USD 45 billion
Transformers Market Size, Share, Growth Analysis, By Application(Power utilities, industrial, commercial, and residential), By Type of transformer(power transformers, distribution transformers, instrument transformers, and specialty transformers), By Size(Large, Medium, and Small), By Insulation(Liquid immersed, Dry type, Solid), By Mounting(Pad Mount Transformers, Pole Mount Transformers), By Winding(Helical, Cylindrical), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20E2022 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
171
|Figures:
80
Transformers Market Insights
Transformers Market size was valued at USD 45 billion in 2021 and is poised to grow from USD 48.2 billion in 2022 to USD 83.43 billion by 2030, growing at a CAGR of 7.1% in the forecast period (2023-2030).
Transformers are becoming popular since the Demand for electricity across the world is increasing. The demand for electricity has been on the rise due to increasing urbanization, industrialization, and population growth, making transformers a crucial component of the power sector as they play a major role in the generation, transmission, & distribution of electricity. Moreover, the growing demand for renewable energy sources like solar, wind, and hydro power has further propelled the demand for transformers, as they are necessary for stepping up or stepping down the voltage of the generated electricity to match the transmission voltage for efficient power transfer over long distances.
The adoption of smart grid technologies and the increasing focus on energy efficiency has also stimulated the growth of the transformer market. Advanced features like digital monitoring and control have been incorporated into modern transformers to enhance their efficiency, reliability, and safety. Additionally, the increasing demand for electric vehicles (EVs) has also driven the growth of the transformer market. Transformers are required to convert high-voltage power from the grid to low-voltage power for safe charging in EV charging stations, leading to a surge in demand for transformers specifically designed for this purpose. However, Transformers are associated with certain disadvantages, such as high manufacturing and maintenance costs, particularly for large transformers used in high-voltage transmission lines. As a result, consumers may experience higher electricity prices. Additionally, transformers can be cumbersome and heavy, making them challenging to transport and install in certain areas, which can increase installation costs or restrict their use in certain locations.
US Transformers Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Industrial
Fastest Growth
Industrial
Growth Rate
7.1% CAGR
Global Transformers Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Transformers Market Segmental Analysis
Global Transformers market is segmented on the basis of application, type of transformer, size, insulation, mounting, winding, and region. Based on application, the market is segmented into power utilities, industrial, commercial, and residential. Based on Type of transformer, the market is segmented into power transformers, distribution transformers, instrument transformers, and specialty transformers. Based on size, the market is segmented into large, medium, and small. Based on insulation, the market is segmented into Liquid immersed, dry type, and solid. Based on mounting, the Transformers Market is segmented into Pad mount transformers and pole mount transformers. Based on winding, the market is segmented into Helical and Cylindrical. By region, the Transformers Market is segmented into North America, Europe, Asia Pacific, Middle East and
Transformers Market Analysis by Application
By application, the global market is divided into many segments such as power utilities, industrial, commercial, and residential. The industrial sub-segment accounted for the largest market share in 2022, and is expected to exhibit the highest growth rate during the forecast period. Power transformers play a critical role in ensuring safe, reliable, and accurate electricity usage in industrial settings. The growing adoption of smart transformers has given market players a competitive advantage in the industrial transformer segment.
Furthermore, the substantial global investment in energy generation, industrialization, and urbanization has prompted market players to allocate resources to research and development for the creation of eco-friendly transformers.
Global Transformers Market By Application
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Transformers Market Regional Insights
The Asia Pacific region accounted for the highest share of the global power transformer industry and is projected to grow at a CAGR of 7.9% by 2030. The regional growth can be attributed to the rapid economic development and an increased need for reliable and uninterrupted power supply due to the rise in population. To cater to the growing need for electricity as a result of fast industrialization and urbanization, China is expanding its existing electrical transmission and distribution system.The expansion of new transmission lines and substations to close the energy demand and supply gap is driving the power transformer industry in China. Furthermore, with growing concerns over greenhouse gas emissions and their environmental impact, the Asia Pacific region is expected to present attractive growth prospects in the power transformer industry. Increased industrialization, infrastructure development, and construction activities have led to an increased demand for power transformers in the region. Rising energy demand and a growing focus on the production of renewable electric power are the two primary factors driving the market expansion in the region. Additionally, the Asia Pacific region remains one of the world's leading energy producers, making it a lucrative market for power transformer manufacturers.
Global Transformers Market By Region
- Largest
- Fastest
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Transformers Market Dynamics
Transformers Market Drivers
Renewable Energy Integration to Bolster Market Growth
- The worldwide trend towards cleaner and sustainable energy has led to a surge in the integration of renewable energy sources into power grids. This integration requires transformers to connect the intermittent power generated from sources such as wind and solar to the grid, which drives up the demand for transformers. Renewable energy integration is a crucial component of the global push towards decarbonization and reducing greenhouse gas emissions. Renewable energy sources are often located in remote areas, making it necessary to transport the electricity they generate over long distances to where it's needed. This requires a robust power transmission and distribution infrastructure, which relies on transformers to step-up or step-down the voltage to the appropriate levels. The growing demand for renewable energy integration has created opportunities for transformer manufacturers to develop new technologies and solutions that can better accommodate the unique characteristics of renewable energy sources. For example, transformers designed for wind power generation often have special features to deal with the highly variable output of wind turbines. As a result, governments and energy companies around the world are investing heavily in renewable energy integration, driving up the demand for transformers.
Transformers Market Restraints
High Maintenance Cost to Hinder Market Growth
- The transformer market is constrained by various factors that could limit its growth potential. These include the high costs associated with manufacturing and installing transformers, particularly those that are high-voltage or specialized. These costs could discourage some potential customers from investing in new transformers, which could negatively impact market growth. Moreover, transformers require regular maintenance to ensure they continue to operate efficiently and reliably. This can be particularly costly for large power transformers that require specialized maintenance equipment and skilled personnel. The high initial costs of manufacturing and installing transformers, as well as the ongoing maintenance costs, are significant restraints that could limit the growth potential of the transformer market. Manufacturers and other stakeholders in the industry must be aware of these factors and develop strategies to address them effectively, such as exploring more cost-effective manufacturing processes and developing more sustainable maintenance practices
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Transformers Market Competitive Landscape
In the coming years, the competition in the global transformer market is expected to intensify as new players enter the market and the number of devices compatible with transformers increases. Currently, only a few key players dominate the global market, but this is likely to change as more companies seek to enter the market and offer their services.This increasing competition can drive innovation and lead to the development of new and improved transformer technologies and solutions, benefiting customers by providing them with more options to choose from.However, it can also result in market saturation and lower profit margins for manufacturers as they compete for market share.To remain competitive, transformer manufacturers will need to stay ahead of the curve by investing in research and development, expanding their product portfolios, and improving their manufacturing processes. They may also need to explore new business models and partnerships to differentiate themselves from their competitors and capture new market opportunities.
Transformers Market Top Player’s Company Profiles
- ABB Ltd.
- Siemens AG
- Schneider Electric SE
- General Electric (GE) Company
- Mitsubishi Electric Corporation
- Hitachi Ltd.
- Toshiba Corporation
- Hyundai Electric & Energy Systems Co., Ltd.
- Bharat Heavy Electricals Limited (BHEL)
- SPX Transformer Solutions, Inc.
- Hammond Power Solutions Inc.
- SGB-SMIT Group
- Virginia Transformer Corp.
- Wilson Power Solutions Ltd.
- Kirloskar Electric Company Limited
- CG Power and Industrial Solutions Limited
- TBEA Co., Ltd.
- Crompton Greaves Limited (CG)
- Schneider Electric India Pvt. Ltd.
- HICO America Inc.
Transformers Market Recent Developments
- In October 2022, NTPC Renewable Energy Limited (NTPC REL), a subsidiary of NTPC LTD, awarded Hitachi Energy India Limited (Hitachi Energy) a contract to supply power transformers for their upcoming 4.75 GW renewable energy park in Gujarat. This renewable energy park is part of India's largest solar park, covering an area of 72,600 hectares in Kutch, and is a significant step towards achieving the country's goal of a carbon-neutral future..
Transformers Key Market Trends
- The adoption of smart transformer technologies is increasing, as utilities seek to improve their grid efficiency, reliability, and flexibility. These technologies are designed with features such as remote monitoring, advanced control systems, and condition-based maintenance. By using these technologies, utilities can monitor and manage transformers in real time, enabling them to detect potential issues before they become critical and optimize transformer performance. Overall, the increasing adoption of smart transformer technologies is expected to drive innovation in the transformer market, and help utilities meet the growing demand for electricity.
Transformers Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
Our analysis of the global transformer market suggests that it is poised for substantial growth during the forecast period, driven by various factors. The demand for electricity has been increasing steadily due to population growth, urbanization, and industrialization, making transformers a crucial component of the power sector. Transformers play a vital role in the generation, transmission, and distribution of electricity. Additionally, the growing demand for renewable energy sources, such as solar, wind, and hydropower, has further fueled the demand for transformers. This is because transformers are necessary for stepping up or stepping down the voltage of the generated electricity to match the transmission voltage for efficient power transfer over long distances. Furthermore, transformers can enhance the convenience of devices for their users. Given the high expected rate of growth and demand, the market presents significant potential for new players to enter and establish themselves.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 45 billion |
| Market size value in 2031 | USD 83.43 billion |
| Growth Rate | 7.1% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Transformers Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Transformers Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Transformers Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Transformers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Transformers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Transformers Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Transformers Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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