Transformers Market Poised for 5.5 % Growth, Set to Hit $18.09 Billion by 2029

"What industry-specific factors are fueling the growth of the transformers market?
Around the globe, several initiatives are being put in place to enhance electrification. For example, in March 2023, it was reported by the Department Of Energy (DOE), a US government agency, that the US Department of Energy's Federal Energy Management Program (FEMP) had introduced a significant funding initiative of $250 million via the Assisting Federal Facilities with Energy Conservation Technologies (AFFECT) program. Subsequently, FEMP declared in January 2024 that 31 federal agency projects would receive the first dispersal of $104 million from the AFFECT funding. Therefore, favorable governmental measures promoting electrification will have a positive impact on the growth of the transformers market.

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What Is the projected market size and growth rate for the transformers market?
The size of the transformers market has seen significant expansion in recent periods. The market value is estimated to climb from $76.4 billion in 2024 to $81.77 billion in 2025, with a compound annual growth rate (CAGR) of 7.0%. The surge in the historic period is due to factors such as development in power infrastructure, industrialization, urbanization, enhancement and expansion of the grid, integration of renewable energy, and policies and initiatives by the government.

Predictions show robust expansion in the transformers market size in the coming years. The market is projected to reach $101.42 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.5%. This escalated growth during the forecast period can be linked to an increase in smart grid implementations, electrification efforts, energy storage incorporation, conversions to higher voltage thresholds, and concerns for grid resilience and stability. Significant trends within this forecast period encompass the production of superconducting transformers for efficiency purposes, alliances for standardization and mutual compatibility, investments to upgrade and modernize transformers, usage of sophisticated cooling systems for transformers, and growth in the medium and low voltage transformer sectors.

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What new trends are reshaping the transformers market and its opportunities?
The progression of the transformers market is steering towards the development of autonomous and self-directing smart transformers. These intelligent transformers are designed to continually control voltage and keep in touch with stakeholders while providing insight and feedback on power supply. They supply the precise amount of power required and adapt to changes using a method called voltage optimization. They considerably lower greenhouse gas emissions and power consumption by providing electrical devices with the optimal level of power. For example, in November 2023, The U.S. Department of Energy (DOE) pledged $42 million to 15 projects spanning 11 states aimed at enhancing the reliability, resilience, and flexibility of the national power grid via next-generation semiconductor technologies. These projects are funded through DOE's ULTRAFAST program, and the technologies under development will lead to more efficient control of grid power flow and superior safeguarding of vital infrastructure assets. Streamlining the concurrent operation of power supply and demand will boost operational efficiency, avoid unexpected blackouts, expedite recovery, mitigate the effects of natural disasters and extreme weather events driven by climate change, and lower grid operating expenses and carbon intensity.

What major market segments define the scope and growth of the transformers market?
The transformers market covered in this report is segmented -

1) By Type: Low Rated Transformer, High Rated Transformer
2) By Transformer Type: Power Transformer, Distribution Transformer
3) By Phase: Single Phase, Three Phase
4) By Application: Residential And Commercial, Utility, Industrial

Subsegments:
1) By Low Rated Transformer: Distribution Transformers, Instrument Transformers, Isolation Transformers
2) By High Rated Transformer: Power Transformers, Autotransformers, Furnace Transformers

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Which region dominates the transformers market?
Asia-Pacific was the largest region in the transformers market in 2024. The regions covered in the transformers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Which key market leaders are driving the transformers industry growth?
Major companies operating in the transformers market include Performance Group Crompton Greaves Ltd., Hammond Power Solutions Inc., Hitachi Ltd., Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Toshiba Corporation, Eaton Corporation, Emerson Electric Co., Bharat Heavy Electricals Limited (BHEL), Daihen Corporation, Raychem RPG, SPX Corporation, Fortune Electric Co., Kirloskar Electric Company, Hyundai Heavy Industries Co. Ltd., General Electric Corporation (GE), SGB-SMIT Group, RITZ Instrument Transformers GmbH, Schaffner Holding AG, Banmore Electricals Pvt. Ltd., TRENCH Group, KOTSONS Pvt. Ltd., Emco Ltd.

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What Is Covered In The Transformers Global Market Report?

•Market Size Forecast: Examine the transformers market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the transformers market for a structured understanding.
•Key Players Overview: Analyze major players in the transformers market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the transformers market.
•Segment Contributions: Evaluate how different segments drive overall growth in the transformers market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the transformers market.
•Industry Challenges: Identify potential risks and obstacles affecting the transformers market.
•Competitive Landscape: Review strategic developments in the transformers market, including expansions, agreements, and new product launches.

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