Transformer Global Market Report 2025

Description

A transformer serves as a device for transferring energy from one electrical circuit to another. It accomplishes this by either increasing or decreasing voltage and current levels, adjusting capacitor values, blocking the passage of direct current between two circuits, and isolating the circuits from each other. Transformers play a crucial role in the production of power, distribution of electricity, and in specialized transformer applications.

The primary categories of transformers include power transformers and distribution transformers. Power transformers are specifically designed for transferring electrical energy between the generator and the primary circuits in distribution systems. These transformers facilitate the transition between higher and lower voltage levels in the distribution network. They come in two main variants: low-rated transformers and high-rated transformers. These transformers are used by a wide range of consumers, including utility companies, residential households, commercial establishments, and industrial facilities.

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 transformer 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 electrification and industrialization, infrastructure development, economic growth, regulatory standards.

The transformer 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 renewable energy integration, grid modernization, electrification of transportation, increased urbanization, demand for more efficient transformers. Major trends in the forecast period include smart transformers, energy-efficient designs, compact and eco-friendly transformers, renewable integration transformers, resilience and reliability.

Favorable government policies aimed at increasing electrification are expected to drive the growth of the transformers market during the forecast period. Various countries worldwide are implementing initiatives to boost electrification. For example, since 2022, government policies have increasingly focused on electrification and grid modernization, fueling the growth of the transformers market. In the U.S., the Biden Administration has launched several programs to decarbonize the electricity system by 2030, increasing the demand for transformers. These efforts prioritize replacing outdated grids and expanding electrified infrastructure, especially for renewable energy sources like wind and solar, which necessitate additional transformer installations to support their decentralized nature.

The increasing consumption of electricity is expected to be a key driver for the transformers market. Growing electricity consumption across various sectors, including transportation and heating, contributes to the market's expansion. For example, according to the International Energy Agency (IEA) in July 2023, net electricity output reached 980.6 TWh, marking a 13.5% increase compared to the same month in the previous year. This surge in electricity demand is anticipated to drive the transformers market's growth.

Major companies in the transformers market are concentrating on product innovation, such as the development of cloaliphatic cast resin instrument transformers, to offer reliable services to customers. These transformers feature outdoor insulation that makes them suitable for outdoor applications. For example, in June 2023, Straton Electricals Pvt. Ltd., an India-based transformer manufacturer, introduced cloaliphatic cast resin instrument transformers. These transformers are designed to endure extreme temperature fluctuations and challenging environmental conditions. They are available in a variety of casting materials, such as cycloaliphatic epoxy resin, which offers excellent insulation properties and is highly resistant to moisture, chemicals, and other environmental factors.

Major companies in the transformers market are embracing innovative technologies, including oil-free and plug-and-play traction transformers. These innovations eliminate the need for oil, reducing maintenance costs, downtime, and improving efficiency and safety. They are particularly suitable for rail electrification systems where reliability, safety, and efficiency are critical. For example, in September 2022, Hitachi Energy introduced an oil-free and plug-and-play traction transformer with a factory-installed cooling system that eliminates the need for oil, enhancing safety and security.

In October 2021, Royal SMIT Transformers, a Netherlands-based electrical equipment company, acquired DNV to strengthen its high-quality transformer portfolio. DNV, based in Norway, is an independent company operating in the transformers sector. This strategic acquisition further bolsters SGB-SMIT Group's transformer services.

Major companies operating in the transformer market include ABB Ltd., General Electric Corporation, Schneider Electric S.A., Mitsubishi Electric Corporation, Schneider Electric, Toshiba Corporation, Siemens Energy AG, SGB-SMIT, Hammond Power Solutions Inc., Hitachi Energy, Alstom, Eaton Corporation, SPX Transformer Solutions, Kirloskar Electric Company, RITZ Instrument Transformers GmbH, TBEA Co. Ltd., Jefferson Electric, Mace, Performance Group, Fortune Electric Co. Ltd., Schaffner Holding AG, EFACEC Power Solutions SGPS, Fuji Electric Co. Ltd., Hyosung Heavy Industries Co. Ltd., Hyundai Electric & Energy Systems Co. Ltd., JSHP Transformer Co. Ltd., Altran Corp., Bharat Heavy Electricals Limited (BHEL), CG Power and Industrial Solutions Limited, Crompton Greaves Limited, Daelim, Delta Star Inc., ELANTAS PDG Inc., Emerson Electric Co., Howard Industries Inc., Hyundai Heavy Industries, Pacific Transformer Corp., Pico Electronics

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

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

The transformer market consists of sales of instrument transformers, medium-power transformers, and other types. 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.

Transformer 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 transformer 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 transformer ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The transformer 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 Transformer Type: Power Transformer; Distribution Transformer
2) By Type: Low Rated Transformer; High Rated Transformer
3) By End User: Utility; Residential And Commercial; Industry
Subsegments:
1) By Power Transformer: Small Power Transformer (Up To 60 MVA); Medium Power Transformer (60-200 MVA); Large Power Transformer (Above 200 MVA)
2) By Distribution Transformer: Pole-mounted Transformers; Pad-mounted Transformers; Underground Distribution Transformers
Companies Mentioned: ABB Ltd; General Electric Corporation; Schneider Electric S.A.; Mitsubishi Electric Corporation; Schneider Electric
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: r32823

1. Executive Summary

2. Transformer Market Characteristics

3. Transformer Market Trends And Strategies

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

5. Global Transformer Growth Analysis And Strategic Analysis Framework

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

6. Transformer Market Segmentation

6.1. Global Transformer Market, Segmentation By Transformer Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Power Transformer
Distribution Transformer
6.2. Global Transformer Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Low Rated Transformer
High Rated Transformer
6.3. Global Transformer Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Utility
Residential And Commercial
Industry
6.4. Global Transformer Market, Sub-Segmentation Of Power Transformer, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Small Power Transformer (Up To 60 MVA)
Medium Power Transformer (60-200 MVA)
Large Power Transformer (Above 200 MVA)
6.5. Global Transformer Market, Sub-Segmentation Of Distribution Transformer, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Pole-mounted Transformers
Pad-mounted Transformers
Underground Distribution Transformers

7. Transformer Market Regional And Country Analysis

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

8. Asia-Pacific Transformer Market

8.1. Asia-Pacific Transformer 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 Transformer Market, Segmentation By Transformer Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
8.3. Asia-Pacific Transformer Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
8.4. Asia-Pacific Transformer Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

9. China Transformer Market

9.1. China Transformer Market Overview
9.2. China Transformer Market, Segmentation By Transformer Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion
9.3. China Transformer Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion
9.4. China Transformer Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion

10. India Transformer Market

10.1. India Transformer Market, Segmentation By Transformer Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
10.2. India Transformer Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
10.3. India Transformer Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

11. Japan Transformer Market

11.1. Japan Transformer Market Overview
11.2. Japan Transformer Market, Segmentation By Transformer Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
11.3. Japan Transformer Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
11.4. Japan Transformer Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

12. Australia Transformer Market

12.1. Australia Transformer Market, Segmentation By Transformer Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
12.2. Australia Transformer Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
12.3. Australia Transformer Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

13. Indonesia Transformer Market

13.1. Indonesia Transformer Market, Segmentation By Transformer Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
13.2. Indonesia Transformer Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
13.3. Indonesia Transformer Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

14. South Korea Transformer Market

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

15. Western Europe Transformer Market

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

16. UK Transformer Market

16.1. UK Transformer Market, Segmentation By Transformer Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
16.2. UK Transformer Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
16.3. UK Transformer Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

17. Germany Transformer Market

17.1. Germany Transformer Market, Segmentation By Transformer Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
17.2. Germany Transformer Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
17.3. Germany Transformer Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

18. France Transformer Market

18.1. France Transformer Market, Segmentation By Transformer Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
18.2. France Transformer Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
18.3. France Transformer Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

19. Italy Transformer Market

19.1. Italy Transformer Market, Segmentation By Transformer Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
19.2. Italy Transformer Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
19.3. Italy Transformer Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

20. Spain Transformer Market

20.1. Spain Transformer Market, Segmentation By Transformer Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
20.2. Spain Transformer Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
20.3. Spain Transformer Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

21. Eastern Europe Transformer Market

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

22. Russia Transformer Market

22.1. Russia Transformer Market, Segmentation By Transformer Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
22.2. Russia Transformer Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
22.3. Russia Transformer Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

23. North America Transformer Market

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

24. USA Transformer Market

24.1. USA Transformer Market Overview
24.2. USA Transformer Market, Segmentation By Transformer Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
24.3. USA Transformer Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
24.4. USA Transformer Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

25. Canada Transformer Market

25.1. Canada Transformer Market Overview
25.2. Canada Transformer Market, Segmentation By Transformer Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
25.3. Canada Transformer Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
25.4. Canada Transformer Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

26. South America Transformer Market

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

27. Brazil Transformer Market

27.1. Brazil Transformer Market, Segmentation By Transformer Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
27.2. Brazil Transformer Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
27.3. Brazil Transformer Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

28. Middle East Transformer Market

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

29. Africa Transformer Market

29.1. Africa Transformer Market Overview
29.2. Africa Transformer Market, Segmentation By Transformer Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
29.3. Africa Transformer Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
29.4. Africa Transformer Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

30. Transformer Market Competitive Landscape And Company Profiles

30.1. Transformer Market Competitive Landscape
30.2. Transformer Market Company Profiles
- 30.2.1. ABB Ltd Overview, Products and Services, Strategy and Financial Analysis
- 30.2.2. General Electric Corporation Overview, Products and Services, Strategy and Financial Analysis
- 30.2.3. Schneider Electric S.A. Overview, Products and Services, Strategy and Financial Analysis
- 30.2.4. Mitsubishi Electric Corporation Overview, Products and Services, Strategy and Financial Analysis
- 30.2.5. Schneider Electric Overview, Products and Services, Strategy and Financial Analysis

31. Transformer Market Other Major And Innovative Companies

31.1. Toshiba Corporation
31.2. Siemens Energy AG
31.3. SGB-SMIT
31.4. Hammond Power Solutions Inc.
31.5. Hitachi Energy
31.6. Alstom
31.7. Eaton Corporation
31.8. SPX Transformer Solutions
31.9. Kirloskar Electric Company
31.10. RITZ Instrument Transformers GmbH
31.11. TBEA Co. Ltd.
31.12. Jefferson Electric
31.13. Mace
31.14. Performance Group
31.15. Fortune Electric Co. Ltd.

32. Global Transformer Market Competitive Benchmarking And Dashboard

33. Key Mergers And Acquisitions In The Transformer Market

34. Recent Developments In The Transformer Market

35. Transformer Market High Potential Countries, Segments and Strategies

35.1 Transformer Market In 2029 - Countries Offering Most New Opportunities
35.2 Transformer Market In 2029 - Segments Offering Most New Opportunities
35.3 Transformer 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