Power Transformers Market to Reach US$ 45.2 Billion by 2032 | CAGR 6.6% | Asia Pacific Leads (42%) | Hitachi Energy, Siemens Energy, GE Vernova

The Global Power Transformers Market reached US$ 27.1 billion in 2024 and is expected to reach US$ 45.2 billion by 2032, growing at a CAGR of 6.6% during the forecast period 2025-2032. Market growth is driven by rising electricity demand, rapid urbanization, and the accelerating integration of renewable energy sources into national power grids. Asia Pacific accounted for 38.1% of the global market share in 2024 and is expected to maintain its leadership position due to expanding power generation capacity, grid expansion projects, and increasing renewable energy installations.

Demand for power transformers is further supported by the modernization of aging power infrastructure and the growing reliance on wind and solar energy, which require efficient voltage regulation and transmission solutions. Major industry players are expanding manufacturing capacity to meet rising demand from data centers and AI-driven power consumption. For instance, WEG is investing US$ 77 million to expand its transformer manufacturing facility in the United States, while Siemens Energy plans to begin domestic production of large industrial power transformers in 2027, anticipating a US$ 2 trillion investment in the aging U.S. power grid by 2050. These developments highlight the strong long-term growth outlook for the global power transformers market.

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The Power Transformers Market refers to the global industry involved in the design, manufacturing, and deployment of transformers used to step up or step down voltage levels in electricity generation, transmission, and distribution networks.

Key Developments
✅ January 2026: In North America, utilities accelerated deployment of high-efficiency and low-loss power transformers as part of grid modernization efforts to reduce energy losses and support renewable integration.

✅ December 2025: In Europe, demand increased for eco-friendly transformer designs with reduced sulfur hexafluoride (SF6) and biodegradable insulating fluids to meet stricter environmental regulations.

✅ November 2025: In Asia-Pacific, expansion of transmission and distribution networks drove higher procurement of extra-high voltage transformers to support growing electrification and industrial loads.

✅ October 2025: In Latin America, utilities prioritized installation of compact and modular transformer units to improve grid resilience in urban and remote areas.

✅ September 2025: In the Middle East, investment activity grew for offshore and onshore power transformer projects aligned with expanding petrochemical and industrial complexes.

✅ August 2025: In Africa, rural electrification initiatives increased demand for medium-voltage distribution transformers to extend electricity access to underserved communities.

Mergers & Acquisitions
✅ January 2026: In North America, a leading transformer manufacturer acquired a high-voltage insulation technology firm to enhance product performance and compete on next-generation grid asset upgrades.

✅ December 2025: In Europe, a major electrical equipment provider acquired a power transformer components specialist to strengthen its supply chain and manufacturing capabilities.

✅ November 2025: In Asia-Pacific, a regional energy infrastructure group acquired a distribution transformer maker to broaden its product portfolio and serve expanding T&D projects.

Key Players

Hitachi Energy Ltd | Siemens Energy | GE Vernova | Mitsubishi Electric Corporation | Schneider Electric | ABB Ltd. | Toshiba Energy Systems & Solutions | HD Hyundai Electric | Hyosung Heavy Industries | CG Power and Industrial Solutions Ltd.

Key Highlights

Hitachi Energy Ltd holds approximately 21.7% share, driven by its leadership in power grids, high-voltage direct current systems, and strong demand for grid modernization and renewable energy integration.

Siemens Energy accounts for about 19.6% share, supported by advanced power transmission technologies, large-scale transformer installations, and a strong global project pipeline.

GE Vernova represents nearly 16.2% share, benefiting from its broad portfolio in grid solutions, power conversion systems, and increasing investments in decarbonized energy infrastructure.

Mitsubishi Electric Corporation holds around 10.8% share, driven by high-efficiency transformers, advanced power electronics, and strong penetration in Asia-Pacific markets.

Schneider Electric captures approximately 9.4% share, supported by its expertise in energy management, digital substations, and smart grid solutions.

ABB Ltd. accounts for about 11.3% share, leveraging its strengths in electrification, automation, and high-voltage equipment across utilities and industrial customers.

Toshiba Energy Systems & Solutions holds nearly 5.6% share, driven by reliable grid equipment, long-standing utility relationships, and expansion in power transmission projects.

HD Hyundai Electric represents around 3.4% share, supported by competitive transformer pricing, strong manufacturing capabilities, and growing exports.

Hyosung Heavy Industries accounts for approximately 1.2% share, focusing on high-capacity transformers and expanding international utility projects.

CG Power and Industrial Solutions Ltd. holds about 1.0% share, benefiting from strong domestic demand in India and gradual expansion into export markets.

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Market Drivers
- Rising global electricity demand driven by urbanization, industrialization, and population growth.

- Expansion and modernization of power transmission and distribution networks worldwide.

- Increasing integration of renewable energy sources requiring grid stability and voltage regulation solutions.

- Replacement of aging power infrastructure in developed and developing economies.

- Growth of smart grids and high-voltage direct current (HVDC) projects boosting transformer demand.

Industry Developments
- Development of energy-efficient and low-loss power transformers to meet regulatory standards.

- Advancements in digital monitoring, smart sensors, and condition-based maintenance technologies.

- Expansion of high-capacity and ultra-high-voltage transformer installations for long-distance power transmission.

- Strategic collaborations between utilities, EPC contractors, and transformer manufacturers.

- Increased focus on eco-friendly insulating materials and biodegradable transformer oils.

Regional Insights
Asia Pacific - 42% share: "Driven by rapid grid expansion, large-scale renewable energy projects, and strong electricity demand growth in China, India, and Southeast Asia."

Europe - 25% share: "Supported by grid modernization initiatives, renewable integration, and replacement of aging transmission infrastructure."

North America - 23% share: "Fueled by investments in grid resilience, renewable interconnections, and upgrading of existing power networks."

Latin America - 6% share: "Driven by expanding power generation capacity and transmission projects across emerging economies."

Middle East & Africa - 4% share: "Supported by power infrastructure development, urban expansion, and investments in electricity access projects."

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Key Segments

By Power Rating
Up to 60 MVA transformers hold a significant share, driven by widespread use in distribution networks and industrial applications. The 61 to 600 MVA segment represents a substantial portion, supported by demand from transmission infrastructure upgrades and grid expansion projects. Transformers rated above 600 MVA are witnessing steady growth, driven by large-scale power generation projects, interconnection of high-voltage grids, and increasing electricity demand.

By Cooling Type
Oil-cooled transformers dominate the market, supported by their high efficiency, superior thermal management, and suitability for high-capacity applications. Air-cooled transformers account for a notable share, driven by lower maintenance requirements, improved safety, and adoption in indoor and environmentally sensitive installations.

By Phase
Three-phase transformers represent the dominant segment, driven by their extensive use in transmission and distribution networks and industrial power systems. Single-phase transformers hold a smaller share, supported by applications in residential, rural, and specific low-load scenarios.

By End-User
Utilities constitute the largest end-user segment, supported by ongoing grid modernization, renewable energy integration, and rising electricity consumption. Industrial end-users account for a substantial share, driven by demand for reliable power supply across manufacturing, processing, and heavy industries.

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