Two Winding Power Transformer Market Size - By Core (Closed, Shell, Berry), By Cooling, By Insulation (Gas, Oil, Solid, Air), By Mounting (Pad, Pole), By Application & Forecast, 2024 - 2032

Two Winding Power Transformer Market Size

Two Winding Power Transformer Market was valued at USD 11.4 billion in 2023 and is projected to expand at a CAGR of 5.9% between 2024 and 2032, fuelled by surging electricity demand in emerging economies and a worldwide shift towards renewable energy sources, notably solar and wind.
 

Additionally, developed regions are channelling investments into upgrading and modernizing their aging power infrastructure, further bolstering the market. The global embrace of smart grid technologies and the quest for improved power transmission efficiency, aimed at curbing energy loss, are also driving the heightened demand for two winding power transformers.
 

Two Winding Power Transformer Market Trends

The two winding power transformer industry is experiencing steady growth, driven by rising electricity demand, urbanization, and the expansion of renewable energy infrastructure. Key trends include an increasing focus on grid modernization and integration of smart grids, particularly in developing economies. Advancements in transformer efficiency and technology, including digital monitoring and control systems, are enhancing performance and reducing operational costs. The market is also witnessing a shift towards environmentally friendly and sustainable solutions, with a growing emphasis on reducing losses and improving energy efficiency.
 

Geographically, Asia-Pacific, particularly China and India, remains the largest market due to large-scale power projects, while Europe and North America are focusing on upgrading aging infrastructure to meet environmental standards and increasing energy demand.
 

Two Winding Power Transformer Market Analysis

The oil-immersed two winding power transformer industry is expected to exceed USD 11.5 billion by 2032, driven by growing investments in renewable energy projects and the expansion of power grids in developing economies. Urbanization and increasing electricity demand are key factors propelling the market forward. Additionally, the push for grid modernization and the need to enhance transmission efficiency are contributing to the rising adoption of these transformers. In developed regions, the replacement of aging infrastructure and adherence to stricter energy efficiency regulations are further boosting demand. These factors, combined with advancements in transformer technology, are poised to sustain robust market growth.
 

The pad-mounted transformers are expected to grow at a 5.5% CAGR through 2032. This growth is driven by the advantages of pad mounting, including enhanced safety with tamper-resistant designs, easier accessibility for maintenance, and a smaller footprint that is well-suited for urban and suburban settings. Additionally, pad-mounted transformers are more visually appealing, offering a streamlined design for ground-level installation, which reduces the need for extensive infrastructure. Their resilience in harsh environmental conditions further supports their adoption across residential, commercial, and industrial applications.
 

Asia-Pacific two winding power transformer market is likely to exceed USD 9 billion by 2032, driven by rapid industrialization and urbanization across key countries in the region, such as China, India, and Southeast Asian nations, which are fueling the demand for reliable energy supply. The rising adoption of renewable energy sources, such as solar and wind power, is also boosting the need for efficient power transformers. Additionally, government initiatives focused on upgrading aging power grids, coupled with increasing investments in smart grid infrastructure and electricity transmission networks in both urban and rural areas, are further accelerating market expansion.
 

The U.S. two winding power transformer market benefits from grid modernization, infrastructure upgrades, and increased investments in renewable energy integration. Growth is driven by the need for smart grid technologies, energy efficiency, and enhanced power reliability, especially in response to extreme weather events. These factors collectively support a robust demand for advanced power transformers across the country.
 

Two Winding Power Transformer Market Share

General Electric holds a significant share in the two winding power transformer industry, driven by its advanced technology and extensive experience in the industry. The company’s market leadership is supported by its innovation in power solutions, robust infrastructure, and strong customer base, positioning it as a key player in meeting the growing demand for efficient and reliable power transformers.
 

Two Winding Power Transformer Market Companies

Major key players operating across the two winding power transformer industry are:

• ABB
• Bharat Heavy Electricals Limited (BHEL)
• Celme S.r.l.
• CG Power & Industrial Solutions Ltd.
• General Electric
• Hyundai Electric & Energy Systems Co., Ltd.
• Hyosung Heavy Industries
• Hitachi Energy Ltd.
• JSHP Transformer
• Mitsubishi Electric Corporation
• Schneider Electric
• Siemens Energy
• Toshiba Energy Systems & Solutions Corporation
   

Two Winding Power Transformer Industry News:

• In October 2022, Hitachi Energy, a subsidiary of Hitachi, poured over USD 37 million into modernizing and expanding its power transformer manufacturing site in South Boston, Virginia. This investment added 26,000 square feet to the production space, allowing for the manufacture and design of larger transformers tailored for the renewable energy and utility markets. The upgraded facility is poised to meet the growing demands of utility customers and emerging industries.
   

This two-winding power transformer market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in Units and USD Million from 2021 to 2032, for the following segments:

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Market, By Core

• Closed
• Shell
• Berry

Market, By Cooling

• Dry type
• Oil immersed

Market, By Insulation

• Gas
• Oil
• Solid
• Air
• Others

Market, By Mounting

• Pad
• Pole
• Others

Market, By Application

• Residential
• Commercial & Industrial
• Utility

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Russia
  • UK
  • Italy
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • Egypt
  • South Africa
  • Nigeria
• Latin America
  • Brazil
  • Peru
  • Argentina