumption during off-peak hours. For instance, a distributor of discrete semiconductor components, Diotec Semiconductor, and Mouser Electronics Inc. formed a distribution deal in June 2022 by the contract. Mouser will provide customers with a selection of voltage regulators, rectifiers, FETs, and diodes from Diotec Semiconductor for commercial and industrial applications.
  • In April 2021, Italy-based power company Enel announced plans to enter the power distribution business in the US. The company has planned to invest around USD 19.52 billion in distribution networks over the next two years and USD 72.23 billion by 2030.
  • Such developments strongly favor high market growth of distribution transformers over the near future.
Transformer Market: Investments in Energy Sector, In USD Billion, Global, 2017-2021

Asia-Pacific Region Expected to Dominate the Market

  • In recent years, many Asian countries have witnessed a continuous expansion in power distribution networks to provide access to power-deprived communities and develop the existing power infrastructure in semi-urban areas.
  • The countries with the highest power demand are China and India. The electricity consumption in India in 2021 was around 1191 TWh, whereas that of China was 6752 TWh. The nations plan to expand their electricity networks even more over the coming years.
  • In January 2022, Madhya Pradesh Poorv Kshetra Vidyut Vitaran Co Ltd. launched a new tender for the supply of a digital 3-phase distribution transformer for the state power distribution grid of Madhya Pradesh.
  • As of May 2022, according to the Central Electricity Authority (CEA), India had a total installed renewable capacity of 159.94 GW. The country is poised to achieve its target of 175 GW of renewable capacity by 2022. In November 2021, the Indian government announced a new non-fossil energy capacity target of 500 GW by 2030.
  • In January 2022, the State Grid of China announced the construction of 13 UHV lines (10 AC and 3 DC), having a transformation capacity of 340 million kVA and a total investment of USD 55 billion.
  • Owing to such developments, Asia-Pacific is expected to hold the highest share in the transformers market during the forecast period.
Transformer Market: Transformers Market: Growth Rate by Region, in %, 2023-2028

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

*Disclaimer: Major Players sorted in no particular order

Transformer Market Concentration
Need More Details on Market Players and Competitors?
Download PDF

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. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2028

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitute Products & Services

      5. 4.7.5 Intensity of Competitive Rivalry


    1. 5.1 Power Rating

      1. 5.1.1 Large

      2. 5.1.2 Medium

      3. 5.1.3 Small

    2. 5.2 Cooling Type

      1. 5.2.1 Air-cooled

      2. 5.2.2 Oil-cooled

    3. 5.3 Transformer Type

      1. 5.3.1 Power Transformer

      2. 5.3.2 Distribution Transformer

    4. 5.4 Geography

      1. 5.4.1 North America

      2. 5.4.2 Asia-Pacific

      3. 5.4.3 Europe

      4. 5.4.4 South America

      5. 5.4.5 Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Siemens AG

      2. 6.3.2 ABB Ltd

      3. 6.3.3 General Electric Company

      4. 6.3.4 CG Power and Industrial Solutions Ltd

      5. 6.3.5 Hyundai Electric & Energy Systems Co. Ltd

      6. 6.3.6 Toshiba Corp.

      7. 6.3.7 Hyosung Corp.

      8. 6.3.8 Bharat Heavy Electricals Limited

      9. 6.3.9 Schneider Electric SE

    4. *List Not Exhaustive

**Subject to Availability
You Can Purchase Parts Of This Report. Check Out Prices For Specific Sections
Get Price Break-up Now

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
Cooling Type
Transformer Type
Power Transformer
Distribution Transformer
North America
South America
Middle-East and Africa
Need A Different Region Or Segment?
Customize Now

Transformer Market Research FAQs

The Transformer Market is projected to register a CAGR of greater than 6.5% during the forecast period (2024-2029)

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

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Transformer Market.

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

The growth opportunities in the Transformers Industry are a) Upgrading aging grid infrastructure b) Increasing electrification in developing economies c) Integration of renewable energy sources d) Focus on energy efficiency and smart grid technologies

The Challenges facing the Transformers Market are a) High initial cost of transformers b) Supply chain disruptions c) Fluctuations in raw material prices

Transformer Industry Report

The global transformer market is experiencing substantial growth, reflected in the expanding transformer market size, driven by escalating demand for electricity coupled with significant infrastructure enhancements and a shift towards renewable energy sources. Industry players focus on optimizing the efficiency and reliability of power distribution systems, integrating smart technologies and eco-conscious designs in transformer manufacturing. Distinct segments, including power transformers and distribution transformers, cater to various power ratings and insulation methods across different applications and regions. Key growth drivers encompass large-scale renewable integrations, grid modernizations, and increasing demands due to rapid industrialization and urbanization globally. The urgency for adoption of technologically advanced and environmentally friendly transformers is powered by energy efficiency targets and regulations spurring innovations in the transformers industry. This landscape opens potential growth areas, especially in regions actively upgrading their grid infrastructures to align with changing energy paradigms. For detailed statistics on transformer market share, size, revenue growth rate, and a forecast outlook, consider accessing a sample industry analysis as a free report PDF download from Mordor Intelligence™ Industry Reports.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!

Transformer Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)