Press release
Transformer Market Size Projected To Reach $101.42 Billion By 2034 With A Cagr Of 5.5%
Transformer
What Is the Projected Growth of the Transformer Market?
The transformer market has experienced notable growth, expected to rise from $76.4 billion in 2024 to $81.77 billion in 2025, with a CAGR of 7.0%. The growth is driven by electrification, industrialization, infrastructure development, economic growth, and regulatory standards.
The transformer market is anticipated to experience significant growth, reaching $101.42 billion by 2029 at a CAGR of 5.5%. This growth is fueled by the integration of renewable energy, modernization of power grids, electrification of transportation, urbanization, and the demand for more efficient transformers. Key trends include the development of smart transformers, energy-efficient designs, compact and eco-friendly transformers, transformers for renewable energy integration, and an emphasis on resilience and reliability.
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What Are the Different Transformer Market Segments?
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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What Are the Primary Drivers Shaping the Transformer Market?
The transformers market is poised for growth due to supportive government policies aimed at increasing electrification. Global initiatives to modernize electricity grids are fueling demand, especially in renewable energy sectors that require additional transformer installations. For example, the Biden Administration in the U.S. has implemented multiple programs to decarbonize the electricity grid by 2030, thereby increasing transformer demand.
Which Companies Are Leading in 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 Trends Are Expected to Dominate the Transformer Market in the Next 5 Years?
Companies in the transformers market are innovating with products like cycloaliphatic cast resin instrument transformers to offer reliable services. These transformers use outdoor insulation, making them ideal for extreme temperatures and harsh environments. For example, Straton Electricals Pvt. Ltd., an Indian company, launched a range of these transformers in June 2023, which offer excellent insulation and resistance to moisture and chemicals.
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What Are the Top Revenue-Generating Geographies in 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Transformer Market?
2. What is the CAGR expected in the Transformer Market?
3. What Are the Key Innovations Transforming the Transformer Industry?
4. Which Region Is Leading the Transformer Market?
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