Global Heavy Electrical Equipment Transformer Market Growth 2025-2031

The global Heavy Electrical Equipment Transformer market size is predicted to grow from US$ 23790 million in 2025 to US$ 36210 million in 2031; it is expected to grow at a CAGR of 7.3% from 2025 to 2031.

Heavy Electrical Equipment Transformer are devices used to change voltage and are widely used in power transmission and distribution systems, especially in high-voltage, high-power power systems. They are usually used to convert high-voltage electrical energy into a low voltage suitable for users, or vice versa, to ensure that electricity can be transmitted over long distances with minimal losses while providing the appropriate voltage as needed. Heavy transformers generally handle large amounts of power, usually hundreds of kilovolt-amperes (kVA) to millions of kilovolt-amperes (MVA), and are used to provide power to large areas or industrial facilities.

In terms of product type and technology, oil-immersed transformers dominate, accounting for more than 60% of the market share; dry-type transformers have a faster growth rate, mainly due to the growth in demand in new energy, rail transit and other fields.

From the perspective of product application, power transmission and distribution transformers are the most important markets, accounting for more than 47% of the market share. In the next few years, transformers for new energy power generation and rail transit will maintain rapid growth. The electrification upgrade of industries such as steel and chemical (such as electric arc furnaces replacing blast furnaces) has driven the demand for large-capacity transformers above 63 MVA.

The major manufacturers in the global market include Hitachi Energy (ABB), Siemens, GE Vernova, Mitsuibishi Electric, Tbea, HD Hyundai Electric, Toshiba, Schneider and China XD Electric, etc., especially in the high-end field, which is mainly dominated by a few companies; there are many companies in the mid- and low-end markets, which are mainly dominated by Chinese brands. In 2024, the top five manufacturers in the global market accounted for about 37% of the market share. It is expected that in the next few years, large enterprises will focus mainly on the high-end market, have strong competitiveness, and will maintain stronger competitiveness. Due to the weak R&D investment, innovation and technological capabilities, and risk resistance capabilities of small and medium-sized enterprises, the market concentration will further increase in the next few years.

Thanks to the deepening of smart grid construction, the demand for smart transformers is gradually increasing. The research and development and production of smart transformers will become one of the development trends of the transformer industry. In the future, smart transformers will continue to be optimized and upgraded, from single-function transformers to multi-functional combined transformers; from traditional coil transformers to smart universal transformers using power electronics technology.

LP Information, Inc. (LPI) ' newest research report, the “Heavy Electrical Equipment Transformer Industry Forecast” looks at past sales and reviews total world Heavy Electrical Equipment Transformer sales in 2024, providing a comprehensive analysis by region and market sector of projected Heavy Electrical Equipment Transformer sales for 2025 through 2031. With Heavy Electrical Equipment Transformer sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Heavy Electrical Equipment Transformer industry.

This Insight Report provides a comprehensive analysis of the global Heavy Electrical Equipment Transformer landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Heavy Electrical Equipment Transformer portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Heavy Electrical Equipment Transformer market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Heavy Electrical Equipment Transformer and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Heavy Electrical Equipment Transformer.

This report presents a comprehensive overview, market shares, and growth opportunities of Heavy Electrical Equipment Transformer market by product type, application, key manufacturers and key regions and countries.

Segmentation by Type:
Oil-immersed Transformer
Dry-type Transformer
Other

Segmentation by Application:
Power Industry
Metallurgical Industry
Railway
New Energy
Others

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analysing the company's coverage, product portfolio, its market penetration.
Hitachi Energy (ABB)
Siemens
GE
Mitsuibishi Electric
Tbea
HD Hyundai Electric
Toshiba
Schneider
China XD Electric
Shandong Electrical Engineering & Equipment Group
Huapeng Transformer
Hangzhou Qiantang Riever Electric Group
SGB-SMIT
Baoding Tianwei Baobian Electric
Shihlin Electric&Engineering
WEG
Sanbian Sci-Tech
Hyosung
Eaglerise Electric & Electronic
Sojo
Shandong Dachi Electric

Key Questions Addressed in this Report

What is the 10-year outlook for the global Heavy Electrical Equipment Transformer market?

What factors are driving Heavy Electrical Equipment Transformer market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Heavy Electrical Equipment Transformer market opportunities vary by end market size?

How does Heavy Electrical Equipment Transformer break out by Type, by Application?

Please note: The report will take approximately 2 business days to prepare and deliver.