Transformer Market Forecasts to 2030 - Global Analysis By Type (Power Transformer, Distribution Transformer and Other Types), Cooling Type (Oil Cooled and Air Cooled), Insulation, Power Rating, Mounting Location, Core, End User and By Geography

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Published: 2024 ID: SMRC25047

This report covers the impact of COVID-19 on this global market

According to Stratistics MRC, the Global Transformer Market is accounted for $58.9 billion in 2023 and is expected to reach $109 billion by 2030 growing at a CAGR of 9.2% during the forecast period. Transformers are electrical devices that alter the voltage of alternating-current (AC) electricity. Transformers are essential components in power generation, enabling efficient transmission, distribution, and regulation of electrical energy. They reduce energy losses during transmission, enhancing the overall efficiency of electrical systems.

According to the International Energy Agency, the amount of wind-generated power reached more than 2 100 TWh in 2022, an all-time high rise of 265 TWh (up 14%).

Market Dynamics: 


Rising demand for electricity

As economies expand and industrialization progresses, the need for a reliable and efficient power infrastructure becomes paramount. Transformers play a central role in the electricity supply chain by enabling the transmission and distribution of power over long distances. Moreover, the electrification of various industries and the adoption of electric vehicles further contribute to the surge in demand. Therefore, the rising demand for electricity stands as a pivotal driver in the transformer market.


High cost

Transformers, being crucial components of power infrastructure, require substantial upfront investments for design, manufacturing, and installation. The complex engineering involved, coupled with the use of specialized materials, contributes to elevated production costs. However, this high initial cost becomes a barrier, particularly for smaller businesses and developing economies, limiting their ability to invest in modern and efficient transformer technologies, these factors hamper market expansion.


Technological advancements

Innovations in materials, design, and manufacturing processes have led to the development of transformers with improved performance characteristics. Advanced core materials, such as amorphous metals and nano-crystalline alloys, reduce core losses, significantly enhancing the overall efficiency of transformers. Additionally, these innovations enable real-time data collection, remote diagnostics, and predictive maintenance, optimizing transformer performance and minimizing downtime. Therefore, technological advancement is a significant factor in accelerating market demand.


Fluctuations in raw material prices

Transformer manufacturing relies heavily on materials like copper and steel, both subject to market volatility. The unpredictable nature of raw material prices introduces uncertainties in production costs, making it challenging for manufacturers to maintain stable pricing and profit margins. Moreover, these fluctuations complicate long-term planning and pricing strategies for manufacturers, impacting their competitiveness and financial stability.

Covid-19 Impact

The COVID-19 pandemic caused disruptions in supply chains, manufacturing, and project timelines. Lockdowns, travel restrictions, and economic uncertainties led to project delays and reduced demand. Fluctuations in raw material prices and logistical challenges also affected production. However, the increasing need for reliable power infrastructure, coupled with post-pandemic economic recovery efforts, is expected to drive demand for transformers in the long term, especially with a growing emphasis on renewable energy integration and grid modernization.   

The air cooled segment is expected to be the largest during the forecast period

The air cooled segment is estimated to hold the largest share. Air-cooled transformers employ air as the cooling medium for dissipating heat generated during operation. This design eliminates the need for complex cooling systems and insulating oils, reducing maintenance requirements and environmental risks. Moreover, air-cooled transformers are compact and offer flexibility in installation, often requiring less space than their oil-immersed counterparts.

The small power segment is expected to have the highest CAGR during the forecast period

The small power segment is anticipated to have lucrative growth during the forecast period. These transformers typically handle power ratings ranging from a few kilovolt-amperes (kVA) to a few hundred kVA. Their compact size and lightweight design make them suitable for various settings where space constraints and portability are crucial considerations. Furthermore, the demand for small power-rated transformers is driven by the proliferation of decentralized power sources, such as rooftop solar panels and small-scale renewable energy installations.

Region with largest share:

North America commanded the largest market share during the extrapolated period owing to the growing emphasis on sustainable energy solutions. The region's robust power sector and increasing investments in grid modernization contribute to the continuous demand for transformers. The United States, being a major economic powerhouse, plays a central role in driving innovation and shaping the transformer industry landscape. Moreover, initiatives promoting energy efficiency and the integration of smart grid technologies further fuel the demand for advanced transformers in North America.

Region with highest CAGR:

Asia Pacific is expected to witness profitable growth over the projection period. The region's expanding energy infrastructure, rapid urbanization, and increasing electricity demand are driving the demand for transformers across diverse applications, including power transmission and distribution. Countries like China and India are at the forefront of this surge, with massive investments in smart grid initiatives and renewable energy projects. Additionally, rising industrialization and the development of smart cities in the region further boost the transformer market.

Key players in the market

Some of the key players in the Transformer Market include Siemens AG, ABB Ltd., Eaton Corporation Plc, Bharat Heavy Electricals Limited, Mitsubishi Electric, Hyosung Power & Industrial Solutions, Toshiba Corporation, General Electric, SPX Transformer Solutions, Inc., Elsewedy Electric, Kirloskar Electric Company, Crompton Greaves Ltd., CG Power & Industrial Solutions Ltd. and Voltamp. 

Key Developments:

In December 2023, Toshiba Energy Systems & Solutions Corporation (""Toshiba"") and Lummus Technology, a global provider of process technologies and value-driven energy solutions announced a master collaboration agreement to jointly pursue carbon capture projects.

In December 2022, GE Renewable Energy signs strategic partnership agreement with Hyundai Electric to support the growth of offshore wind in South Korea. Hyundai Electric to build factory, invest in tooling, and hire and train local team to produce Haliade-X turbines and generators in South Korea

In September 2022, Mitsubishi Electric India launched the all new M800V & M80V series Computerized Numerical Controllers (CNCs) with state-of-the-art solutions to revolutionize smart manufacturing in India.

In June 2022, Power management company Eaton Corporation plc has reportedly extended its partnership with technology corporation, Microsoft. This initiative has been taken to expedite applications of its UPS (uninterruptible power system) technology, EnergyAware, across key segments globally.

Types Covered:
• Power Transformer
• Distribution Transformer
• Other Types

Cooling Types Covered:
• Oil Cooled
• Air Cooled

Insulations Covered:
• Gas 
• Oil 
• Air 
• Solid 
• Other Insulations 

Power Ratings Covered:
• Small Power 
• Medium Power 
• Large Power 

Mounting Locations Covered:
• Pole Mount Transformers
• Pad Mount Transformers
• Underground Transformers

Cores Covered:
• Closed Core
• Shell Core

End Users Covered:
• Industrial 
• Residential 
• Oil and Gas 
• Energy and Power 
• Other End Users 
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary           
2 Preface           
 2.1 Abstract          
 2.2 Stake Holders          
 2.3 Research Scope          
 2.4 Research Methodology          
  2.4.1 Data Mining         
  2.4.2 Data Analysis         
  2.4.3 Data Validation         
  2.4.4 Research Approach         
 2.5 Research Sources          
  2.5.1 Primary Research Sources         
  2.5.2 Secondary Research Sources         
  2.5.3 Assumptions         
3 Market Trend Analysis           
 3.1 Introduction          
 3.2 Drivers          
 3.3 Restraints          
 3.4 Opportunities          
 3.5 Threats          
 3.6 End User Analysis          
 3.7 Emerging Markets          
 3.8 Impact of Covid-19          
4 Porters Five Force Analysis           
 4.1 Bargaining power of suppliers          
 4.2 Bargaining power of buyers          
 4.3 Threat of substitutes          
 4.4 Threat of new entrants          
 4.5 Competitive rivalry          
5 Global Transformer Market, By Type           
 5.1 Introduction          
 5.2 Power Transformer          
 5.3 Distribution Transformer          
 5.4 Other Types          
6 Global Transformer Market, By Cooling Type           
 6.1 Introduction          
 6.2 Oil Cooled          
 6.3 Air Cooled          
7 Global Transformer Market, By Insulation           
 7.1 Introduction          
 7.2 Gas          
 7.3 Oil          
 7.4 Air          
 7.5 Solid          
 7.6 Other Insulations          
8 Global Transformer Market, By Power Rating           
 8.1 Introduction          
 8.2 Small Power          
 8.3 Medium Power          
 8.4 Large Power          
9 Global Transformer Market, By Mounting Location           
 9.1 Introduction          
 9.2 Pole Mount Transformers          
 9.3 Pad Mount Transformers          
 9.4 Underground Transformers          
10 Global Transformer Market, By Core           
 10.1 Introduction          
 10.2 Closed Core          
 10.3 Shell Core          
11 Global Transformer Market, By End User           
 11.1 Introduction          
 11.2 Industrial          
 11.3 Residential          
 11.4 Oil and Gas          
 11.5 Energy and Power          
 11.6 Other End Users          
12 Global Transformer Market, By Geography           
 12.1 Introduction          
 12.2 North America          
  12.2.1 US         
  12.2.2 Canada         
  12.2.3 Mexico         
 12.3 Europe          
  12.3.1 Germany         
  12.3.2 UK         
  12.3.3 Italy         
  12.3.4 France         
  12.3.5 Spain         
  12.3.6 Rest of Europe         
 12.4 Asia Pacific          
  12.4.1 Japan         
  12.4.2 China         
  12.4.3 India         
  12.4.4 Australia         
  12.4.5 New Zealand         
  12.4.6 South Korea         
  12.4.7 Rest of Asia Pacific         
 12.5 South America          
  12.5.1 Argentina         
  12.5.2 Brazil         
  12.5.3 Chile         
  12.5.4 Rest of South America         
 12.6 Middle East & Africa          
  12.6.1 Saudi Arabia         
  12.6.2 UAE         
  12.6.3 Qatar         
  12.6.4 South Africa         
  12.6.5 Rest of Middle East & Africa         
13 Key Developments           
 13.1 Agreements, Partnerships, Collaborations and Joint Ventures          
 13.2 Acquisitions & Mergers          
 13.3 New Product Launch          
 13.4 Expansions          
 13.5 Other Key Strategies          
14 Company Profiling           
 14.1 Siemens AG          
 14.2 ABB Ltd.          
 14.3 Eaton Corporation Plc          
 14.4 Bharat Heavy Electricals Limited          
 14.5 Mitsubishi Electric          
 14.6 Hyosung Power & Industrial Solutions          
 14.7 Toshiba Corporation           
 14.8 General Electric          
 14.9 SPX Transformer Solutions, Inc.          
 14.10 Elsewedy Electric          
 14.11 Kirloskar Electric Company          
 14.12 Crompton Greaves Ltd.          
 14.13 CG Power & Industrial Solutions Ltd.          
 14.14 Voltamp     
List of Tables            
1 Global Transformer Market Outlook, By Region (2021-2030) ($MN)           
2 Global Transformer Market Outlook, By Type (2021-2030) ($MN)           
3 Global Transformer Market Outlook, By Power Transformer (2021-2030) ($MN)           
4 Global Transformer Market Outlook, By Distribution Transformer (2021-2030) ($MN)           
5 Global Transformer Market Outlook, By Other Types (2021-2030) ($MN)           
6 Global Transformer Market Outlook, By Cooling Type (2021-2030) ($MN)           
7 Global Transformer Market Outlook, By Oil Cooled (2021-2030) ($MN)           
8 Global Transformer Market Outlook, By Air Cooled (2021-2030) ($MN)           
9 Global Transformer Market Outlook, By Insulation (2021-2030) ($MN)           
10 Global Transformer Market Outlook, By Gas (2021-2030) ($MN)           
11 Global Transformer Market Outlook, By Oil (2021-2030) ($MN)           
12 Global Transformer Market Outlook, By Air (2021-2030) ($MN)           
13 Global Transformer Market Outlook, By Solid (2021-2030) ($MN)           
14 Global Transformer Market Outlook, By Other Insulations (2021-2030) ($MN)           
15 Global Transformer Market Outlook, By Power Rating (2021-2030) ($MN)           
16 Global Transformer Market Outlook, By Small Power (2021-2030) ($MN)           
17 Global Transformer Market Outlook, By Medium Power (2021-2030) ($MN)           
18 Global Transformer Market Outlook, By Large Power (2021-2030) ($MN)           
19 Global Transformer Market Outlook, By Mounting Location (2021-2030) ($MN)           
20 Global Transformer Market Outlook, By Pole Mount Transformers (2021-2030) ($MN)           
21 Global Transformer Market Outlook, By Pad Mount Transformers (2021-2030) ($MN)           
22 Global Transformer Market Outlook, By Underground Transformers (2021-2030) ($MN)           
23 Global Transformer Market Outlook, By Core (2021-2030) ($MN)           
24 Global Transformer Market Outlook, By Closed Core (2021-2030) ($MN)           
25 Global Transformer Market Outlook, By Shell Core (2021-2030) ($MN)           
26 Global Transformer Market Outlook, By End User (2021-2030) ($MN)           
27 Global Transformer Market Outlook, By Industrial (2021-2030) ($MN)           
28 Global Transformer Market Outlook, By Residential (2021-2030) ($MN)           
29 Global Transformer Market Outlook, By Oil and Gas (2021-2030) ($MN)           
30 Global Transformer Market Outlook, By Energy and Power (2021-2030) ($MN)           
31 Global Transformer Market Outlook, By Other End Users (2021-2030) ($MN)           
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
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The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.

Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

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  • Suppliers & Distributors
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