Power Transformer Market (Updated Version Available)

Power Transformer Market Size, Share & Trends Analysis, By Product Type (Shell, Core, and Berry-Type) Insulation Type (Wet and Dry), Phase (Three-Phase Transformer and Single-Phase Transformer), End Use (Industrial Plants, Power Plants, and Utilities), By Region and Segment, Forecast Period 2022 - 2030

Report ID : RI_673740 | Date : February 2023 | Format : ms word ms Excel PPT PDF

This Report Includes The Most Up-To-Date Market Figures, Statistics & Data
Key Market Overview:

Power transformer market size was worth over USD 34.6 Billion in 2022 and is anticipated to reach over USD 63.2 Billion by 2030, growing at a CAGR of 7.8% during the forecast period (2022-2030).

A power transformer is an electrical component used to transfer electrical power from one circuit to another through electromagnetic induction. The transformer is used to change the voltage level of alternating current (AC) power in electric power transmission and distribution systems. Power transformers are designed to step up or step down the voltage level as per the requirement of the electrical system. This helps in reducing transmission losses and in the distribution of power over long distances.

Further, power transformers help to reduce voltage fluctuations, harmonics, and other power quality issues, which improves the performance of the electrical system and prevents equipment failures. Also, such transformers are designed to be highly energy efficient which helps in the reduction of overall energy consumption of the electrical system by decreasing carbon footprint. Moreover, power transformers are designed to meet safety standards to reduce the risk of electrical fires and other safety hazards.

Moreover, the current circumstances of the power transformer market are anticipated to witness an increase over the forecast period. Market players have an opportunity to establish strong distribution networks to ensure that their products are widely available and accessible to customers in terms of business operation expansion. As the power transformer industry continues to grow, there are several opportunities for manufacturers to consolidate the market through mergers, acquisitions, and partnerships.

Report AttributesReport Details
Study Timeline2016-2030
Market Size in 2030 (USD Billion)63.2 Billion
CAGR (2022-2030)7.8 %
Base Year2021
By Product TypeShell, Core, and Berry-Type
By Insulation TypeWet and Dry
By PhaseThree-Phase Transformer and Single-Phase Transformer
By End UseIndustrial Plants, Power Plants, and Utilities
By Geography
  • Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]

  • Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey]

  • North America [United States, Canada, Mexico]

  • Middle East & Africa [GCC, North Africa, South Africa]

  • South America [Brazil, Argentina, Columbia, Chile, Peru]
  • Key PlayersGeneral Electric, Siemens, Mitsubishi Electric Power Products, Inc. , Toshiba, Schneider Electric, Hitachi Energy, Hyundai Heavy Industries, TBEA, Wilson Power Solutions, KRYFS, Kirloskar Electric Co. Ltd., EMCO Electronics Ltd., Bharat Heavy Electricals Ltd, CG Power and Industrial Solutions Ltd., ABB Ltd., Alpha Electronics

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    Market Dynamics:


    The increased development of power transmission and distribution networks, especially in developing countries such as India, Mexico, and Brazil drives the power transformer market. Further, the rising generation of renewable energy, such as wind and solar power, requires a reliable and efficient power transmission system, which fuels the demand for power transformers. Such renewable energy adoption is accelerated by government policies and regulations in terms of effective deployment of sustainable energy sources and infrastructure, which results in an increased power transformer market due to common


    Power transformers are capital-intensive products, and the high initial costs associated with their installation and maintenance hinder market growth. Also, the power transformer market is dependent on a limited supply of raw materials such as copper and steel, which mainly limits the overall power production which results in such high costs. The large presence of competition from alternative technologies such as solid-state transformers, which can offer increased efficiency and lower costs also mainly hampers the wide adoption of power transformers.


    The scope of introducing the integration of smart grid technology within industrial as well as residential infrastructure is anticipated to create lucrative opportunities for advanced power transformers with high-end features. Moreover, several countries are heavily investing in upgrading their aging power infrastructure, including power transformers, which is expected to create opportunities for market growth in terms of efficient power transmission.

    Power Transformer Market Segmentation:

    By Products Types

    The product type is segmented into shell, core, and berry types. The core type segment is anticipated to contribute substantial shares to the market growth during the forecast period. The core type transformers witness favorable usage in various applications due to their ease of disassembly for maintenance and repair purposes. Also, such transformers exhibit efficient natural cooling which makes them suitable for high-voltage applications. Thus, core-type transformers growth is mainly attributed to the large usage of distribution and power transformers due to mentioned properties. Moreover, the berry-type segment is also projected to support the market growth in terms of volume. A Berry transformer, also known as a toroidal transformer, is a popular type of electronic transformer used in a variety of home appliances and other electronics. Thus, increased demand for consumer electronics among the population is expected to support the demand for berry transformers to meet demanding technical requirements.

    By Insulation Type

    The insulation type segment is bifurcated into wet and dry. The dry segment contributed the largest shares to the market growth over the forecast period. Dry transformers, also known as cast resin type transformers are primarily equipped within industrial facilities due to the uniform conduction, low risks of fire hazard, and recoverable insulation performance of the oil. Thus, small and medium voltage applications such as the ones in the utility, industrial, and commercial sectors, frequently use dry-type transformers due to their suitability for such applications. Further, the wet-type segment is also projected to support the market growth in terms of value. Wet-type transformers mainly use oil or mineral oil and fans to reduce high-temperature hot spots in the unit\'s coils. Other wet-type transformers also use silicone or hydrocarbons as a safe alternative to such oils. Thus, liquid transformers are ideal for medium-voltage and high-voltage applications in terms of extending the lifespan of systems by temperature maintenance.

    By Phase

    The phase segment is divided into a three-phase transformer and a single-phase transformer. Three-phase transformers segment is anticipated to support the power transformer market statistics in terms of the largest shares contribution. The factors such as lightweight, compact size, and high power delivery as compared to single-phase transformers are major contributors to the segment growth. Also, the easy installation due to the availability of Pre-wired three-phase transformers supports the wide usage of such transformers for broad power distribution. Moreover, the single-phase transformer segment is also anticipated to contribute substantial shares to the market growth during the forecast period. The single-phased transformers are widely used for decelerating power transmission over long distances along with the localized transmission of currents within power levels. Thus, such transformers are appropriate for residential as well as light-commercial applications due to mentioned properties.

    By End Use

    The end-user segment is categorized into industrial plants, power plants, and utilities. The power plants segment contributed the largest shares to the market growth in 2021. In the context of power plants, unit auxiliary transformers are used as power transformers to provide power to the auxiliaries of the station during normal operation. Thus, increased reliance on such transformers during servicing or major replacement of equipment in power plants supports the demand for power transformers. Moreover, utility industries are also expected to support market growth during the forecast period in terms of volume. Power transformers and reactors play a critical role in maintaining the reliability and electricity availability of the grid. Thus, the increased need for transformers to control high current voltages in power grids supports the demand for such power transformers.

    By Region

    The regional segment comprises Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. Asia Pacific contributed the largest share of the market growth in 2021. The growing expenditures by public and private ventures to generate new power grid expansion projects to support high industrial demand boosts the market growth in the Asia Pacific region. Further, growing government initiatives and incentives for green, sustainable power energy generation and adoption also accelerate the market growth. Also, the large presence of the solar and electricity industry fuels the demand for power transformers, especially in countries such as China and India.

    Moreover, North America is also anticipated to support the market growth in terms of value. The growing adoption of technological advancements by major market players supports the demand for power transformers in this region. Also, the large presence of market players in this region results in increased expenditures in technology advancements for upgrading existing power grids.

    Power Transformer Market Competitive Landscape:

    The competitive landscape of the power transformer market is highly fragmented, with a large number of players operating globally. Some of the key players in the market include ABB Ltd., General Electric, Siemens AG, Mitsubishi Electric Corporation, Toshiba Corporation, Hyundai Heavy Industries, CG Power and Industrial Solutions, Bharat Heavy Electricals Limited (BHEL), and Hitachi, Ltd. Such players have established a strong brand image and are known for their quality products, extensive product portfolio, and strong distribution network. To maintain their position in the market, these players are continuously focusing on research and development activities, strategic partnerships, and collaborations, and expansion of business operations in new markets. Mentioned are market players currently operating in market circumstances —

    General Electric
    Mitsubishi Electric Power Products, Inc.
    Toshiba Corporation
    ABB Ltd.
    Schneider Electric
    Hitachi Energy
    Hyundai Heavy Industries
    Wilson Power Solutions
    Kirloskar Electric Co. Ltd.
    Alpha Electronics
    EMCO Electronics Ltd.
    Bharat Heavy Electricals Ltd.
    CG Power and Industrial Solutions Ltd.

    Recent Developments:

    In November 2020, an Indian state-owned engineering company named BHEL broke a new record by successfully manufacturing and testing the highest-rated auto power transformer at the National High Power Test Laboratory in Bina, Madhya Pradesh. The transformer, rated at 500 MVA, 400/220/33 kV, was designed and produced at BHELs Bhopal plant for UP Power Transmission Corporation Ltd.

    In December 2020, Efacec introduced a new modular design for existing core power transformers that promises improved optimization and efficiency. The design is expected to be applied to transformers with capacities ranging from 10MVA to 170MVA and voltages up to 400kV. Also, the design includes advanced features in external components such as improved mechanical protection, reduced noise, ultraviolet resistance, and ballistics protection.

    In January 2022, GE made a significant contribution to the upgrading of Scotlands distribution network from 275 kV to 400 kV. Also, the company played a crucial role in bringing renewable energy from various wind farm projects located off the northeast coast of Scotland to households.

    In May 2022, Hitachi Energy and a Spanish multinational named Arteche have formed a joint venture called Arteche Hitachi Energy Instrument Transformers S.L. as a step towards energy transition.

    In October 2022, Hitachi Energy India received a contract to deliver power transformers for NTPC Renewable Energys 4.75 GW largest solar park situated in Gujarat. The park covers an area of over 72,600 hectares in Kutch, with the goal of supporting India\'s initiatives toward a carbon-free future by expanding its green energy footprint.
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