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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 Analysis by Region
The Asia-Pacific region dominated the market due to the region's rapid population growth, which have led to an increasing demand for electricity and power infrastructure
The North American market is driven by several factors, including the increasing demand for electricity in residential and commercial sectors, the need for renewable energy integration, and the modernisation of ageing infrastructure. As per industry reports, more than 60% of the power transformers in the United States are over 25 years old. This ageing infrastructure faces increased risks of failures, reduced efficiency, and higher maintenance needs, making modernisation and replacement a pressing need. Also, recently, the White House and federal government has allocated more than USD 100 billion to modernise the US electric grid, which will improve infrastructure resilience and reduce transmission and distribution losses.
According to power transformer market report, Asia Pacific accounts for a substantial share of the global market due to the growing demand for electricity in the region. Factors such as rapid urbanisation, rising requirement for uninterrupted power supply, and favourable government schemes to expand power transmission and distribution in rural areas offer a positive market outlook. In September 2023, Hitachi Energy opened its advanced transformer manufacturing facility in Liang Jiang New Area, China, to support the region's growing demand for power transformers.
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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