Global Power Transformer Market to Reach US$ 42.4 Billion by 2032, Stimulated by Increasing Demand for Electricity

August 28, 2023 | Electronics and Semiconductors

According to the latest report by IMARC Group, titled “Power Transformer Market Report by Core (Closed, Shell, Berry), Insulation (Gas, Oil, Solid, Air, and Others), Phase (Single, Three), Rating (100 MVA To 500 MVA, 501 MVA To 800 MVA, 801 MVA To 1200 MVA), Application (Residential and Commercial, Utilities, Industrial), and Region 2024-2032,” the global power transformer market size reached US$ 24.8 Billion in 2023. A power transformer is a vital electrical device that plays a pivotal role in electricity distribution and transmission networks. It serves as a crucial link between power generators, substations, and end-users by transforming voltage levels to facilitate efficient and safe electricity transfer. Power transformers operate on the principle of electromagnetic induction, converting electrical energy from one voltage level to another, enabling long-distance power transmission while minimizing energy loss. These transformers consist of primary and secondary coils wound around a core made of laminated steel, which enhances the transformer's efficiency by reducing magnetic losses. When high-voltage electricity enters the primary coil, it generates a magnetic field that induces a corresponding voltage in the secondary coil, albeit at a different voltage level.


Global Power Transformer Market Trends:

The global market is driven by the increasing demand for electricity, fueled by rapid industrialization, urbanization, and technological advancements. As economies expand, the need for efficient power transmission and distribution systems becomes paramount, propelling the demand for power transformers that play a crucial role in voltage conversion and grid stability. Moreover, the global push towards renewable energy sources has significantly impacted the market. Integration of renewable energy, such as wind and solar, into the grid, requires efficient power transformation to match varying energy outputs with demand. Power transformers facilitate this integration by stepping up or down the voltage as required, thereby contributing to a more resilient and adaptable energy landscape. Furthermore, the rising awareness of energy conservation and the emphasis on reducing energy losses during transmission and distribution further fuel the demand for advanced power transformers. These transformers minimize energy losses, improve overall system efficiency, and contribute to energy saving. Looking forward, the market value is projected to reach US$ 42.4 Billion by 2032, expanding at a CAGR of 6.14% during 2024-2032.  


Market Summary:

  • Based on the core, the market has been segmented into closed, shell, and berry. Currently, the shell represents the largest market segment.
  • On the basis of the insulation, the market has been divided into gas, oil, solid, air, and others. Among these, oil insulation exhibits a clear dominance in the market.   
  • Based on the phase, the market has been bifurcated into single and three. Among these, three phase accounts for the largest market share.
  • On the basis of the rating, the market has been divided into 100 MVA to 500 MVA, 501 MVA to 800 MVA, and 801 MVA to 1200 MVA. Among these 100 MVA to 500 MVA exhibit a clear dominance in the market.
  • On the basis of the application, the market has been divided into residential and commercial, utilities, and industrial. Among these, industrial exhibits a clear dominance in the market.  
  • Region-wise, the market has been segmented into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. Among these, Asia Pacific holds the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being Bharat Heavy Electricals Limited, Daihen Corporation, General Electric Company, Hitachi Ltd., Hyosung Heavy Industries Corporation, Hyundai Electric & Energy Systems Co. Ltd., Kirloskar Electric Co. Ltd., Mitsubishi Electric Power Products Inc. (Mitsubishi Electric Corporation), Schneider Electric Se, Siemens Energy AG, and The Kraft Heinz Company.


Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
  • Core
  • Insulation
  • Phase
  • Rating
  • Application
  • Region 
Cores Covered Closed, Shell, Berry
Insulations Covered Gas, Oil, Solid, Air, Others
Phases Covered Single, Three
Ratings Covered 100 MVA To 500 MVA, 501 MVA To 800 MVA, 801 MVA To 1200 MVA
Applications Covered Residential and Commercial, Utilities, Industrial
Regions Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Bharat Heavy Electricals Limited, Daihen Corporation, General Electric Company, Hitachi Ltd., Hyosung Heavy Industries Corporation, Hyundai Electric & Energy Systems Co. Ltd., Kirloskar Electric Co. Ltd., Mitsubishi Electric Power Products Inc. (Mitsubishi Electric Corporation), Schneider Electric Se, Siemens Energy AG, The Kraft Heinz Company, etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.


Contact Us:

IMARC Group
134 N 4th St.
Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Power Transformer Market to Reach US$ 42.4 Billion by 2032, Stimulated by Increasing Demand for Electricity
Purchase options




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More