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Power Transformer Market Size
Power Transformer Market was valued at USD 20.7 billion in 2023 and is projected to grow at a CAGR of 6.7% from 2024 to 2032, owing to the increasing demand for electricity along with rapid urbanization and industrialization, particularly in emerging economies. Additionally, investments and technological advancements in smart grids and grid automation are fostering the adoption of advanced power transformers.
Government initiatives and regulatory policies aimed at reducing carbon emissions and improving energy efficiency further bolster the market growth, as they encourage the deployment of high-efficiency transformers. The global shift towards renewable energy sources, such as wind and solar power, necessitates the integration of power transformers into the grid for efficient energy transmission and distribution. Aging power infrastructure in developed regions is also prompting significant investments in modernization and replacement projects.
What is the size of the Asia Pacific power transformer market?
Asia Pacific power transformer industry is projected to surpass USD 18 billion by 2032 due to rapid industrialization and urbanization across countries like China, India, and Southeast Asia in the region.
Why is the demand for shell core power transformer growing?
Power transformer industry from the shell core segment is expected to reach over USD 14 billion by 2032, due to featuring a streamlined design that reduces their overall size and weight compared to traditional transformers, while maintaining or even enhancing their electrical performance.
How big is the power transformer market?
The market size of power transformer was worth USD 20.7 billion in 2023 and is expected to register 6.7% CAGR from 2024-2032 owing to the increasing demand for electricity due to rapid urbanization and industrialization, particularly in emerging economies worldwide.
Who are the key leaders in the power transformer industry?
Bharat Bijlee Limited, CG Power & Industrial Solutions Ltd., Celme S.r.l., DAIHEN Corporation, Grupo Comtrafo, General Electric, Hitachi Energy Ltd., Hyosung Heavy Industries, and Hammond Power Solutions, are some of the major power transformer companies worldwide.