
Global Power Transformer Market Report and Forecast 2024-2032
Description
Global Power Transformer Market Report and Forecast 2024-2032
Global Power Transformer Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the global power transformer market size reached a value of USD 21.30 billion in 2023. Aided by the burgeoning demand for electricity across various sectors and the push for renewable energy integration, the market is projected to further grow at a CAGR of 6.7% between 2024 and 2032 to reach a value of USD 37.93 billion by 2032.
Power transformers are critical components in electrical networks, enabling the transmission of electricity over long distances with minimal losses. They are essential for stepping up (increasing) or stepping down (decreasing) voltage levels depending on the needs of the power distribution network. The versatility and efficiency of power transformers make them indispensable in both generation and distribution networks, catering to the needs of residential, commercial, and industrial sectors.
As global populations and economies grow, so does the energy demand which fuels the power transformer market growth. Power transformers are pivotal in meeting these demands by efficiently transmitting electricity across vast networks. The global shift towards renewable energy sources, such as wind and solar, to combat climate change is a significant driver for the market. These transformers are crucial for connecting renewable energy sources to national grids and ensuring a stable energy supply.
Many developed countries are facing the need to replace ageing power infrastructure, including transformers that are nearing the end of their operational life which can propel the power transformer market expansion. This replacement drive is a critical factor in the market's growth. Energy sources, such as wind and solar, to combat climate change are a significant driver for the market. These transformers are crucial for connecting renewable energy sources to national grids and ensuring a stable energy supply.
Innovations in transformer technology, including the development of eco-friendly and smart transformers, are enhancing their efficiency and functionality. These advancements also cater to the growing need for grid modernisation and smart grid solutions. As per the power transformer market analysis, industrial and commercial growth in emerging economies is escalating the demand for reliable and efficient power supply systems, directly impacting the demand for power transformers.
The adoption of digital technologies and the Internet of Things (IoT) is another prominent trend. Smart transformers equipped with sensors and connected technologies can monitor and adjust their operation in real time, enhancing efficiency and reducing energy losses. As per the power transformer market outlook, these technologies also support advanced grid management systems by providing critical data on power usage, transformer health, and operational efficiency.
Material science innovations are leading to the development of transformers that are more efficient, durable, and capable of handling higher energy loads. High-grade electrical steels, amorphous metals, and advanced insulation materials help reduce core losses and improve overall energy efficiency. These materials also contribute to the longevity and reliability of transformers, which can boost the power transformer market share.
Environmental sustainability is a growing concern that is influencing the power transformer market. Eco-friendly transformers that utilise non-toxic and biodegradable insulating oils are becoming more common. Additionally, designs that minimize electromagnetic emissions and are more energy-efficient are in demand, driven by stricter environmental regulations and a general shift towards more sustainable practices.
The Asia-Pacific region is currently leading the global power transformer market, driven by rapid industrialization and urbanization in countries like China and India. North America and Europe also hold significant market shares, supported by stringent energy efficiency regulations and the need to replace old infrastructure.
Market Segmentation
The market can be divided based on core type, insulation type, phase, rating, application, and region.
Market Breakup by Core Type
- Closed
- Shell
- Berry
- Gas
- Oil
- Solid
- Air
- Other
- Single
- Three
- 100 MVA to 500 MVA
- 501 MVA to 800 MVA
- Above 800 MVA
- Residential and Commercial
- Utilities
- Industrial
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global power transformer market. Some of the major players explored in the report by Expert Market Research are as follows:
- 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
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Table of Contents
176 Pages
- 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
Pricing
Currency Rates
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