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United States Power Transformers Market Strengthens Grid Modernization as Global Industry Reaches US$ 27.1 Billion in 2024 | DataM Intelligence
Power Transformers Market
As per DataM Intelligence research report "Global Power Transformers Market reached US$ 27.1 billion in 2024 and is expected to reach US$ 45.2 billion by 2032, growing with a CAGR of 6.6% from 2025 to 2032. "
The power transformers market is growing steadily as global electricity demand rises, driven by urbanization, industrialization, renewable energy integration (wind, solar), grid modernization, and smart grid adoption. Innovations in eco-friendly designs (e.g., amorphous cores, biodegradable fluids), digital monitoring, high-efficiency transformers, and HVDC applications enhance reliability, reduce losses, and support sustainability. Investments in aging infrastructure replacement, EV charging networks, data centers, and renewable projects fuel expansion across utilities and industrial sectors.
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Power Transformers Market: Competitive Intelligence
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.
In the Power Transformers Market, Hitachi Energy Ltd, Siemens Energy, GE Vernova, Mitsubishi Electric Corporation, Schneider Electric, ABB Ltd., Toshiba Energy Systems & Solutions, HD Hyundai Electric, Hyosung Heavy Industries, and CG Power and Industrial Solutions Ltd. collectively drive innovation and reliability by supplying high-voltage, efficient, and sustainable transformers for transmission, distribution, and renewable integration. These companies leverage expertise in advanced materials, digitalization (IoT/smart monitoring), eco-designs, and large-scale manufacturing to meet demands for grid stability, energy efficiency, and low environmental impact. Their portfolios cover oil-cooled/air-cooled, three-phase/single-phase, and various power ratings for utilities, industrial applications, renewables, and smart grids. By emphasizing sustainability, capacity expansion, and strategic investments, they strengthen the Power Transformers Market's growth and its essential role in enabling resilient, future-ready power infrastructure worldwide.
Individually and in synergy, these firms' strengths enhance competitive differentiation and market expansion within the Power Transformers Market through technological leadership, global scale, and regional focus. Hitachi Energy, Siemens Energy, ABB, and GE Vernova lead with massive investments in manufacturing expansion, smart/digital transformers, and renewable/HVDC solutions. Mitsubishi Electric, Toshiba, Schneider Electric, and others contribute high-efficiency designs and regional penetration. HD Hyundai Electric, Hyosung, and CG Power bolster Asian supply chains and cost-competitive offerings. Together, they advance the market by combining innovation in sustainability, capacity upgrades, and grid modernization, providing utilities and industries with durable, efficient, and environmentally aligned power transformation solutions.
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United States: Recent Industry Developments
✅ On September 4, 2025, Hitachi Energy announced over US$1 billion investment in US grid infrastructure, including US$ 457 million for a new power transformer facility in South Boston, Virginia the largest site for large power transformers in the US creating 825 jobs and starting operations in 2028.
✅ Brazil's WEG is investing US$ 77 million to expand its US transformer plant to support AI, data center, and growing power needs.
✅ Siemens Energy plans to start US production of large industrial power transformers in 2027, amid anticipated US$ 2 trillion investment in the aging US power grid by 2050.
Japan: Recent Industry Developments
✅ Japanese leaders like Mitsubishi Electric, Toshiba Energy Systems & Solutions, and Hitachi Energy continue strong contributions to global and domestic markets, focusing on high-efficiency transformers, renewable integration, and smart grid technologies amid Japan's energy transition and grid reliability priorities.
Segment Covered in the Power Transformers Market:
By Power Rating
Up-to 60 MVA, 61 to 600 MVA, Above 600 MVA, with mid-to-high ratings growing due to transmission and large-scale renewable projects.
By Cooling Type
Oil-cooled dominates for high-capacity applications; Air-cooled grows in specific urban/environmental scenarios.
By Phase
Three-Phase holds 74.2% share in 2024 and leads due to industrial, commercial, and utility demand for efficient power handling. Single-Phase grows in residential/small commercial sectors.
By End-User
Utilities dominate, driven by grid expansion and modernization. Industrial sector grows with manufacturing, data centers, and electrification.
Regional Analysis
Asia Pacific - 38.1% Share
Asia Pacific holds the largest share (38.1% in 2024) and is the fastest-growing region, fueled by rapid industrialization, urbanization, surging electricity demand, renewable energy infrastructure (wind/solar), smart grids, and major investments in China, India, and other economies.
North America - 31.1% Share
North America accounts for 31.1% share in 2024, with growth from grid modernization, renewable integration, EV charging expansion, data center demand, and smart grid technologies. The US leads with infrastructure upgrades and renewable projects.
Europe - Significant Share
Europe grows through sustainability focus, renewable adoption, and grid enhancements.
Middle East & Africa, South America - Emerging Shares
Growth supported by electrification, infrastructure development, and energy projects.
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