Transformers Market Size, Share and Trends Analysis by Technology, Installed Capacity, Generation, Key Players and Forecast to 2028

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Published: April 16, 2024 Report Code: GDPE1097EMR-ST

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Transformers Market Report Overview

The power transformers market size was $16.70 billion in 2023.  The market will grow at a CAGR of more than 7% during 2023-2028. The requirement for safe and reliable power, the rising urban population coupled with the modernization of existing power grids, and increased investments in renewable energy, besides the adoption of smart grid technology, will be the main factors aiding the growth of the global power transformer market.

Power Transformers Market Outlook, 2023-2028 ($ Billion)

Power Transformers Market Outlook, 2023-2028 ($ Billion)

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The transformers market research report analyzes the market value ($m) and market capacity (MVA) for the years 2019–2028; split between the historical period (2019–2023) and forecast period (2024–2028) across all levels. The report covers an overview of the existing manufacturers and their market share at the global and country levels. In addition, at the country level, transmission network line lengths (ckm) and substations (units), key policies and regulations, and upcoming substation projects are also presented. Profiles of major global manufacturers are also outlined in the report.

Market Size 2023 $16.70 billion
CAGR (2023-2028) >7%
Regions ·       Asia-Pacific

·       The Americas

·       The EMEA
Competitors ·       TBEA Co. Ltd.

·       Hitachi Ltd.

·       TWBB

·       Siemens AG

·       State Grid Yingda Co. Ltd.

·       Electric Co. Ltd
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Transformers Market Dynamics

Climate change initiatives and the deployment of modern technologies are resulting in a fundamental transformation in the global electricity sector. Growth in the economy and population is inextricably linked with energy consumption in developing countries. Asia-Pacific is home to two of the largest flourishing economies in the world, China and India, whose governments have initiated various reforms to shore up their faltering markets.

The power sector is changing, owing to various economic and environmental factors. Concerns about global warming, increasing consumer base, rapid urbanization, growing income, and operational efficiency are some of the factors aiding market reforms in the sector. In well-established markets, grid assets are nearing the end of their life or well past their service life, raising questions about efficiency in their performance.

Transformers Market Segmentation by Regions

The Asia-Pacific region led the power transformers and distribution transformers market in 2023.

The key regions in the transformers market are Asia-Pacific, the Americas, and the EMEA.

Asia-Pacific: The growth in population, progressive economy, fuel supply challenges, evolving consumer base, and strong demand from industrial and commercial sectors are a few of the major factors for the growth of the transformers market in the region. Countries such as China and India along with other Southeast Asian countries proposed expanding their grid networks, deploying renewables and other distributed technologies, and improving the operational performance of their power sectors.

Power Transformers Market Analysis, by Regions, 2023(%)

Power Transformers Market Analysis, by Regions, 2023(%)

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Transformers Market – Competitive Landscape

TBEA Co. Ltd. led the global power transformers market in 2023

A few of the prominent competitors in the power transformers and distribution transformers market are:

  • TBEA Co. Ltd.
  • Hitachi Ltd.
  • TWBB
  • Siemens AG
  • State Grid Yingda Co. Ltd
  • Electric Co. Ltd

Hitachi Ltd.: Hitachi is a multinational conglomerate with a presence in information technology, electronics, power systems, social infrastructure, industrial systems, and construction machinery. The company manufactures and sells information and telecom systems, power systems, social infrastructure and industrial systems, construction machinery, electronic systems and equipment, automotive systems, and smart life and eco-friendly systems. Its products and services find application in manufacturing, communications, finance, healthcare and life science, government, energy, automobile, aerospace, transportation, nuclear, and technology industries.

Power Transformers Market Analysis, by Competitors, 2023(%)

Power Transformers Market Analysis, by Competitors, 2023(%)

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Segments Covered in the Report

Transformers Market Regional Outlook (Value, $ Billion, 2023-2028)

  • Asia-Pacific
  • The Americas
  • The EMEA

Scope

The report analyses the transformers market. Its scope includes –

  • Analysis of the market growth at global and regional levels of Asia-Pacific, Americas, Europe, and Middle East and Africa.

  • The report provides market analysis for the key countries of the US, Brazil, India, China, Japan, Vietnam, Germany, the UK, Russia, and Saudi Arabia.

  • The report offers market size analysis (value and capacity) for the historical period (2014–2018) and forecast period (2019–2023).

  • It provides the competitive landscape at the global and country level for the year 2018.

  • Key market drivers and restraints, analysis of their impacts on the transformers market at global and regional levels, upcoming substations, and policies as well as regulations at the country level, and profiles of major equipment manufacturers are also discussed.

Reasons to Buy

The report will enhance your decision-making capability in a more rapid and time-sensitive manner. It will allow you to –

  • Facilitate decision-making by analyzing market data on transformers.

  • Develop strategies based on developments in the market.

  • Identify key business-development avenues, based on an understanding of market trends.

  • Respond to your competitors’ business structure, strategies, and prospects.

TBEA Co. Ltd.
Hitachi Ltd.
TWBB
Siemens AG
Xi’an XD Transformer Co.Ltd.
General Electric
Hyundai Heavy Industries Co.Ltd.
Toshiba Corporation
Crompton Greaves Limited
JSHP Transformers
Hyosung Corporation
Bharat Heavy Electricals Limited
Mitsubishi Electric Corporation
SGB-SMIT Management GmbH.
Delta Transformers Inc.
Weg Electric Equipment S.A.
Fuji Electric Co.Ltd.
Togliatti Transformer (TTZ)
SVEL
Dong Anh
Best
Iljin Electric
LSIS Co. Ltd.
Wilson
ALMACO
GETRA

Table of Contents

About GlobalData

Table of Contents

1 Executive Summary

1.1 Global Power Transformers’ Market Value likely to Reach $23.60 billion in

2028.

1.2 Global Distribution Transformers’ Market Value likely to Reach $27.73 billion in 2028

2 Introduction

2.1 Power Transformers

– Classification of Power Transformers

2.2 Distribution Transformers

2.3 Transformers, GlobalData Report Guidance

3 Transformers, Global

3.1 Transformers, Global, Market Overview

– Power Transformers, Global, Value-Chain Analysis

3.2 Transformers, Global, Market Size Analysis, 2019–2028

– Transformers, Global, Market Capacity, 2019–2028

– Transformers, Global, Market Value, 2019–2028

3.3 Transformers, Global, Competitive Landscape, 2023

– Power Transformers, Global, Competitive Landscape, 2023

– Distribution Transformers, Global, Competitive Landscape, 2023

4 Transformers, Americas

4.1 Transformers, Americas, Market Overview

4.2 Transformers, Americas, Market Size Analysis, 2019–2028

– Transformers, Americas, Market Capacity, 2019–2028

– Transformers, Americas, Market Value, 2019–2028

5 Transformers, US

5.1 Transformers, US, Market Overview

5.2 Transformers, US, Market Size Analysis, 2019–2028

– Transformers, US, Market Capacity, 2019–2028

– Transformers, US, Market Value, 2019–2028

5.3 Transformers, US, Competitive Landscape, 2023

– Power Transformers, US, Competitive Landscape, 2023

– Distribution Transformers, US, Competitive Landscape, 2023

5.4 Transformers, US, Key Upcoming Substation Projects

6 Transformers, Brazil

6.1 Transformers, Brazil, Market Overview

6.2 Transformers, Brazil, Market Size Analysis, 2019–2028

– Transformers, Brazil, Market Capacity, 2019–2028

– Transformers, Brazil, Market Value, 2019–2028

6.3 Transformers, Brazil, Competitive Landscape, 2023

– Power Transformers, Brazil, Competitive Landscape, 2023

– Distribution Transformers, Brazil, Competitive Landscape, 2023

6.4 Transformers, Brazil, Key Upcoming Substation Projects

7 Transformers, Asia-Pacific

7.1 Transformers, Asia-Pacific, Market Overview

7.2 Transformers, Asia-Pacific, Market Size Analysis, 2019–2028

– Transformers, Asia-Pacific, Market Capacity, 2019–2028

– Transformers, Asia-Pacific, Market Value, 2019–2028

8 Transformers, China

8.1 Transformers, China, Market Overview

8.2 Transformers, China, Market Size Analysis, 2019–2028

– Transformers, China, Market Capacity, 2019–2028

– Transformers, China, Market Value, 2019–2028

8.3 Transformers, China, Competitive Landscape, 2023

– Power Transformers, China, Competitive Landscape, 2023

– Distribution Transformers, China, Competitive Landscape, 2023

8.4 Transformers, China, Key Upcoming Substation Projects

9 Transformers, India

9.1 Transformers, India, Market Overview

9.2 Transformers, India, Market Size Analysis, 2019–2028

– Transformers, India, Market Capacity, 2019–2028

– Transformers, India, Market Value, 2019–2028

9.3 Transformers, India, Competitive Landscape, 2023

– Power Transformers, India, Competitive Landscape, 2023

– Distribution Transformers, India, Competitive Landscape, 2023

9.4 Transformers, India, Key Upcoming Substation Projects

10 Transformers, Japan

10.1 Transformers, Japan, Market Overview

10.2 Transformers, Japan, Market Size Analysis, 2019–2028

– Transformers, Japan, Market Capacity, 2019–2028

– Transformers, Japan, Market Value, 2019–2028

10.3 Transformers, Japan, Competitive Landscape, 2023

– Power Transformers, Japan, Competitive Landscape, 2023

– Distribution Transformers, Japan, Competitive Landscape, 2023

10.4 Transformers, Japan, Key Upcoming Substation Projects

11 Transformers, EMEA

11.1 Transformers, EMEA, Market Overview

11.2 Transformers, EMEA, Market Size Analysis, 2019–2028

– Transformers, EMEA, Market Capacity, 2019–2028

– Transformers, EMEA, Market Value, 2019–2028

12 Transformers, UK

12.1 Transformers, UK, Market Overview

12.2 Transformers, UK, Market Size Analysis, 2019–2028

– Transformers, UK, Market Capacity, 2019–2028

– Transformers, UK, Market Value, 2019–2028

12.3 Transformers, UK, Competitive Landscape, 2023

– Power Transformers, UK, Competitive Landscape, 2023

– Distribution Transformers, UK, Competitive Landscape, 2023

12.4 Transformers, UK, Key Upcoming Substation Projects

13 Transformers, Germany

13.1 Transformers, Germany, Market Overview

13.2 Transformers, Germany, Market Size Analysis, 2019–2028

– Transformers, Germany, Market Capacity, 2019–2028

– Transformers, Germany, Market Value, 2019–2028

13.3 Transformers, Germany, Competitive Landscape, 2023

– Power Transformers, Germany, Competitive Landscape, 2023

– Distribution Transformers, Germany, Competitive Landscape, 2023

13.4 Transformers, Germany, Key Upcoming Substation Projects

14 Transformers, Saudi Arabia

14.1 Transformers, Saudi Arabia, Market Overview

14.2 Transformers, Saudi Arabia, Market Size Analysis, 2019–2028

– Transformers, Saudi Arabia, Market Capacity, 2019–2028

– Transformers, Saudi Arabia, Market Value, 2019–2028

14.3 Transformers, Saudi Arabia, Competitive Landscape, 2023

– Power Transformers, Saudi Arabia, Competitive Landscape, 2023

– Distribution Transformers, Saudi Arabia, Competitive Landscape, 2023

14.4 Transformers, Saudi Arabia, Key Upcoming Substation Projects

15 Transformers, Major Company Profiles

15.1 Hitachi Ltd

15.2 Siemens AG

15.3 General Electric Co

15.4 Schneider Electric SE

15.5 TBEA Co Ltd

16 Appendix

16.1 Abbreviations

16.2 Bibliography

16.3 Research Methodology

– Power Transformers

– Distribution Transformers

16.4 Data Aggregation

– Primary Research

– Secondary Research

– Data Analysis and Findings

Contact Us

Table

Table 1: Power Transformers, Global, Market Capacity (GVA), 2019–2028

Table 2: Distribution Transformers, Global, Market Capacity (GVA), 2019–2028

Table 3: Power Transformers, Global, Market Value ($bn), 2019–2028

Table 4: Distribution Transformers, Global, Market Value ($bn), 2019–2028

Table 5: Power Transformers, Global, Competitive Landscape (%), 2023

Table 6: Distribution Transformers, Global, Competitive Landscape (%), 2023

Table 7: Power Transformers, Americas, Market Capacity (GVA), 2019–2028

Table 8: Distribution Transformers, Americas, Market Capacity (GVA), 2019–2028

Table 9: Power Transformers, Americas, Market Value ($bn), 2019–2028

Table 10: Distribution Transformers, Americas, Market Value ($bn), 2019–2028

Table 11: Transformers, US Transmission System Overview, 2019–2028

Table 12: Power Transformers, US, Market Capacity (MVA), 2019–2028

Table 13: Distribution Transformers, US, Market Capacity (MVA), 2019–2028

Table 14: Power Transformers, US, Market Value ($m), 2019–2028

Table 15: Distribution Transformers, US, Market Value ($m), 2019–2028

Table 16: Power Transformers, US, Competitive Landscape (%), 2023

Table 17: Distribution Transformers, US, Competitive Landscape (%), 2023

Table 18: Transformers, US, Key Upcoming Substation Projects

Table 19: Transformers, Brazil Transmission System Overview, 2019–2028

Table 20: Power Transformers, Brazil, Market Capacity (MVA), 2019–2028

Table 21: Distribution Transformers, Brazil, Market Capacity (MVA), 2019–2028

Table 22: Power Transformers, Brazil, Market Value ($m), 2019–2028

Table 23: Distribution Transformers, Brazil, Market Value ($m), 2019–2028

Table 24: Power Transformers, Brazil, Competitive Landscape (%), 2023

Table 25: Distribution Transformers, Brazil, Competitive Landscape (%), 2023

Table 26: Transformers, Brazil, Key Upcoming Substation Projects

Table 27: Power Transformers, Asia-Pacific, Market Capacity (GVA), 2019–2028

Table 28: Distribution Transformers, Asia-Pacific, Market Capacity (GVA), 2019–2028

Table 29: Power Transformers, Asia-Pacific, Market Value ($bn), 2019–2028

Table 30: Distribution Transformers, Asia-Pacific, Market Value ($bn), 2019–2028

Table 31: Transformers, China Transmission System Overview, 2019–2028

Table 32: Power Transformers, China, Market Capacity (MVA), 2019–2028

Table 33: Power Transformers, China, Market Capacity (MVA), 2019–2028

Table 34: Power Transformers, China, Market Value ($m), 2019–2028

Table 35: Power Transformers, China, Market Value ($m), 2019–2028

Table 36: Power Transformers, China, Competitive Landscape (%), 2023

Table 37: Distribution Transformers, China, Competitive Landscape (%), 2023

Table 38: Transformers, China, Key Upcoming Substation Projects

Table 39: Transformers, Indian Transmission System Overview, 2019–2028

Table 40: Power Transformers, India, Market Capacity (MVA), 2019–2028

Table 41: Distribution Transformers, India, Market Capacity (MVA), 2019–2028

Table 42: Power Transformers, India, Market Value ($m), 2019–2028

Table 43: Distribution Transformers, India, Market Value ($m), 2019–2028

Table 44: Power Transformers, India, Competitive Landscape (%), 2023

Table 45: Distribution Transformers, India, Competitive Landscape (%), 2023

Table 46: Transformers, India, Key Upcoming Substation Projects

Table 47: Transformers, Japan Transmission System Overview, 2019–2028

Table 48: Power Transformers, Japan, Market Capacity (MVA), 2019–2028

Table 49: Distribution Transformers, Japan, Market Capacity (MVA), 2019–2028

Table 50: Power Transformers, Japan, Market Value ($m), 2019–2028

Table 51: Distribution Transformers, Japan, Market Value ($m), 2019–2028

Table 52: Power Transformers, Japan, Competitive Landscape (%), 2023

Table 53: Distribution Transformers, Japan, Competitive Landscape (%), 2023

Table 54: Transformers, Japan, Key Upcoming Substation Projects

Table 55: Power Transformers, EMEA, Market Capacity (GVA), 2019–2028

Table 56: Distribution Transformers, EMEA, Market Capacity (GVA), 2019–2028

Table 57: Power Transformers, EMEA, Market Value ($bn), 2019–2028

Table 58: Distribution Transformers, EMEA, Market Value ($bn), 2019–2028

Table 59: Transformers, UK Transmission System Overview, 2019–2028

Table 60: Power Transformers, UK, Market Capacity (MVA), 2019–2028

Table 61: Distribution Transformers, UK, Market Capacity (MVA), 2019–2028

Table 62: Power Transformers, UK, Market Value ($m), 2019–2028

Table 63: Distribution Transformers, UK, Market Value ($m), 2019–2028

Table 64: Power Transformers, UK, Competitive Landscape (%), 2023

Table 65: Distribution Transformers, UK, Competitive Landscape (%), 2023

Table 66: Transformers, UK, Key Upcoming Substation Projects

Table 67: Transformers, Germany Transmission System Overview, 2019–2028

Table 68: Power Transformers, Germany, Market Capacity (MVA), 2019–2028

Table 69: Distribution Transformers, Germany, Market Capacity (MVA), 2019–2028

Table 70: Power Transformers, Germany, Market Value ($m), 2019–2028

Table 71: Distribution Transformers, Germany, Market Value ($m), 2019–2028

Table 72: Power Transformers, Germany, Competitive Landscape (%), 2023

Table 73: Distribution Transformers, Germany, Competitive Landscape (%), 2023

Table 74: Transformers, Germany, Key Upcoming Substation Projects

Table 75: Transformers, Saudi Arabia Transmission System Overview, 2019–2028

Table 76: Power Transformers, Saudi Arabia, Market Capacity (MVA), 2019–2028

Table 77: Distribution Transformers, Saudi Arabia, Market Capacity (MVA), 2019–2028

Table 78: Power Transformers, Saudi Arabia, Market Value ($m), 2019–2028

Table 79: Distribution Transformers, Saudi Arabia, Market Value ($m), 2019–2028

Table 80: Power Transformers, Saudi Arabia, Competitive Landscape (%), 2023

Table 81: Distribution Transformers, Saudi Arabia, Competitive Landscape (%), 2023

Table 82: Transformers, Saudi Arabia, Key Upcoming Substation Projects

Table 83: Transformers, Hitachi Ltd

Table 84: Transformers, Siemens AG

Table 85: Transformers, General Electric Co

Table 86: Transformers, Schneider Electric SE

Table 87: Transformers, TBEA Co Ltd

Table 88: Abbreviations

Table 89: Power Transformers, Conversion Factor

Figures

Figure 1: Power Transformers, Regions, Market Size ($bn), 2023, 2028

Figure 2: Distribution Transformers, Regions, Market Size ($bn), 2023, 2028

Figure 3: Power Transformers, Global, Value-Chain Analysis

Figure 4: Power Transformers, Global, Market Capacity (GVA), 2019–2028

Figure 5: Distribution Transformers, Global, Market Capacity (GVA), 2019–2028

Figure 6: Power Transformers, Global, Market Value ($bn), 2019–2028

Figure 7: Distribution Transformers, Global, Market Value ($bn), 2019–2028

Figure 8: Power Transformers, Global, Competitive Landscape, 2023

Figure 9: Distribution Transformers, Global, Competitive Landscape, 2023

Figure 10: Power Transformers, Americas, Market Capacity (GVA), 2019–2028

Figure 11: Distribution Transformers, Americas, Market Capacity (GVA), 2019–2028

Figure 12: Power Transformers, Americas, Market Value ($bn), 2019–2028

Figure 13: Distribution Transformers, Americas, Market Value ($bn), 2019–2028

Figure 14: Transformers, US, Transmission System Overview, 2019–2028

Figure 15: Power Transformers, US, Market Capacity (MVA), 2019–2028

Figure 16: Distribution Transformers, US, Market Capacity (MVA), 2019–2028

Figure 17: Power Transformers, US, Market Value ($m), 2019–2028

Figure 18: Distribution Transformers, US, Market Value ($m), 2019–2028

Figure 19: Power Transformers, US, Competitive Landscape, 2023

Figure 20: Distribution Transformers, US, Competitive Landscape, 2023

Figure 21: Transformers, Brazil, Transmission System Overview, 2019–2028

Figure 22: Power Transformers, Brazil, Market Capacity (MVA), 2019–2028

Figure 23: Distribution Transformers, Brazil, Market Capacity (MVA), 2019–2028

Figure 24: Power Transformers, Brazil, Market Value ($m), 2019–2028

Figure 25: Distribution Transformers, Brazil, Market Value ($m), 2019–2028

Figure 26: Power Transformers, Brazil, Competitive Landscape, 2023

Figure 27: Distribution Transformers, Brazil, Competitive Landscape, 2023

Figure 28: Power Transformers, Asia-Pacific, Market Capacity (GVA), 2019–2028

Figure 29: Distribution Transformers, Asia-Pacific, Market Capacity (GVA), 2019–2028

Figure 30: Power Transformers, Asia-Pacific, Market Value ($bn), 2019–2028

Figure 31: Distribution Transformers, Asia-Pacific, Market Value ($bn), 2019–2028

Figure 32: Transformers, China, Transmission System Overview, 2019–2028

Figure 33: Power Transformers, China, Market Capacity (MVA), 2019–2028

Figure 34: Distribution Transformers, China, Market Capacity (MVA), 2019–2028

Figure 35: Power Transformers, China, Market Value ($m), 2019–2028

Figure 36: Distribution Transformers, China, Market Value ($m), 2019–2028

Figure 37: Power Transformers, China, Competitive Landscape, 2023

Figure 38: Distribution Transformers, China, Competitive Landscape, 2023

Figure 39: Transformers, India, Transmission System Overview, 2019–2028

Figure 40: Power Transformers, India, Market Capacity (MVA), 2019–2028

Figure 41: Distribution Transformers, India, Market Capacity (MVA), 2019–2028

Figure 42: Power Transformers, India, Market Value ($m), 2019–2028

Figure 43: Distribution Transformers, India, Market Value ($m), 2019–2028

Figure 44: Power Transformers, India, Competitive Landscape, 2023

Figure 45: Distribution Transformers, India, Competitive Landscape, 2023

Figure 46: Transformers, Japan, Transmission System Overview, 2019–2028

Figure 47: Power Transformers, Japan, Market Capacity (MVA), 2019–2028

Figure 48: Distribution Transformers, Japan, Market Capacity (MVA), 2019–2028

Figure 49: Power Transformers, Japan, Market Value ($m), 2019–2028

Figure 50: Distribution Transformers, Japan, Market Value ($m), 2019–2028

Figure 51: Power Transformers, Japan, Competitive Landscape, 2023

Figure 52: Distribution Transformers, Japan, Competitive Landscape, 2023

Figure 53: Power Transformers, EMEA, Market Capacity (GVA), 2019–2028

Figure 54: Distribution Transformers, EMEA, Market Capacity (GVA), 2019–2028

Figure 55: Power Transformers, EMEA, Market Value ($bn), 2019–2028

Figure 56: Distribution Transformers, EMEA, Market Value ($bn), 2019–2028

Figure 57: Transformers, UK, Transmission System Overview, 2019–2028

Figure 58: Power Transformers, UK, Market Capacity (MVA), 2019–2028

Figure 59: Distribution Transformers, UK, Market Capacity (MVA), 2019–2028

Figure 60: Power Transformers, UK, Market Value ($m), 2019–2028

Figure 61: Distribution Transformers, UK, Market Value ($m), 2019–2028

Figure 62: Power Transformers, UK, Competitive Landscape, 2023

Figure 63: Distribution Transformers, UK, Competitive Landscape, 2023

Figure 64: Transformers, Germany, Transmission System Overview, 2019–2028

Figure 65: Power Transformers, Germany, Market Capacity (MVA), 2019–2028

Figure 66: Distribution Transformers, Germany, Market Capacity (MVA), 2019–2028

Figure 67: Power Transformers, Germany, Market Value ($m), 2019–2028

Figure 68: Distribution Transformers, Germany, Market Value ($m), 2019–2028

Figure 69: Power Transformers, Germany, Competitive Landscape, 2023

Figure 70: Distribution Transformers, Germany, Competitive Landscape, 2023

Figure 71: Transformers, Saudi Arabia, Transmission System Overview, 2019–2028

Figure 72: Power Transformers, Saudi Arabia, Market Capacity (MVA), 2019–2028

Figure 73: Distribution Transformers, Saudi Arabia, Market Capacity (MVA), 2019–2028

Figure 74: Power Transformers, Saudi Arabia, Market Value ($m), 2019–2028

Figure 75: Distribution Transformers, Saudi Arabia, Market Value ($m), 2019–2028

Figure 76: Power Transformers, Saudi Arabia, Competitive Landscape, 2023

Figure 77: Distribution Transformers, Saudi Arabia, Competitive Landscape, 2023

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