The global power transformer market size was US$ 30.5 billion in 2021. The global power transformer market is forecast to grow to US$ 51.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 7.1% during the forecast period from 2022 to 2030.

Factors Influencing the Market

The growing popularity of shell power transformers and their low-voltage applications are forecast to benefit the global power transformer market. In addition, the global power transformer market is gaining traction due to the rapidly growing distribution and generation of electricity.

Smart power transformers are forecast to gain popularity for disaster-recovery consequences. Furthermore, the rising awareness regarding renewable energy is forecast to surge the growth of the global power transformer market during the study period.

The market is growing due to the high demand for smart grids and increasing initiatives for smart grid development. Furthermore, favorable government initiatives for investing in upgrading grid infrastructure are likely to escalate the growth of the market.

Growing urbanization and rising demand for electricity will surge the growth of the power transformer industry.

COVID-19 Impact Analysis

The COVID-19 pandemic has had a negative impact on the global power transformer industry. The growth of the industry was affected by the temporary shutdown of some companies. In addition, the COVID-19 pandemic affected the production and consumption of electricity, which disrupted the supply chains and power transformer market.

Regional Analysis

Asia-Pacific power transformer market is forecast to grow at the highest growth rate due to growing industrialization in the region. In addition, the growing number of innovations and improvements to enhance the power infrastructure is likely to boost the growth of the Asia Pacific market. Furthermore, Asia Pacific is the fastest-growing market due to its growing population and favorable government initiatives to boost industrialization.

Competitors in the Market

ABB Limited
SPX Transformer Solutions Incorporated
Celme
Kirloskar Electric Co. Ltd.
Hyosung Power & Industrial Systems PG
Bharat Heavy Electricals Limited (BHEL)
Daihen Corporation
General Electric Company
Siemens AG
Schneider Electric
Mitsubishi Electric Corporation
Toshiba Corporation
CG Power and Industrial Solutions Limited
Hyundai Electric & Energy Systems Corporate Limited
Hammond Power Solutions, Inc
Voltamp Transformers Limited
Other Prominent Players
Market Segmentation

The global power transformer market segmentation focuses on Rating, Cooling Method, Core, Winding, Phase, Application, and Region.

Based on the rating, the power transformer market has been segmented into

Small Power Transformer (100-500 MVA)
Medium Power Transformer (500-800 MVA)
Large Power Transformer (more than 800 MVA)
Based on cooling method type, the power transformer market has been segmented into

Oil-Cooled Power Transformer
Air-Cooled Power Transformer
Based on core type, the power transformer market has been segmented into

Closed Power Transformer
Shell Power Transformer
Berry Power Transformer
Based on winding, the power transformer market has been segmented into

Two Winding
Auto-Transformer
Based on phase, the power transformer market has been segmented into

Single-phase
3 - phase
Based on application, the power transformer market has been segmented into

Residential & Commercial
Hotels
Hospitals
Apartments
Utility
Industrial
Railways
Cement
Power distribution
Oil & gas
Others
Based on region, the power transformer market has been segmented into

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America