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Report Overview
The global power transformer market reached approximately USD 30.97 Billion in 2024. The market is estimated to grow at a CAGR of 6.80% in the forecast period of 2025-2034, reaching a value of around USD 59.79 Billion by 2034.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
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In 2022, the total worldwide electricity production was nearly 29,000 TWh, driving the demand for reliable power transformers to supply electricity.
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As per industry reports, the total electricity generation in the United States was around 4,000 TWh in 2023.
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Delhi, India recorded its highest-ever peak power demand of 8,302 MW on June 14, 2024, which has driven discoms' reliance on advanced power transformers.
Power Transformer Market Trends
Growing applications of power transformers in the transmission and distribution of electricity generated by renewable energy sources such as solar and wind power is one of the prominent trends in the market. Several grid infrastructures are leveraging transformers to effectively use renewable energy for achieving a carbon-neutral future. The International Energy Agency also forecasted that low carbon emission energy sources (wind, solar, nuclear, and hydro) will account for almost 50% of global power sources by 2026. This shift towards renewable energy sources necessitates the integration of power transformers into the existing electrical grid to facilitate efficient transmission and distribution of electricity.
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 2024, the power transformer market reached an approximate value of USD 30.97 Billion.
The market is expected to grow at a CAGR of 6.80% between 2025 and 2034.
The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to USD 59.79 Billion by 2034.
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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