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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Power Transformer Market Growth
A power transformer is an electrical device which is used to transfer the electric energy between two circuits through an electromagnetic induction process. Some of its primary functions include changing voltage levels and reducing power loss during distribution and transmission, among others.
The primary driver supporting power transformer market expansion is the growing demand for electricity, which is fuelled by rapid industrialisation and urbanisation in emerging economies. As per industry reports, India's electricity consumption grew nearly 8% to about 847 billion units in the first half of 2023. Additionally, the need for grid expansion and upgradation to meet increasing electricity demand is a significant driver.
Power Transformer Market Report Snapshots
Power Transformer Market Growth
Power Transformer Market Trends
Power Transformer Market Share
Power Transformer Market Analysis
Power Transformer Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the power transformer market reached an approximate value of USD 30.97 billion.
The market is expected to grow at a CAGR of 6.8% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to USD 56.26 billion by 2032.
The major drivers of the market include rising demand for electricity, the upgradation of ageing grid infrastructure, and the expansion of transmission and distribution systems.
Key trends aiding market expansion include the growing applications of power transformers in renewable energy, increased deployment of smart power transformers, favourable government incentives and policies that are aimed at producing energy-efficient power transformers, and increased investments by market players in power transformer production plants.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Based on core types, the market is divided into closed, shell, and berry.
Key players in the market are ABB Ltd., Hitachi, Ltd., General Electric Company, Mitsubishi Electric Corporation, HD Hyundai Electric Co., Ltd., Siemens AG, Toshiba Corp., Alstom SA, Hyosung Heavy Industries Corp., CG Power and Industrial Solutions Ltd., and Bharat Heavy Electricals Ltd., among others.
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30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124