Power Transformer Market Report by Core (Closed, Shell, Berry), Insulation (Gas, Oil, Solid, Air, and Others), Phase (Single, Three), Rating (100 MVA To 500 MVA, 501 MVA To 800 MVA, 801 MVA To 1200 MVA), Application (Residential and Commercial, Utilities, Industrial), and Region 2024-2032

Power Transformer Market Report by Core (Closed, Shell, Berry), Insulation (Gas, Oil, Solid, Air, and Others), Phase (Single, Three), Rating (100 MVA To 500 MVA, 501 MVA To 800 MVA, 801 MVA To 1200 MVA), Application (Residential and Commercial, Utilities, Industrial), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A8541
Year End sale Buy Now

Global Power Transformer Market:

The global power transformer market size reached US$ 24.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 42.4 Billion by 2032, exhibiting a growth rate (CAGR) of 6.14% during 2024-2032. The market is primarily driven by the escalating demand for electricity in industrial and commercial sectors to operate electronic appliances and heavy machinery, the extensive utilization of renewable energy, and the rising installation of smart meters and grids to monitor and manage the transfer of electricity.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 24.8 Billion
Market Forecast in 2032
US$ 42.4 Billion
Market Growth Rate 2024-2032 6.14%


Power Transformer Market Analysis:

  • Major Market Drivers: The escalating demand for power transformers to distribute electricity efficiently and control variable power output from solar and wind energy is catalyzing the power transformer market growth. Besides this, the emerging trend of industrialization, the increasing replacement of existing infrastructure, and the development of new transformer units are further stimulating the power transformer market statistics.
  • Key Market Trends: The growing popularity of smart or digital variants to enable real-time monitoring of load, temperature, and voltage for improved grid management and predictive maintenance is propelling the power transformer market demand. Moreover, the widespread adoption of high-efficiency models that utilize advanced design techniques and materials for minimizing energy losses is also bolstering the market.
  • Competitive Landscape: Some of the major market players in the power transformer market share include Bharat Heavy Electricals Limited, Daihen Corporation, General Electric Company, Hitachi Ltd., Hyosung Heavy Industries Corporation, Hyundai Electric & Energy Systems Co. Ltd., Kirloskar Electric Co. Ltd., Mitsubishi Electric Power Products Inc. (Mitsubishi Electric Corporation), Schneider Electric Se, Siemens Energy AG, The Kraft Heinz Company, etc.
  • Geographical Trends: Asia Pacific accounted for the largest share of the power transformer market forecast, owing to the emerging trend of urbanization and industrialization. Besides this, the inflating investments by the leading players in infrastructural development, including the expansion and upgradation of electrical grids are also catalyzing the power transformer market overview.
  • Challenges and Opportunities: One of the major challenges of the power transformer market trends includes the rising integration of renewable energy sources, such as wind and solar, into electrical grids, on account of their variable nature. However, the Internet of Things (IoT) and digitalization allow for predictive maintenance and optimization of transformer performance that reduces downtime and increases reliability, which presents significant growth opportunities for the market.


Power Transformer Market

Power Transformer Market Trends:

Renewable Energy Integration

The development of transformers with enhanced control capabilities and flexibility, owing to the rising integration of renewable sources, including solar and wind power into electrical grids, is primarily driving the power transformer market statistics. Moreover, the elevating focus on improving the energy efficiency of transformers to minimize losses in the distribution and transmission of electricity is anticipated to influence the power transformer market forecast. For instance, as of October 2022, India achieved its NDC target with total non-fossil-based installed energy capacity reaching 159.95 GW, accounting for an estimated 41.4% of the overall installed electricity capacity. Additionally, as per the updated NDC, the country commits to lowering the Emissions Intensity of its GDP by almost 45% from the 2005 level by 2030.

Favorable Policies and Investments by Government Bodies

The inflating investments by government bodies across countries in research and development efforts for the introduction of new technologies and derivatives are augmenting the power transformer market growth. Moreover, the implementation of electrification programs to increase access to electricity for individuals living in remote and rural areas is catalyzing the global market. For example, in India, various schemes including Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY) for modernizing and improving the sub-transmission and distribution infrastructure in rural areas and Integrated Power Development Scheme (IPDS) for catering to the escalating demand for electricity in urban areas are increasingly becoming popular. Additionally, the Ministry of New and Renewable Energy (MNRE) launched the Pradhan Mantri Kisan Urja Suraksha evem Utthan Mahabhiyan (PM KUSUM) scheme to prompt farmers towards installing solar pumps and grid-connected solar power plants.

Expanding Product Adoption in Residential and Commercial Sectors

The rising need for electricity in the residential and commercial sectors, on account of population growth, the emerging trend of urbanization, and significant economic development, is positively influencing the market growth. In addition to this, the increasing electrification of cooling, heating, and transportation in residential and commercial buildings is also propelling the power transformer market analysis. For instance, in September 2023, Servokon Systems Ltd., announced its plan to invest over Rs 200 Crore in setting up a new manufacturing facility in Hapur, Uttar Pradesh. This establishment, set to cover an area of 25,000 square meters, was part of Servokon's strategy to enhance its production capabilities.

Power Transformer Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regiona and country levels for 2024-2032. Our report has categorized the market based on core, insulation, phase, rating, and application.

Breakup by Core:

Power Transformer Market By Core

  • Closed
  • Shell
  • Berry
     

Shell represented the largest segment

The report has provided a detailed breakup and analysis of the market based on the core. This includes closed, shell, and berry. According to the report, shell represented the largest segment.

Shell core forms the core of the transformer, around which the primary and secondary windings are placed. It is made up of high-permeability materials, including silicon or amorphous steel, which have exceptional magnetic properties. These materials aid in minimizing core losses and improving the overall efficiency of power transformers.

Breakup by Insulation:

  • Gas
  • Oil
  • Solid
  • Air
  • Others
     

Oil accounted for the largest market share

The report has provided a detailed breakup and analysis of the market based on insulation. This includes gas, oil, solid, air, and others. According to the report, oil accounted for the largest market share.

Oil as an insulator is widely used in fluorescent lamp ballasts, high-voltage capacitors and switches, oil-filled transformers, and circuit breakers. It assists in preventing arcing and electrical breakdown by offering a high dielectric strength. Moreover, oil also protects other components, such as copper coils from damage, including burning. For example, in September 2022, Baoding Tianwei Baobian Electric Co. Ltd., announced the development of its 110KV natural ester oil transformer. The ester oil utilized in the transformer had a 98% natural degradation rate and a higher ignition point.

Breakup by Phase:

  • Single
  • Three
     

Three accounted for the largest market segment

The report has provided a detailed breakup and analysis of the market based on the phase. This includes single and three. According to the report, three accounted for the largest market segment.

The elevating requirement for three-phase transformers in manufacturing, mining, petrochemical, and telecommunication industries, for generating and distributing power is bolstering the market growth forward. For instance, in July 2023, as part of works under the Revamped Distribution Sector Scheme (RDSS), Ongole Circle of the Andhra Pradesh Central Power Distribution Company Ltd., (APCPDCL) provided 24-hour power supply to all villages through three-phase supply lines.

Breakup by Rating:

  • 100 MVA To 500 MVA
  • 501 MVA To 800 MVA
  • 801 MVA To 1200 MVA
     

100 MVA to 500 MVA represented the largest market share

The report has provided a detailed breakup and analysis of the market based on the rating. This includes 100 MVA to 500 MVA, 501 MVA to 800 MVA, and 801 MVA to 1200 MVA. According to the report, 100 MVA to 500 MVA represented the largest market share.

Based on the power transformer market research report, 100 MVA to 500 MVA transformers are extensively used in power generation facilities, such as thermal power plants, hydroelectric plants, and wind farms, to step up the voltage of generated power for transmission over extended distances. For instance, in November 2022, Transmission Developers Inc. began building the Champlain Hudson Power Express transmission line, delivering reliable, clean energy directly from Hydro-Québec in Canada to New York City. Once completed, the Champlain Hudson Power Express is anticipated to provide 1,250 MW of clean hydroelectricity to power over one million homes. The transmission line is scheduled to be fully operational by the spring of 2026.

Breakup by Application:

  • Residential and Commercial
  • Utilities
  • Industrial
     

Industrial accounted for the largest market share

The report has provided a detailed breakup and analysis of the market based on the application. This includes residential and commercial, utilities, and industrial. According to the report, industrial accounted for the largest market share.

Power transformers find widespread applications in efficiently distributing electricity within industrial facilities and their machinery, including pumps, conveyor belts, compressors, etc. Besides this, in steelmaking industries, which use arc furnaces to melt metal, power transformers are employed for supplying high currents. For instance, Hitachi Energy announced an investment of more than €30 million (US $32 Million) in the expansion and modernization of its power transformer manufacturing facility in Bad Honnef, Germany. Expected to be complete in 2026, the project will see the establishment expand to over 15,000 square meters. Combined with process enhancements, the upgraded facility is geared towards optimizing operational performance and advancing manufacturing capacity.

Breakup by Region:

Power Transformer Market By Region

  • North America
    • United States
    • Canada
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Asia Pacific accounted for the largest segment of the market

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest segment of the market, owing to the emerging trend of urbanization and industrialization.

Besides this, the increasing integration of renewable power from massive utility-scale energy farms in countries, such as India and China, the growing electrification of buildings and industries, and the rising number of data centers are bolstering the power transformer market recent opportunities in the region. For instance, in January 2023, the State Grid Corporation of China announced that it planned to invest nearly US$ 77 Billion in transmission infrastructure and energy storage systems during 2023, up by nearly 4.0% Y-o-Y.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the major market players in the Power Transformer industry include:

  • Bharat Heavy Electricals Limited
  • Daihen Corporation
  • General Electric Company
  • Hitachi Ltd.
  • Hyosung Heavy Industries Corporation
  • Hyundai Electric & Energy Systems Co. Ltd.
  • Kirloskar Electric Co. Ltd.
  • Mitsubishi Electric Power Products Inc. (Mitsubishi Electric Corporation)
  • Schneider Electric Se
  • Siemens Energy AG
  • The Kraft Heinz Company
     

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Power Transformer Market Recent Developments:

  • September 2023: Servokon Systems Ltd., announced its plan to invest over Rs 200 Crore in setting up a new manufacturing facility in Hapur, Uttar Pradesh. The establishment, set to cover an area of 25,000 square meters, was part of Servokon's strategy to enhance its production capabilities.
  • August 2023: In a noteworthy development, the last of the 12 power transformers were delivered at the future Valenzuela 500 KV substation, marking the completion of a critical phase in the project. The enormous units, crucial to the functioning of the electrical grid, assisted in bolstering the energy capacity of the region. The operation to transport these transformers was a complicated logistical feat, undertaken meticulously to avoid any mishaps. With the arrival of the transformers, work advanced towards the next stage and boosted the power supply in Valenzuela.
  • June 2023: Massachusetts-based research and development agency and government contractor Charles River Analytics received a $1.1 Million Small Business Innovation Research (SBIR) Phase II contract to provide a predictive maintenance diagnostic platform for electrical transformers. The company’s Probabilistic Operations Warranted for Energy Reliability Evaluation and Diagnostics (POWERED) tool drew large volumes of transformer data to diagnose equipment health and predict future system failures—preventing power shutdowns and costly equipment repairs to electrical infrastructure.


Power Transformer Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: 
  • Core
  • Insulation
  • Phase
  • Rating
  • Application
  • Region 
Cores Covered Closed, Shell, Berry
Insulations Covered Gas, Oil, Solid, Air, Others
Phases Covered Single, Three
Ratings Covered 100 MVA To 500 MVA, 501 MVA To 800 MVA, 801 MVA To 1200 MVA
Applications Covered Residential and Commercial, Utilities, Industrial
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Bharat Heavy Electricals Limited, Daihen Corporation, General Electric Company, Hitachi Ltd., Hyosung Heavy Industries Corporation, Hyundai Electric & Energy Systems Co. Ltd., Kirloskar Electric Co. Ltd., Mitsubishi Electric Power Products Inc. (Mitsubishi Electric Corporation), Schneider Electric Se, Siemens Energy AG, The Kraft Heinz Company, etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Questions Answered in This Report:

  • How has the global power transformer market performed so far, and how will it perform in the coming years?
  • What are the drivers, restraints, and opportunities in the global power transformer market?
  • What is the impact of each driver, restraint, and opportunity on the global power transformer market?
  • What are the key regional markets?
  • Which countries represent the most attractive power transformer market?
  • What is the breakup of the market based on the core?
  • Which is the most attractive core in the power transformer market?
  • What is the breakup of the market based on the insulation?
  • Which is the most attractive insulation in the power transformer market?
  • What is the breakup of the market based on the phase?
  • Which is the most attractive phase in the power transformer market?
  • What is the breakup of the market based on the rating?
  • Which is the most attractive rating in the power transformer market?
  • What is the breakup of the market based on the application?
  • Which is the most attractive application in the power transformer market?
  • What is the competitive structure of the global power transformer market?
  • Who are the key players/companies in the global power transformer market?


Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the power transformer market from 2018-2032.
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the global power transformer market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the power transformer industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market. 

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Power Transformer Market Report by Core (Closed, Shell, Berry), Insulation (Gas, Oil, Solid, Air, and Others), Phase (Single, Three), Rating (100 MVA To 500 MVA, 501 MVA To 800 MVA, 801 MVA To 1200 MVA), Application (Residential and Commercial, Utilities, Industrial), and Region 2024-2032
Purchase Options Year End sale




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-714-6104

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARATI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More
DEinternational Egypt

IMARC did an outstanding job in preparing our study. They were punctual and precise, delivering all the data we required in a clear and well-organized format. Their attention to detail and ability to meet deadlines was impressive, making them a reliable partner for our project.

Read More
Gulf Excellent Group

I wanted to express my sincere appreciation for your efforts in handling this matter. Your dedication and commitment have truly been commendable. It is evident that you have put in a tremendous amount of hard work and expertise into resolving the issues at hand. I would also like to take this opportunity to inform you that we are greatly interested

Read More
FS Corporation Inc.

Overall, the deliverable was well organized and my experience with the project team was good. In particular, I appreciated how they responded when I requested additional information and the Japanese version.

Read More
Egyptian Industrial Investment Group

The IMARC team were extremely professional and very cooperative. The team were also extremely flexible in making changes and modifications wherever required. The entire experience right from project kick-off to after sales support was fruitful and smooth.

Read More
Vishnu Chemicals

I’d like to express my gratitude for the work you accomplished with the industry report. The way you responded to the requirements and delivered under tight timelines shows your expertise, exceptional work ethic and commitment to your customer’s success. The entire team and company are incredibly thankful for your dedication. Once again, thank you

Read More
MOUNT EVEREST BREWERIES LIMITED

The market reports from IMARC have been instrumental in guiding our business strategies. We found the reports comprehensive and data-driven, which helped us make informed decisions. The detailed insights and actionable data have consistently provided us with a competitive edge in a rapidly changing alcohol market.

Read More
Borges Branded Foods

One of the best things about IMARC is their flexibility and predisposition to tailor the reports and adapt to our needs. They are not just great in their researching and consulting solutions, but their service is unparallelled. We’ve worked with them a couple of times and we will keep working with them in future projects.

Read More
Godrej Consumer Products Limited

We recently commissioned multiple market research reports from IMARC, and the insights we received were invaluable. The depth of analysis, accuracy of data, and actionable recommendations have greatly enhanced our strategic decision-making.

Read More
ADC Therapeutics

The market estimates provided by your team were pretty much in line with what we were theorizing internally. Really appreciate the work on this.

Read More
Ivanti

The sale account manager and the service was excellent. The data and market trends gathered from the report was insightful and really assisted while planning future product and growth strategies.

Read More
Asiatic Electrical & Switchgear P. Ltd.

The report is excellent and has good amount of data and our team is extremely happy with the information provided.

Read More
Denka Co., Ltd.

Thank you very much for your cooperation and post purchase support. We were really happy with the final deliverable, and the takeaways from the report.

Read More