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Global Power Transformer Market Size, Share, Analysis: By Core Type: Closed, Shell, Berry; By Insulation Type: Gas, Oil, Solid, Air, Other; By Phase: Single, Three; By Rating: 100 MVA to 500 MVA, 501 MVA to 800 MVA, Above 800 MVA; By Application: Residential and Commercial, Utilities, Industrial; Regional Analysis; Competitive Landscape; 2024-2032
Global Power Transformer Market Outlook
The global power transformer market size reached approximately USD 30.97 billion in 2023. The market is estimated to grow at a CAGR of 6.8% in the forecast period of 2024-2032, reaching a value of around USD 56.26 billion by 2032.
Key Trends in the Market
A power transformer is an electrical device which is used to transfer the electric energy between two circuits through an electromagnetic induction process. Some of its primary functions include changing voltage levels and reducing power loss during distribution and transmission, among others.
- Growing applications of power transformers in the transmission and distribution of electricity generated by renewable energy sources such as solar, and wind, among others, is one of the prominent power transformer market trends. Several grid infrastructures are leveraging transformers to effectively utilise renewable energy for achieving a carbon-neutral future.
- Increased deployment of smart power transformers, which can collect and analyse real-time data from the grid, predict potential issues, provide timely maintenance, and prevent system failure, is another crucial trend aiding the market expansion.
- Favourable government incentives and policies that are aimed at promoting the use of energy-efficient power transformers that can conserve energy and reduce electricity costs also provide impetus to the power transformer market growth.
Market Analysis
Based on core type, the market is divided into closed, shell, and berry. On the basis of insulation type, the market is classified into gas, oil, solid, and air, among others. Based on phase, the market is bifurcated into single and three. The power transformer market segmentation, on the basis of rating, includes 100 MVA to 500 MVA, 501 MVA to 800 MVA, and above 800 MVA.
Based on application, the market is segmented into residential and commercial, utilities, and industrial. The major regional markets of power transformer include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global power transformer market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- ABB Ltd.
- Hitachi, Ltd.
- General Electric Company
- Mitsubishi Electric Corporation
- HD Hyundai Electric Co., Ltd.
- Siemens AG
- Toshiba Corp.
- Alstom SA
- Hyosung Heavy Industries Corp.
- CG Power and Industrial Solutions Ltd.
- Bharat Heavy Electricals Ltd.
- Others
Market Share by Insulation Type
Oil-based insulation occupies a significant portion of the power transformer market share as it provides better thermal stability compared to other insulation materials and prevents the risk of overheating. Its excellent dielectric strength also makes it tolerable to high voltages and minimises the possibility of damage due to power overload.
Furthermore, the rising trend of sustainability has fuelled the demand for eco-friendly oils such as ester oils that have a better environmental footprint compared to standard mineral oils.
Market Share by Region
As per the power transformer market analysis, the Asia Pacific accounts for a substantial share of the global market due to the growing demand for electricity in the region. Factors such as rapid urbanisation, coupled with the rising requirement for uninterrupted power supply, provides lucrative opportunities for power transformer in the APAC market.
Increased industrialisation as well as the shift towards renewable energy sources in the region are also major factors driving the market. Additionally, favourable government schemes to expand power transmission and distribution in rural areas offer a positive market outlook.
Competitive Landscape
ABB Ltd., established in 1988, is a pioneer of digital technology, with its headquarters in Zurich, Switzerland. It offers services across the automotive, buildings and infrastructure, food and beverage, marine, metals, mining, and power generation sectors, among others.
Hitachi, Ltd. is a multinational electronics company, founded in 1910 and based in Tokyo, Japan. The company offers its solutions to digital IT infrastructure, social infrastructure, government and public corporations, and hyper-converged infrastructure, among others.
General Electric Company, incorporated in 1892, is a multinational corporation operating in the fields of aerospace, power, and renewable energy, among others. The company, headquartered in Boston, the United States, implements sustainable practices to reach its goal of carbon neutrality by 2030.
Other power transformer market players include Mitsubishi Electric Corporation, HD Hyundai Electric Co., Ltd., Siemens AG, Toshiba Corp., Alstom SA, Hyosung Heavy Industries Corp., CG Power and Industrial Solutions Ltd., and Bharat Heavy Electricals Ltd., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Core Type |
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| Breakup by Insulation Type |
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| Breakup by Phase |
|
| Breakup by Rating |
|
| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Power Transformer Market Analysis
8.1 Key Industry Highlights
8.2 Global Power Transformer Historical Market (2018-2023)
8.3 Global Power Transformer Market Forecast (2024-2032)
8.4 Global Power Transformer Market by Core Type
8.4.1 Closed
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Shell
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Berry
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Power Transformer Market by Insulation Type
8.5.1 Gas
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Oil
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Solid
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Air
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Other
8.6 Global Power Transformer Market by Phase
8.6.1 Single
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Three
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Power Transformer Market by Rating
8.7.1 100 MVA to 500 MVA
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 501 MVA to 800 MVA
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Above 800 MVA
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.8 Global Power Transformer Market by Application
8.8.1 Residential and Commercial
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Utilities
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Industrial
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.9 Global Power Transformer Market by Region
8.9.1 North America
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Europe
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 Asia Pacific
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Latin America
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Middle East and Africa
8.9.5.1 Historical Trend (2018-2023)
8.9.5.2 Forecast Trend (2024-2032)
9 North America Power Transformer Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Power Transformer Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Power Transformer Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Power Transformer Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Power Transformer Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Trade Data Analysis (HS Code: 8504)
15.1 Major Importing Countries
15.1.1 By Volume
15.1.2 By Value
15.2 Major Exporting Countries
15.2.1 By Volume
15.2.2 By Value
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 ABB Ltd.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Hitachi, Ltd.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 General Electric Company
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Mitsubishi Electric Corporation
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 HD Hyundai Electric Co., Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Siemens AG
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Toshiba Corp.
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Alstom SA
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Hyosung Heavy Industries Corp.
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 CG Power and Industrial Solutions Ltd.
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Bharat Heavy Electricals Ltd.
16.2.11.1 Company Overview
16.2.11.2 Product Portfolio
16.2.11.3 Demographic Reach and Achievements
16.2.11.4 Certifications
16.2.12 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Power Transformer Market: Key Industry Highlights, 2018 and 2032
2. Global Power Transformer Historical Market: Breakup by Core Type (USD Billion), 2018-2023
3. Global Power Transformer Market Forecast: Breakup by Core Type (USD Billion), 2024-2032
4. Global Power Transformer Historical Market: Breakup by Insulation Type (USD Billion), 2018-2023
5. Global Power Transformer Market Forecast: Breakup by Insulation Type (USD Billion), 2024-2032
6. Global Power Transformer Historical Market: Breakup by Phase (USD Billion), 2018-2023
7. Global Power Transformer Market Forecast: Breakup by Phase (USD Billion), 2024-2032
8. Global Power Transformer Historical Market: Breakup by Rating (USD Billion), 2018-2023
9. Global Power Transformer Market Forecast: Breakup by Rating (USD Billion), 2024-2032
10. Global Power Transformer Historical Market: Breakup by Application (USD Billion), 2018-2023
11. Global Power Transformer Market Forecast: Breakup by Application (USD Billion), 2024-2032
12. Global Power Transformer Historical Market: Breakup by Region (USD Billion), 2018-2023
13. Global Power Transformer Market Forecast: Breakup by Region (USD Billion), 2024-2032
14. North America Power Transformer Historical Market: Breakup by Country (USD Billion), 2018-2023
15. North America Power Transformer Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Europe Power Transformer Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Europe Power Transformer Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Asia Pacific Power Transformer Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Asia Pacific Power Transformer Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Latin America Power Transformer Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Latin America Power Transformer Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Middle East and Africa Power Transformer Historical Market: Breakup by Country (USD Billion), 2018-2023
23. Middle East and Africa Power Transformer Market Forecast: Breakup by Country (USD Billion), 2024-2032
24. Major Importing Countries by Volume
25. Major Exporting Countries by Volume
26. Major Importing Countries by Value
27. Major Exporting Countries by Value
28. Global Power Transformer Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 30.97 billion.
The market is projected to grow at a CAGR of 6.8% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 56.26 billion by 2032.
The major market drivers are the rising demand for electricity, the upgradation of ageing grid infrastructure, and the expansion of transmission and distribution systems.
The key trends of the market include growing applications of power transformers in renewable energy, increased deployment of smart power transformers, favourable government incentives and policies that are aimed at producing energy-efficient power transformers, and increased investments by market players in power transformer production plants.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Different core types are closed, shell, and berry.
The key players in the market are ABB Ltd., Hitachi, Ltd., General Electric Company, Mitsubishi Electric Corporation, HD Hyundai Electric Co., Ltd., Siemens AG, Toshiba Corp., Alstom SA, Hyosung Heavy Industries Corp., CG Power and Industrial Solutions Ltd., and Bharat Heavy Electricals Ltd., among others.
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