Transformer Market Size to Grow $88.48 billion by 2030 at a CAGR of 6.5%

The global transformer market is estimated to be valued at USD 64.64 billion in 2025 and is projected to reach USD 88.48 billion by 2030, growing at a CAGR of 6.5%.
According to a research report "Transformer Market [https://www.marketsandmarkets.com/Market-Reports/transformer-market-261783147.html] by Type (Power Transformer, Distribution Transformer, Instrument Transformer and Specialty Transformer), Coooling Type (Oil-cooled and Air-cooled), Power Rating (Low, Medium, High), Phase (Three and Single), Insulation (Oil, Solid, Air, Gas), End User (Power Utilities, Industrial, Residential & Commercial, Data Centers, and Other End Users), and Region - Global Forecast to 2030", the global transformer market is estimated to be valued at USD 64.64 billion in 2025 and is projected to reach USD 88.48 billion by 2030, growing at a CAGR of 6.5%. The growth of the global transformer market is being driven by a confluence of powerful trends reshaping the energy landscape. Rapid urbanization and the rising global demand for reliable electricity are compelling governments and utilities to upgrade and expand aging grid infrastructure. At the same time, the global push toward clean energy, fueled by climate commitments and net-zero targets, is accelerating the integration of renewables, which requires flexible, high-performance transformers to manage load variability and grid stability. Additionally, the proliferation of data centers, electric mobility, and industrial automation drives the need for more efficient, digitally enabled transformer solutions. These developments, backed by regulatory mandates for energy efficiency and grid resilience, transform transformers from passive grid components into strategic assets in the energy transition.

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By phase, three-phase transformers to register higher CAGR during forecast period

During the forecast period, three-phase transformers are expected to be the fastest-growing segment in the global transformer market, primarily due to superior efficiency, load-handling capacity, and widespread applicability of three-phase transformers across high-demand sectors. These transformers are the backbone of industrial operations, utility networks, and large-scale infrastructure projects, as they can transmit large amounts of power more economically than single-phase systems. The rapid expansion of manufacturing, data centers, and renewable energy installations, especially solar and wind farms that often require high-capacity grid connections, has intensified the need for robust and efficient three-phase systems. Additionally, as countries modernize their power grids and move toward more integrated and resilient transmission networks, three-phase transformers are becoming the standard choice for utility-scale applications, driving their accelerated adoption and market growth.

By end user, industrial segment, to register fastest growth rate in transformer market during forecast period

During the forecast period, the industrial sector is expected to be the fastest-growing end user in the transformer market, driven by rapid industrialization, automation, and the increasing electrification of manufacturing processes across developed and emerging economies. Industries such as steel, chemicals, oil & gas, mining, and automotive require a reliable and continuous power supply, often at medium to high voltages, making transformers essential for operational efficiency and safety. Expanding industrial zones, growth in energy-intensive sectors, and rising investments in heavy engineering and process industries, especially in countries such as China, India, and Brazil, are significantly boosting transformer demand. Moreover, the growing emphasis on energy efficiency and decarbonization in industrial operations is accelerating the adoption of modern, smart, high-performance transformer systems that support real-time monitoring and load optimization.

By region, Europe to be third-largest market for transformers during forecast period

Europe is the third-largest growing region in the global transformer market, supported by strong regulatory momentum toward grid decarbonization, energy efficiency, and cross-border electricity trade. Europe's ambitious climate initiatives, including the EU Green Deal and the Fit for 55 package, are catalyzing substantial investments in the modernization of transmission infrastructure to support a high penetration of renewable energy sources such as wind and solar. Countries such as Germany, Italy, and the United Kingdom are actively upgrading outdated grid networks and deploying smart grid technologies, necessitating advanced, eco-efficient transformers. Furthermore, the region's commitment to replacing conventional transformers with energy-efficient alternatives, featuring low-loss materials and sustainable insulation systems, is driving accelerated market growth. The ongoing electrification of transportation, industrial decarbonization efforts, and increasing demand from data centers and urban infrastructure projects reinforce Europe's strong position in the global transformer market.

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Key Market Players

Some major players in the transformer market are Hitachi Energy Ltd. (Switzerland), Siemens Energy (Germany), Eaton (Ireland), GE Vernova (US), and Toshiba Energy Systems & Solutions Corporation (Japan). These players adopt major strategies, including product launches, acquisitions, expansions, agreements, investments, and contracts.

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