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Transformer Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Publisher Global Market Insights
Published Feb 07, 2025
Length 277 Pages
SKU # GMI19969842

Description

The Global Transformer Market was valued at 58.89 billion in 2023 and is projected to grow at a CAGR of 7% during 2024 - 2032. This growth is fueled by rising industrialization, increasing urbanization, and an expanding power infrastructure across the region. Key factors contributing to this growth include the heightened demand for distribution transformers, the preference for two-winding winding designs, and the growing adoption of shell core transformers in the energy and utilities sector.

The distribution transformer segment generated USD 30.1 billion in 2023 due to the increasing need for reliable and efficient power distribution systems. Distribution transformers play a crucial role in reducing high-voltage power from transmission lines to lower voltages suitable for use in homes, businesses, and industries. With rapid urbanization and industrial development across countries like China, India, and Japan, the demand for reliable power distribution infrastructure is surging.

Distribution transformers are key to improving power reliability, reducing transmission losses, and ensuring stable electricity supply to end-users. With governments and private enterprises investing heavily in power grid modernization and rural electrification projects, the demand for distribution transformers is set to increase exponentially in the coming years.

The two-winding transformer segment will generate USD 56.8 billion in 2032 due to its versatility, cost-effectiveness, and suitability for a wide range of applications. In a two-winding transformer, primary and secondary windings are separated, which allows for efficient voltage transformation between two circuits. This winding design is widely used in power transmission and distribution networks, as well as in industrial and residential power systems.

Two-winding transformers are especially popular in the distribution transformer sector, where they are utilized to lower voltage from transmission networks to distribution levels. Their ability to handle a broad spectrum of load capacities and voltage requirements makes them the preferred choice for both urban and rural power distribution applications.

The demand for shell core transformers generated USD 22.4 billion in 2023 as it offers improved efficiency and reliability compared to other designs. Shell core transformers, which have the windings placed around a central core, offer better performance by providing enhanced electrical insulation, greater magnetic flux control, and better mechanical strength. These characteristics make them ideal for use in high-voltage and large power systems.

Asia-Pacific Transformer Market generated USD 22.3 billion in 2023, the growing emphasis on improving the efficiency and reliability of the power grid, particularly in emerging economies, has led to an increased demand for shell core transformers. These transformers are being deployed in both the transmission and distribution sectors, where they help to meet the region’s expanding energy requirements.

Asia-Pacific is expected to be the largest and fastest-growing market for transformers due to rapid industrialization, urbanization, and the need for improved energy infrastructure. The demand for distribution transformers, along with two-winding and shell core models, is being driven by several factors, including the expansion of power generation and transmission networks, government investments in grid modernization, and the increasing adoption of renewable energy sources.

Countries such as China, India, and Japan are at the forefront of this growth. China and India, with their large populations and fast-developing infrastructure, are heavily investing in power distribution systems, particularly in rural and underserved areas. This is fueling the demand for reliable distribution transformers to ensure widespread access to electricity. Additionally, Japan's emphasis on technological advancement in the energy sector is contributing to the growth of transformer adoption, particularly in the high-voltage and industrial segments.

Table of Contents

277 Pages
Chapter 1 Research Methodology
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Market estimates & forecast parameters
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market Definitions
Chapter 2 Executive Summary
2.1 Industry synopsis, 2019 - 2032
2.1.1 Business trends
2.1.2 Core trends
2.1.3 Product trends
2.1.4 Winding trends
2.1.5 Cooling trends
2.1.6 Insulation trends
2.1.7 Voltage trends
2.1.8 Rating trends
2.1.9 Mounting trends
2.1.10 Application trends
2.1.11 Regional trends
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.2.1 North America
3.2.1.1 U.S.
3.2.1.1.1 Electricity reliability Standards
3.2.1.1.2 National Electrical Manufacturers Association (NEMA) Standards
3.2.1.1.4 Technical Specifications for 60 MVA ONAN Rated 3-Phase Power Transformer
3.2.1.1.5 Installation/Service Conditions
3.2.1.1.6 Location and Arrangement of Power Transformers and Regulators
3.2.1.1.6.1 Outdoor Installations
3.2.1.1.6.2 Indoor Installations
3.2.1.1.7 Short-Circuit Protection of Power Transformers
3.2.1.1.7.1 Standards
3.2.1.2 Canada
3.2.1.2.1 Canadian Electrical Code (CEC)
3.2.1.2.2 Canadian Standards Association (CSA)
3.2.2 Europe
3.2.2.1 EU Ecodesign Directive
3.2.2.1.1 Annex 1
3.2.2.1.2 Annex 2
3.2.2.1.3 Annex 3
3.2.2.1.4 Annex 4
3.2.2.2 Commission Regulation (EU) 2019/1783
3.2.2.2.1 Regulation (EU) No 548/2014 is amended as follows:
3.2.2.2.2 Annex 1: Annex I is replaced by the following.
3.2.2.2.3 Annex 2: Annex II is replaced by the following
3.2.2.2.4 Annex 3: Annex III is replaced by the following
3.2.2.2.5 Annex 4: Annex IV is replaced by the following:
3.2.2.2.6 International Electrotechnical Commission (IEC) and British Standards:
3.2.2.2.6.1 IEC 76 (IEC 60076): Power Transformers - General
3.2.2.2.6.2 IEC 354 (IEC 60076-3): Power Transformers - Insulation Levels, Dielectric Tests and External Clearances in Air
3.2.2.2.6.3 IEC 726 (IEC 60076-8): Power Transformers - Application Guide
3.2.2.3 Germany
3.2.2.3.1 DIN EN Standards
3.2.2.3.2 Grid Code Compliance
3.2.2.3.3 German Energy Act (Energiewirtschaftsgesetz - EnWG)
3.2.2.4 Russia
3.2.2.4.1 GOST
1516.1-76
3.2.3 Asia Pacific
3.2.3.1 India
3.2.3.1.1 Technical standards for construction of electrical plants and lines (Regulation 37)
3.2.3.1.2 Technical standards for construction of sub-stations and switchyards (Regulation 41-C)
3.2.3.1.2.1 Regulation 43
3.2.3.1.2.2 Regulation 54
3.2.3.1.3 Energy Conservation Building Code - Transformers
3.2.3.1.4 Bureau of Indian Standards (BIS)
3.2.3.2 China
3.2.3.2.1 The Electric Power Law of the People's Republic of China
3.2.3.2.2 Electrical and Mechanical Services Department (EMSD)
3.2.3.2.3 GB 1094
3.2.3.2.4 GB 6451: specification and technical requirements for oil- immersed power transformers:
3.2.3.2.5 DL/T 846: The Guide for Maintenance of Power Transformers
3.2.3.2.6 National Energy Administration (NEA) Regulations
3.2.3.3 Australia
3.2.3.3.1 Australian Standard
3.2.3.3.1.1 General (IEC 60076-1, Ed.
2.1 (2000) MOD)
3.2.3.4 Nigeria
3.2.3.4.1 Nigerian Electricity Supply and Installation Standards Regulations 2015
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Refurbishment demand for existing grid infrastructure
3.3.1.2 Growing deployment of renewable energy
3.3.1.3 Increasing demand for electricity
3.3.1.4 Growing investment toward expansion of electricity networks
3.3.2 Industry pitfalls and challenges
3.3.2.1 High initial cost
3.4 Growth potential analysis
3.5 Porter's Analysis
3.5.1 Bargaining power of suppliers
3.5.2 Bargaining power of buyer
3.5.3 Threat of new entrants
3.5.4 Threat of substitutes
3.6 PESTEL Analysis
Chapter 4 Competitive Landscape, 2024
4.1 Introduction
4.2 Strategic dashboard
4.2.1 Hitachi Energy
4.2.1.1 Expansion
4.2.1.2 Supply contract
4.2.1.3 Investment
4.2.2 General Electric
4.2.2.1 Partnership
4.2.2.2 Agreement
4.2.2.3 Business expansion
4.2.2.4 Installation/supply
4.2.2.5 Acquisition
4.2.3 IMEFY Group
4.2.3.1 Contract
4.2.3.2 Partnership
4.2.3.3 Installation/supply
4.2.3.4 Business expansion
4.2.4 Trench Group
4.2.4.1 Agreement
4.2.5 Hyosung Heavy Industries
4.2.5.1 Contract
4.2.5.2 Memorandum of Understanding
4.2.5.3 Acquisition
4.2.6 Siemens Energy
4.2.6.1 Agreement
4.2.6.2 Business expansion
4.2.6.3 Installation/supply
4.2.6.4 Acquisition
4.2.7 CG Power & Industrial Solutions Ltd.
4.2.7.1 Investment
4.2.8 Toshiba Energy Systems & Solutions Corporation
4.2.8.1 Business expansion
4.2.8.2 Contract
4.2.8.3 Agreement
4.2.9 Elsewedy Electric
4.2.9.1 Investment
4.2.9.2 Agreement
4.2.9.3 Installation/supply
4.2.9.4 Contract
4.2.9.5 Acquisition
4.2.10 ARTECHE
4.2.10.1 Agreement
4.2.10.2 Business expansion
4.2.11 Eaton
4.2.11.1 Investment
4.2.11.2 Acquisition
4.2.12 Celme S.r.l
4.2.12.1 Project development
4.2.12.2 Product development
4.2.12.3 Installation/supply
4.2.13 Ormazabal
4.2.13.1 Installation/supply
4.2.13.2 Agreement
4.2.14 Schneider Electric
4.2.14.1 Acquisition
4.3 Innovation & sustainability landscape
4.3.1 Arteche
4.3.2 Schneider Electric
4.3.3 General Electric
4.3.4 IMEFY Group
4.3.5 Ormazabal
4.3.6 Siemens Energy
4.3.7 Celme S.r.l
4.3.8 IMEFY Group
Chapter 5 Market, By Core
5.1 Key trends
5.2 Closed
5.3 Shell
5.4 Berry
Chapter 6 Market, By Product
6.1 Key trends
6.2 Distribution transformer
6.3 Power transformers
6.4 Instrument transformers
6.5 Others
Chapter 7 Market, By Winding
7.1 Key trends
7.2 Two winding
7.3 Auto transformers
Chapter 8 Market, By Cooling
8.1 Key trends
8.2 Dry type
8.2.1 Self-air
8.2.2 Air blast
8.3 Oil-immersed
8.3.1 Self-cooled
8.3.2 Water cooled
8.3.3 Forced oil
8.3.4 Other
Chapter 9 Market, By Insulation
9.1 Key trends
9.2 Gas
9.3 Oil
9.4 Solid
9.5 Air
9.6 Other
Chapter 10 Market, By Voltage
10.1 Key trends
10.2 ≤ 69 kV
10.3 > 69 kV to ≤ 230 kV
10.4 > 230 kV to ≤ 765 kV
10.5 > 765 kV
Chapter 11 Market, By Rating
11.1 Key trends
11.2 ≤ 10 MVA
11.3 > 10 MVA to ≤ 100 MVA
11.4 > 100 MVA to ≤ 600 MVA
11.5 > 600 MVA
Chapter 12 Market, By Mounting
12.1 Key trends
12.2 Pad
12.3 Pole
12.4 Others
Chapter 13 Market, By Application
13.1 Key trends
13.2 Residential
13.3 Commercial & industrial
13.4 Utility
Chapter 14 Market, By Region
14.1 Key trends
14.2 North America
14.3 Europe
14.4 Asia Pacific
14.5 Middle East & Africa
14.6 Latin America
Chapter 15 Company Profiles
15.1 ABB
15.1.1 Global overview
15.1.2 Market/business overview
15.1.3 Financial data
15.1.4 Product landscape
15.1.5 SWOT analysis
15.2 Arman Inc.
15.2.1 Global overview
15.2.2 Market/business overview
15.2.3 Financial data
15.2.4 Product landscape
15.2.5 SWOT analysis
15.3 ARTECHE
15.3.1 Global overview
15.3.2 Market/business overview
15.3.3 Financial data
15.3.4 Product landscape
15.3.5 Strategic outlook
15.3.6 SWOT analysis
15.4 Celme S.r.l
15.4.1 Global overview
15.4.2 Market/business overview
15.4.3 Financial data
15.4.4 Product landscape
15.4.5 Strategic outlook
15.4.6 SWOT analysis
15.5 CG Power & Industrial Solutions Ltd.
15.5.1 Global overview
15.5.2 Market/business overview
15.5.3 Financial data
15.5.4 Product landscape
15.5.5 Strategic outlook
15.5.6 SWOT analysis
15.6 DAIHEN Corporation
15.6.1 Global overview
15.6.2 Market/business overview
15.6.3 Financial data
15.6.4 Product landscape
15.6.5 SWOT analysis
15.7 Eaton
15.7.1 Global overview
15.7.2 Market/business overview
15.7.3 Financial data
15.7.4 Product landscape
15.7.5 Strategic outlook
15.7.6 SWOT analysis
15.8 Elsewedy Electric
15.8.1 Global overview
15.8.2 Market/business overview
15.8.3 Financial data
15.8.4 Product landscape
15.8.5 Strategic outlook
15.8.6 SWOT analysis
15.9 General Electric
15.9.1 Global overview
15.9.2 Market/business overview
15.9.3 Financial data
15.9.4 Product landscape
15.9.5 Strategic outlook
15.9.6 SWOT analysis
15.10 Hitachi Energy Ltd.
15.10.1 Global overview
15.10.2 Market/Business overview
15.10.3 Financial data
15.10.4 Product landscape
15.10.5 Strategic outlook
15.10.6 SWOT analysis
15.11 HYOSUNG HEAVY INDUSTRIES
15.11.1 Global overview
15.11.2 Market/business overview
15.11.3 Financial data
15.11.4 Product landscape
15.11.5 Strategic outlook
15.11.6 SWOT analysis
15.12 IMEFY Group
15.12.1 Global overview
15.12.2 Market/business overview
15.12.3 Financial data
15.12.4 Product landscape
15.12.5 Strategic outlook
15.12.6 SWOT analysis
15.13 Kirloskar Electric Company
15.13.1 Global overview
15.13.2 Market/business overview
15.13.3 Financial data
15.13.4 Product landscape
15.13.5 SWOT analysis
15.14 MEHRU
15.14.1 Global overview
15.14.2 Market/business overview
15.14.3 Financial data
15.14.4 Product landscape
15.14.5 SWOT analysis
15.15 Mitsubishi Electric Corporation
15.15.1 Global overview
15.15.2 Market/business overview
15.15.3 Financial data
15.15.4 Product landscape
15.15.5 SWOT analysis
15.16 Ormazabal
15.16.1 Global overview
15.16.2 Market/business overview
15.16.3 Financial data
15.16.4 Product landscape
15.16.5 Strategic outlook
15.16.6 SWOT analysis
15.17 Pfiffner Group
15.17.1 Global overview
15.17.2 Market/business overview
15.17.3 Financial data
15.17.4 Product landscape
15.17.5 SWOT analysis
15.18 Raychem RPG Private Limited
15.18.1 Global overview
15.18.2 Market/business overview
15.18.3 Financial data
15.18.4 Product landscape
15.18.5 SWOT analysis
15.19 Schneider Electric
15.19.1 Global overview
15.19.2 Market/business overview
15.19.3 Financial data
15.19.4 Product landscape
15.19.5 Strategic outlook
15.19.6 SWOT analysis
15.20 Siemens Energy
15.20.1 Global overview
15.20.2 Market/business overview
15.20.3 Financial data
15.20.4 Product landscape
15.20.5 Strategic outlook
15.20.6 SWOT analysis
15.21 Toshiba Energy Systems & Solutions Corporation
15.21.1 Global overview
15.21.2 Market/business overview
15.21.3 Financial data
15.21.4 Product landscape
15.21.5 Strategic outlook
15.21.6 SWOT analysis
15.22 Trench Group
15.22.1 Global overview
15.22.2 Market/business overview
15.22.3 Financial data
15.22.4 Product landscape
15.22.5 Strategic outlook
15.22.6 SWOT analysis
15.23 Voltamp Transformer
15.23.1 Global overview
15.23.2 Market/business overview
15.23.3 Financial data
15.23.4 Product landscape
15.23.5 SWOT analysis

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