Power Transformers Industry, Global, 2025–2035
Description
Strong renewable energy growth, aging grids, industrial electrification, increasing regional interconnections, and power loads from data centers have collectively driven growth in power transformers. More than 30% of large power transformers have been in operation for more than 30 years, creating high replacement demand. A lack of available manufacturing capacity worldwide, particularly in North America, has accelerated revenue growth as manufacturers have been able to charge price premiums beyond those needed to cover increases in material and manufacturing costs.
Revenues in the global power transformer market are forecast to reach $80.1 billion in 2030, double those of 2024. A number of manufacturers are investing in new plant capacity to meet the higher demand levels, but even with this, price increases will be higher than inflation. As it is, TSOs and DSOs are trying to plan ahead to secure manufacturing slots so that major projects do not face delays. China has boosted manufacturing capacity in the past decade and is now starting to export higher volumes into the wider Asian market.
Revenues in the global power transformer market are forecast to reach $80.1 billion in 2030, double those of 2024. A number of manufacturers are investing in new plant capacity to meet the higher demand levels, but even with this, price increases will be higher than inflation. As it is, TSOs and DSOs are trying to plan ahead to secure manufacturing slots so that major projects do not face delays. China has boosted manufacturing capacity in the past decade and is now starting to export higher volumes into the wider Asian market.
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