Press release
Favorable Government Policies To Increase Electrification Will Contribute To The Growth Of The Transformers Market In The Forecast Period: A Key Driver Powering Transformers Market Growth In 2025
Transformers
What Is the Projected Growth of the Transformers Market?
The market size of transformers has seen significant growth in the past few years. There will be a jump from $76.4 billion in 2024 to $81.77 billion in 2025, with a compound annual growth rate (CAGR) of 7.0%. The historical growth can be traced back to advancements in power infrastructure, expansion and upgrade of grids, increased industrialization and urbanization, integration of renewable energy, as well as government initiatives and regulations.
In the upcoming years, substantial growth is anticipated in the transformers market, which is projected to increase to $101.42 billion by 2029, maintaining a compound annual growth rate of 5.5%. The expansion during the forecast period can be connected to the surge in smart grid implementations, efforts towards electrification, integration of energy storage, advancement to higher voltage levels, focus on resilience and stabilizing the grid. The forecast period is also suspected to witness trends like the creation of superconducting transformers for improved efficiency, partnerships for achieving standardization and interoperability, investment inflows into transformer modernization and upgradation, application of sophisticated cooling systems for transformers, and growth in the markets for medium and low voltage transformers.
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What Are the Different Transformers Market Segments?
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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What Are the Primary Drivers Shaping the Transformers Market?
Nationwide, steps are being taken to enhance electrification, a trend that's increasingly popular thanks in part to a number of global initiatives. In a report shared by the US-based Department Of Energy (DOE) in January 2024, it was revealed that the U.S. Department Of Energy's Federal Energy Management Program (FEMP) launched a substantial funding initiative of $250 million through the Assisting Federal Facilities with Energy Conservation Technologies (AFFECT) program in March 2023. Subsequently, the following January, FEMP declared that the first allocation of AFFECT funding, totalling $104 million, would be utilized by 31 federal agency projects. As a result, the transformers market is expected to see a positive impact due to these supportive governmental regulations aimed at boosting electrification.
Which Companies Are Leading in the Transformers Market?
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.
What Are the Major Trends Shaping the Transformers Market?
The advancement towards self-sufficient and autonomous smart transformers is marking a significant shift in the transformers market. With the capability to regulate voltage continuously and maintain connectivity with relevant parties, these smart transformers are designed to monitor power supply and offer insights. Through what is termed voltage optimization, they can adjust to power fluctuations and provide precisely the power needed. As a result, they curb greenhouse gas emissions and minimize power usage by supplying the optimum power to electrical equipment. For example, in November 2023, the US Department of Energy (DOE) committed $42 million to 15 projects spread over 11 states. The objective was to bolster the dependability, resilience, and flexibility of the national power grid via the evolution of innovative semiconductor technologies. As part of the ULTRAFAST program, these modern technologies are projected to improve the management of power flow in grids and safeguard essential infrastructure elements. By refining the synchronized functioning of electricity demand and supply, operational efficiency will be enhanced. Furthermore, it will help to prevent unexpected power failures, expedite recovery, alleviate the impacts of natural disasters and extreme weather events triggered by climate change, and reduce grid operating expenses and carbon intensity.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Transformers Market?
2. What is the CAGR expected in the Transformers Market?
3. What Are the Key Innovations Transforming the Transformers Industry?
4. Which Region Is Leading the Transformers Market?
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