Press release
Government Policies And Electrification Drive Growth In The Transformers Market Driver: Leading Transformation in the Transformer Market in 2025
Transformer Market Size
Over the past few years, the transformer market has experienced significant growth. In terms of its monetary value, it is projected to increase from $76.4 billion in 2024 to $81.77 billion in 2025, with a compound annual growth rate (CAGR) of 7.0%. This growth during the historical period is a result of factors such as increased electrification and industrialization, infrastructural development, economic expansion, as well as regulatory norms and standards.
In the upcoming years, the transformer market is projected to experience robust growth, expanding to a value of $101.42 billion by 2029 with a compound annual growth rate (CAGR) of 5.5%. This growth during the forecast period can be linked to the integration of renewable energy, grid modernization, electrification of transport, upticks in urbanization, and the growing demand for highly efficient transformers. Key trends forecasted for this period encompass intelligent transformers, designs promoting energy efficiency, compact and eco-friendly transformers, transformers integrated with renewable energy, as well as resilience and reliability.
What Is Driving the Growth Trajectory of the Transformer Market?
The transformers market is expected to flourish in the forecast period due to favourable governmental policies designed to encourage electrification. Countries globally are initiating numerous measures to extend electrification. Since 2022, such governmental policies have been instrumental in promoting growth in the transformers market, with increasing attention towards electrification and grid modernisation. Noteworthy is the U.S., which under the Biden Administration, has started several programs with an aim to decarbonise the electricity system by 2030, thus increasing the need for transformers. The spotlight is on replacing old, dilapidated grids and rolling out fresh electrified infrastructure, particularly aimed at renewable energy sources like wind and solar energy. These types of energy require additional transformer installations due to their distributed nature.
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Which Leading Companies Are Shaping the Growth of the Transformer Market?
Major companies operating in the transformer market include ABB Ltd, General Electric Corporation, Schneider Electric S.A., Mitsubishi Electric Corporation, Schneider Electric, Toshiba Corporation, Siemens Energy AG, SGB-SMIT, Hammond Power Solutions Inc., Hitachi Energy, Alstom, Eaton Corporation, SPX Transformer Solutions, Kirloskar Electric Company, RITZ Instrument Transformers GmbH, TBEA Co. Ltd., Jefferson Electric, Mace, Performance Group, Fortune Electric Co. Ltd., Schaffner Holding AG, EFACEC Power Solutions SGPS, Fuji Electric Co. Ltd., Hyosung Heavy Industries Co. Ltd., Hyundai Electric & Energy Systems Co. Ltd., JSHP Transformer Co. Ltd., Altran Corp., Bharat Heavy Electricals Limited (BHEL), CG Power and Industrial Solutions Limited, Crompton Greaves Limited, Daelim, Delta Star Inc, ELANTAS PDG Inc, Emerson Electric Co., Howard Industries Inc., Hyundai Heavy Industries, Pacific Transformer Corp., Pico Electronics
What Are the Major Trends Shaping the Transformer Market?
Key corporations in the transformers market are centering their efforts on product innovation, specifically in the development of cloaliphatic cast resin instrument transformers, in order to deliver dependable services to their consumers. This type of transformers utilize outdoor insulation that is apt for external applications. Take for example Straton Electricals Pvt. Ltd., an Indian firm specializing in transformers, that launched their own version of cloaliphatic cast resin instrument transformers in June 2023. These cloaliphatic cast resin instrument transformers are notably built to endure drastic temperature fluctuations and harsh environmental situations. They come in a variety of casting materials including cycloaliphatic epoxy resin, a substance known for its superior insulation qualities and impressive resistance to moisture, chemicals, and various environmental influences.
What Are the Key Segments of the Transformer Market?
The transformer market covered in this report is segmented -
1) By Transformer Type: Power Transformer, Distribution Transformer
2) By Type: Low Rated Transformer, High Rated Transformer
3) By End User: Utility, Residential And Commercial, Industry
Subsegments:
1) By Power Transformer: Small Power Transformer (Up To 60 MVA), Medium Power Transformer (60-200 MVA), Large Power Transformer (Above 200 MVA)
2) By Distribution Transformer: Pole-mounted Transformers, Pad-mounted Transformers, Underground Distribution Transformers
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Which Region Dominates the Transformer Market?
Asia-Pacific was the largest region in the transformers market in 2023. Western Europe was the second-largest region in the transformer market analysis. The regions covered in the transformer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Is Covered In The Transformer Global Market Report?
- Market Size Analysis: Analyze the Transformer Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Transformer Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Transformer Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Transformer Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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