Transformers Global Market Report 2025

Description

A transformer facilitates the transfer of energy from one circuit to another. Transformers have the capability to either amplify or reduce voltage and current levels, modify capacitor values, block the flow of direct current between two circuits, and provide circuit isolation.

The primary categories in the transformers market include low-rated transformers and high-rated transformers. Low-rated transformers are employed for transmitting power to the receiving end. Transmitting power at low voltage levels results in higher line current, contributing to increased line losses. Transformer types are further classified into power transformers and distribution transformers. These transformers operate in either single-phase or three-phase configurations. The diverse applications of transformers span residential and commercial use, utility services, and industrial settings.

The transformers market research report is one of a series of new reports from The Business Research Company that provides transformers market statistics, including transformers industry global market size, regional shares, competitors with a transformers market share, detailed transformers market segments, market trends, and opportunities, and any further data you may need to thrive in the transformers industry. This transformers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The transformers market size has grown strongly in recent years. It will grow from $76.4 billion in 2024 to $81.77 billion in 2025 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to power infrastructure development, industrialization and urbanization, grid expansion and upgradation, renewable energy integration, government initiatives and regulations.

The transformers market size is expected to see strong growth in the next few years. It will grow to $101.42 billion in 2029 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to growing smart grid deployments, electrification initiatives, energy storage integration, upgradation to higher voltage levels, resilience and grid stability concerns. Major trends in the forecast period include development of superconducting transformers for efficiency, collaboration for standardization and interoperability, investments in transformer upgradation and modernization, utilization of advanced cooling systems for transformers, expansion of medium and low voltage transformer markets.

The increasing demand for electric vehicles is expected to contribute significantly to the growth of the transformer market. Electric vehicles (EVs) are powered by motors that run on electricity stored in batteries, eliminating the need for traditional fossil fuels such as gasoline or diesel. These vehicles operate on electric motors and recharge their batteries using electricity. Charging stations, connected to the grid, require transformers to efficiently manage the power supply. For example, a May 2022 Global EV Outlook report indicated a substantial increase in electric vehicle sales. In 2021, EV sales doubled from the previous year, reaching a new high of 6.6 million units. The total sales of electric cars worldwide in 2021 amounted to 6,600,000 units, up from 2,980,000 units. This surge in demand for electric vehicles is a key factor propelling the growth of the transformers market, as the infrastructure supporting these vehicles requires efficient power distribution and management facilitated by transformers.

Countries worldwide are undertaking various initiatives to enhance electrification efforts. For example, in January 2024, the U.S. Department of Energy (DOE), a government agency, reported that in March 2023, its Federal Energy Management Program (FEMP) launched a substantial funding initiative of $250 million through the Assisting Federal Facilities with Energy Conservation Technologies (AFFECT) program. Subsequently, in January 2024, FEMP announced that 31 federal agency projects would receive the initial allocation of $104 million in AFFECT funding. As a result, supportive government policies aimed at boosting electrification are expected to positively influence the growth of the transformers market.

The transformers market is advancing towards the development of independent and self-regulating smart transformers. These smart transformers are designed to continuously regulate voltage, maintain communication with stakeholders, and provide information and feedback regarding the power supply. They deliver the precise amount of power required and can respond to fluctuations through a process known as voltage optimization. By supplying electrical equipment with the optimal amount of power, they significantly reduce greenhouse gas emissions and power consumption. For example, in November 2023, the U.S. Department of Energy (DOE) announced $42 million in funding for 15 projects across 11 states aimed at enhancing the reliability, resiliency, and flexibility of the domestic power grid through the advancement of next-generation semiconductor technologies. This funding comes from DOE's Unlocking Lasting Transformative Resiliency Advances by Faster Actuation of power Semiconductor Technologies (ULTRAFAST) program. The technologies being developed will facilitate more effective control of grid power flow and better protection of critical infrastructure assets. Improving the coordinated operation of electricity supply and demand will enhance operational efficiency, prevent unexpected outages, enable faster recovery, mitigate the impacts of natural disasters and extreme weather events fueled by climate change, and reduce grid operating costs and carbon intensity.

In March 2022, Spang Engineered Solutions (SES), a US-based company specializing in the design and manufacturing of inductors and transformers, acquired Wirebenders, Inc for an undisclosed amount. This strategic acquisition is aimed at expanding SES's market presence and enhancing its capabilities, particularly in the aerospace and defense industries. Wirebenders, Inc., the acquired company, is also based in the US and is known for manufacturing small transformers, high-frequency transformers, and inductors, including coaxial cable assemblies. Its product offerings cater to various industries, including aerospace, defense, and medical.

Major companies operating in the transformers market include Performance Group Crompton Greaves Ltd., Hammond Power Solutions Inc., Hitachi Ltd., Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Toshiba Corporation, Eaton Corporation, Emerson Electric Co., Bharat Heavy Electricals Limited (BHEL), Daihen Corporation, Raychem RPG, SPX Corporation, Fortune Electric Co., Kirloskar Electric Company, Hyundai Heavy Industries Co. Ltd., General Electric Corporation (GE), SGB-SMIT Group, RITZ Instrument Transformers GmbH, Schaffner Holding AG, Banmore Electricals Pvt. Ltd., TRENCH Group, KOTSONS Pvt. Ltd., Emco Ltd.

Asia-Pacific was the largest region in the transformers market in 2024. The regions covered in the transformers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the transformers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The transformers market consists of sales of low-rated transformers and high-rated transformers. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Transformers Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on transformers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for transformers ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The transformers market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:

The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.

Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:1) By Type: Low Rated Transformer; High Rated Transformer
2) By Transformer Type: Power Transformer; Distribution Transformer
3) By Phase: Single Phase; Three Phase
4) By Application: Residential And Commercial; Utility; Industrial
Subsegments:
1) By Low Rated Transformer: Distribution Transformers; Instrument Transformers; Isolation Transformers
2) By High Rated Transformer: Power Transformers; Autotransformers; Furnace Transformers
Companies Mentioned: Performance Group Crompton Greaves Ltd.; Hammond Power Solutions Inc.; Hitachi Ltd.; Siemens AG; Mitsubishi Electric Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r27125

1. Executive Summary

2. Transformers Market Characteristics

3. Transformers Market Trends And Strategies

4. Transformers Market - Macro Economic Scenario Macro Economic Scenario Including The Impact Of Interest Rates, Inflation, Geopolitics And Covid And Recovery On The Market

5. Global Transformers Growth Analysis And Strategic Analysis Framework

5.1. Global Transformers PESTEL Analysis (Political, Social, Technological, Environmental and Legal Factors, Drivers and Restraints)
5.2. Analysis Of End Use Industries
5.3. Global Transformers Market Growth Rate Analysis
5.4. Global Transformers Historic Market Size and Growth, 2019 - 2024, Value ($ Billion)
5.5. Global Transformers Forecast Market Size and Growth, 2024 - 2029, 2034F, Value ($ Billion)
5.6. Global Transformers Total Addressable Market (TAM)

6. Transformers Market Segmentation

6.1. Global Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Low Rated Transformer
High Rated Transformer
6.2. Global Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Single Phase
Three Phase
6.3. Global Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Residential And Commercial
Utility
Industrial
6.4. Global Transformers Market, Sub-Segmentation Of Low Rated Transformer, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Distribution Transformers
Instrument Transformers
Isolation Transformers
6.5. Global Transformers Market, Sub-Segmentation Of High Rated Transformer, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Power Transformers
Autotransformers
Furnace Transformers

7. Transformers Market Regional And Country Analysis

7.1. Global Transformers Market, Split By Region, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
7.2. Global Transformers Market, Split By Country, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

8. Asia-Pacific Transformers Market

8.1. Asia-Pacific Transformers Market Overview
Region Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
8.3. Asia-Pacific Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
8.4. Asia-Pacific Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

9. China Transformers Market

9.1. China Transformers Market Overview
9.2. China Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion
9.3. China Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion
9.4. China Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion

10. India Transformers Market

10.1. India Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
10.2. India Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
10.3. India Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

11. Japan Transformers Market

11.1. Japan Transformers Market Overview
11.2. Japan Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
11.3. Japan Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
11.4. Japan Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

12. Australia Transformers Market

12.1. Australia Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
12.2. Australia Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
12.3. Australia Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

13. Indonesia Transformers Market

13.1. Indonesia Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
13.2. Indonesia Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
13.3. Indonesia Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

14. South Korea Transformers Market

14.1. South Korea Transformers Market Overview
14.2. South Korea Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
14.3. South Korea Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
14.4. South Korea Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

15. Western Europe Transformers Market

15.1. Western Europe Transformers Market Overview
15.2. Western Europe Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
15.3. Western Europe Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
15.4. Western Europe Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

16. UK Transformers Market

16.1. UK Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
16.2. UK Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
16.3. UK Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

17. Germany Transformers Market

17.1. Germany Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
17.2. Germany Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
17.3. Germany Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

18. France Transformers Market

18.1. France Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
18.2. France Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
18.3. France Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

19. Italy Transformers Market

19.1. Italy Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
19.2. Italy Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
19.3. Italy Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

20. Spain Transformers Market

20.1. Spain Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
20.2. Spain Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
20.3. Spain Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

21. Eastern Europe Transformers Market

21.1. Eastern Europe Transformers Market Overview
21.2. Eastern Europe Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
21.3. Eastern Europe Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
21.4. Eastern Europe Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

22. Russia Transformers Market

22.1. Russia Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
22.2. Russia Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
22.3. Russia Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

23. North America Transformers Market

23.1. North America Transformers Market Overview
23.2. North America Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
23.3. North America Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
23.4. North America Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

24. USA Transformers Market

24.1. USA Transformers Market Overview
24.2. USA Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
24.3. USA Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
24.4. USA Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

25. Canada Transformers Market

25.1. Canada Transformers Market Overview
25.2. Canada Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
25.3. Canada Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
25.4. Canada Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

26. South America Transformers Market

26.1. South America Transformers Market Overview
26.2. South America Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
26.3. South America Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
26.4. South America Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

27. Brazil Transformers Market

27.1. Brazil Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
27.2. Brazil Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
27.3. Brazil Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

28. Middle East Transformers Market

28.1. Middle East Transformers Market Overview
28.2. Middle East Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
28.3. Middle East Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
28.4. Middle East Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

29. Africa Transformers Market

29.1. Africa Transformers Market Overview
29.2. Africa Transformers Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
29.3. Africa Transformers Market, Segmentation By Phase, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
29.4. Africa Transformers Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

30. Transformers Market Competitive Landscape And Company Profiles

30.1. Transformers Market Competitive Landscape
30.2. Transformers Market Company Profiles
- 30.2.1. Performance Group Crompton Greaves Ltd. Overview, Products and Services, Strategy and Financial Analysis
- 30.2.2. Hammond Power Solutions Inc. Overview, Products and Services, Strategy and Financial Analysis
- 30.2.3. Hitachi Ltd. Overview, Products and Services, Strategy and Financial Analysis
- 30.2.4. Siemens AG Overview, Products and Services, Strategy and Financial Analysis
- 30.2.5. Mitsubishi Electric Corporation Overview, Products and Services, Strategy and Financial Analysis

31. Transformers Market Other Major And Innovative Companies

31.1. Schneider Electric SE
31.2. ABB Ltd.
31.3. Toshiba Corporation
31.4. Eaton Corporation
31.5. Emerson Electric Co.
31.6. Bharat Heavy Electricals Limited (BHEL)
31.7. Daihen Corporation
31.8. Raychem RPG
31.9. SPX Corporation
31.10. Fortune Electric Co.
31.11. Kirloskar Electric Company
31.12. Hyundai Heavy Industries Co. Ltd.
31.13. General Electric Corporation (GE)
31.14. SGB-SMIT Group
31.15. RITZ Instrument Transformers GmbH

32. Global Transformers Market Competitive Benchmarking And Dashboard

33. Key Mergers And Acquisitions In The Transformers Market

34. Recent Developments In The Transformers Market

35. Transformers Market High Potential Countries, Segments and Strategies

35.1 Transformers Market In 2029 - Countries Offering Most New Opportunities
35.2 Transformers Market In 2029 - Segments Offering Most New Opportunities
35.3 Transformers Market In 2029 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer