Power Transformer Market Size Worth USD 52.74 Billion By 2034 | CAGR: 6.6%

The global Power Transformer market size is expected to reach USD 52.74 billion by 2034, according to a new study by Polaris Market Research. The report “Power Transformer Market Share, Size, Trends, Industry Analysis Report, By Power Rating (Small Power Transformer, Medium Power Transformer, Large Power Transformer); By Phase; By Cooling Type; By End Use; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The power transformer market is growing rapidly due to the increasing demand for electricity and the expansion of power grids. The increase in demand for advanced energy management systems due to higher electrification and the integration of Internet of Things (IoT) technologies in home and building automation is propelling the power transformer market. As a result of this increased demand, companies are making significant investments to expand their existing capacities. Furthermore, the push for more reliable and efficient energy solutions is creating new opportunities for innovation and development within the sector, ultimately having a positive impact on the growth of the power transformer market.

For instance, in April 2024, Hitachi Energy announced the investment of more than USD 1.5 Billion in a new transformer factory in Finland to enhance its global manufacturing capacity.

Rapid urbanization and industrialization in developing economies are driving the power transformer market's growth. Increased energy demands and infrastructure expansion, along with a global shift toward renewable energy sources, require advanced transformers. Government initiatives promoting energy efficiency and reliable power supply to remote areas further contribute to this rising demand.

For instance, in March 2024, as per the data of the National Renewable Energy Laboratory (NREL), an estimated distribution transformer capacity increase by around 160%–260%, by 2050 in the US to meet residential, commercial, industrial, and transportation energy demands.

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Increasing investments in power infrastructure across developing economies, coupled with government initiatives to deploy smart, technologically advanced transformers, are expected to boost the growth of the power transformer market significantly. Efforts to modernize existing power systems to enhance energy efficiency and meet emission targets further underscore governmental support and investment in this sector. These strategic moves not only improve grid reliability but also facilitate the integration of renewable energy sources, paving the way for a more sustainable energy future.

Power Transformer Market Report Highlights

• Small Power Transformer (up to 60MVA) segment dominated the market in 2023, due to the expansion of distributed generation systems and growing renewable energy sources.
• Three Phase segment dominated the market in 2024, owing to its rising use in power transmission and handling larger power loads.
• Utilities segment led the market with the largest revenue share in 2024, due to its crucial role in the generation, and transmission,
• Asia Pacific held the dominant position in 2024, owing to rapid urbanization, and industrialization
• The global players include, Hitachi Energy; General Electric; Siemens; Schneider Electric; Mitsubishi Electric; Eaton Corporation; Hyundai Electric; Fuji Electric; Toshiba Corporation; MGM Transformer Company; CG Power and Industrial Solutions; Ningbo Ironcube Works International Co., Ltd.; Chint Group.

Polaris Market Research has segmented the Power Transformer market report based on power rating, phase, cooling type, end user and region:

By Power rating Outlook (Revenue - USD Billion, 2020 - 2034)

• Small Power Transformer (up to 60MVA)
• Medium Power Transformer (61-600MVA)
• Large Power Transformer (Above 600MVA)

By Phase Outlook (Revenue - USD Billion, 2020 - 2034)

• Single
• Three

By Cooling type Outlook (Revenue - USD Billion, 2020 - 2034)

• Oil-cooled
• Air-Cooled

By End user Outlook (Revenue - USD Billion, 2020 - 2034)

• Utilities
• Residential & Commercial
• Industrial

By Regional Outlook (Revenue - USD Billion, 2020 - 2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Rest of Asia-Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America

Power Transformer Market Report Scope