Energy & Power

Power Transformer Market

By Segment, By Region, And Segment Forecasts, 2016 – 2023

Vertical: EnPBase Year: 201710 Sections

Executive Summary

Power Transformer Market — Snapshot

  • Market Size (2016)

    2016

    $19.57B

  • Projected (2023)

    2023

    $34.51B

  • CAGR (2016–2023)

    8.4%

    8.4%
  • Key Players

    108+

Power transformer can be described as a technology that provides a preference to source power as and when required without backsliding to conventional energy sources. These energy systems are highly efficient and acts as flexible generation when needed. Power transformer systems can contribute to optimal use of generation and grid assets, and support emissions reductions in several economic sectors.

The global power transformer market is expected to grow at about 8.65% CAGR during the forecast and reach USD 34,510.2 million by 2023. In 2017, the market was led by Asia-Pacific, with a 42.8% share, followed by Europe and North America with shares of 31.1% and 18.9%, respectively.

The power transformer market has been segmented based on cooling type, power rating and region. On the basis of cooling type, oil-cooled transformer accounted for the largest market share of 57.2% in 2017, with a market value of USD 12,067.2 million and is projected to grow at the highest CAGR of 8.98% during the forecast period. Based on power rating, Small Power for the largest market share of 45.5% in 2017, with a market value of USD 9,593.0 million and is projected to grow at the highest CAGR of 8.93% during the forecast period.

TABLE 1 MARKET SYNOPSIS

Market Size

• 2017: USD 21,092.8 Million

• 2023: USD 34,510.2Million CAGR • 8.65%

Key Geographies

• Asia-Pacific: 42.8%

• Europe: 31.1%

• North America: 18.9%

• Rest of the World: 7.2% Key Leading Countries • China • U.S. • India • Japan • Germany

Key Market Drivers

• Rise in transmission and distribution infrastructure investments

• Growth in renewable energy sector Key Market Restraint • High initial costs of power transformer • Service interruption due to the losses

Key Vendors

• ABB Ltd.

• Siemens AG

• Schneider Electric

• Mitsubishi Electric Corporation

• Toshiba Corporation

Key Insight

The Power Transformer Market market is projected to grow at a CAGR of 8.4% from 2016 to 2023.

Market Performance Trend

Historical performance and future projections (2020–2030, USD Billion)

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Market Scope & Coverage

What this report covers

  • Geographic Coverage: This analysis covers 4 regions: Asia Pacific, Europe, Rest of the World, North America.
  • Market Segmentation: The market is analyzed across 2 segments: Oil-Cooled Transformer, Air-Cooled Transformer. Forecasts are provided for each segment from 2016 to 2023.
  • Competitive Landscape: 108 leading companies are profiled, covering market positioning, strategies, and recent developments.

Market Size (USD Mn)

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Market Overview

Power Transformer Market — Growth Trajectory

Power transformer can be described as a technology that provides a preference to source power as and when required without backsliding to conventional energy sources. These energy systems are highly efficient and acts as flexible generation when needed. Power transformer systems can contribute to optimal use of generation and grid assets, and support emissions reductions in several economic sectors.

Power Transformer Market — Growth Trajectory

Oil-Cooled Transformer
Air-Cooled Transformer

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Market Size Trend (USD Mn)

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Market Dimensions

How this market is segmented

  • Cooling Type Cooling Type is broken down into: Oil-Cooled Transformer, Air-Cooled Transformer.
  • Power Rating Power Rating is broken down into: Small Power, Medium Power, Large Power.

Geographic Analysis

Regional market breakdown

  • Asia Pacific Asia Pacific market size reached $8.33B in 2016 and is projected to reach $15.11B by 2023, growing at a CAGR of 8.9%.
  • Europe Europe market size reached $6.11B in 2016 and is projected to reach $10.43B by 2023, growing at a CAGR of 7.9%.
  • Rest of the World Rest of the World market size reached $1.42B in 2016 and is projected to reach $2.41B by 2023, growing at a CAGR of 7.8%.
  • North America North America market size reached $3.70B in 2016 and is projected to reach $6.56B by 2023, growing at a CAGR of 8.5%.

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Research Methodology

Power Transformer Market — How We Researched This Market

This report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.

  • Base Year

    2017

  • Historical Period

    2016 – 2017

  • Forecast Period

    2017 – 2023

  • Primary Interviews

    150+

Research Process

Historical data (2016–2017) and forecast period (2017–2023)

1

Problem Definition

  • Market scoping
  • Objective setting
  • Framework design
2

Secondary Research

  • Literature review
  • Data mining
  • Trend analysis
3

Primary Research

  • Expert interviews
  • Field visits
  • Surveys
4

Data Analysis

  • Quantitative modeling
  • Statistical testing
  • Validation
5

Insights & Reporting

  • Synthesis
  • Recommendations
  • Visualization

Research Depth

Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.

Historical vs. Forecast Data

Historical (observed)
Forecast (modelled)

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Competitive Landscape & Porter's Five Forces

Power Transformer Market — Competitive Analysis

The intensity of rivalry, in the power transformer market varies dramatically across regions and countries. The growth of the power transformer market is booming only in some of the region in the world, where government regulations provide substantial permissions to the operators to commission such projects. Also, the product differentiation in power transformer market is moderate. This makes the intensity of segment rivalry in the market, medium to high.

Quantitative Analysis

Regional Breakdown

Regional market breakdown for Power Transformer Market.

Regional Market Size (USD Mn)

Market estimates by geography (2023)

USD Mn

InsightAsia Pacific leads with $15.11B by 2023.

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Regional Market Data

REGION201620172023CAGRSHARE
Asia Pacific$8.33B$11.57B$15.11B8.9%44%
Europe$6.11B$8.20B$10.43B7.9%30%
Rest of the World$1.42B$1.90B$2.41B7.8%7%
North America$3.70B$5.07B$6.56B8.5%19%
Total$19.57B$26.75B$34.51B8.4%100%

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Segment Revenue (2023)

Oil-Cooled Transformer
Air-Cooled Transformer
05531110611659222122

Segment Market Share

  • Oil-Cooled Transformer58%
  • Air-Cooled Transformer42%

Total Market Size

$34.51B

Market by Segment (2023)

APPLICATIONREVENUE ($B)GROWTH RATEMARKET PENETRATION
Oil-Cooled Transformer$20.11B8.4%
40%
Air-Cooled Transformer$14.40B8.4%
40%

* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.

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Analytics

Power Transformer Market — Key Findings

Analytical insights on Power Transformer Market covering market dynamics, competitive landscape, and strategic outlook.

Key Analytical Findings

The Power Transformer Market market is projected to reach $34.51B by 2023, growing at 8.4% CAGR. The Oil-Cooled Transformer segment holds the largest share.

Market Dynamics

The global transformer market is a very dynamic market and is expected to witness phenomenal growth over the forecast period. The growth of the transformer market is driven by various factors such as rise in transmission & distribution infrastructure investments and growth in the renewable energy sector. This is mainly because transformer systems are highly efficient transmission and distribution equipment. However, the growth of the market can be hindered by the high capital cost of transformers and service interruption due to losses

Market Drivers

The investments in electric transmission and distribution for the infrastructure is subject to constant transformation owing to the developing infrastructure. According to World Energy Investment Outlook Special Report, total energy investment was USD 1.7 trillion in 2016. Electricity sector investment overtook oil and gas for the first time, while energy efficiency was the biggest growth sector. OECD countries have invested heavily to achieve this, spending USD 3 trillion on new renewable and conventional power plants, transmission and distribution (T&D) infrastructure, and energy efficiency measures. Out of this, the investment in transmission and distribution networks accounted for USD 277 billion in 2016. Over the next decade, electric utilities are expected to invest about USD 3.2 Trillion, globally, in new and replacement transmission and distribution infrastructure. Large transmission and distribution investments are expected to replace aging infrastructure, maintain reliability, enable market efficiencies, and aid in global policy objectives, such as greenhouse gas reduction, in the next two decades. Transformer market is at its growth stage, since the expansion of transmission and distribution grid. The growing energy demand, across the globe, accompanied with a rise is population is creating a opportunities for the expansion of transmission and distribution grid infrastructure. Moreover, the growth in the transmission and distribution network is attributed to the mix of factors that include various parameters such as technology, economic feasibility, regulations, environmental concerns, and digitalization.

Besides, the major contributors in investments are the emerging nations such as China, and India. For an instance, in 2018, the government in Bangladesh signed two financing agreements totaling USD 515 million with the World Bank helping in the expansion of electricity transmission network, across the nation. The growing urbanization and industrialization with development of new data centers across the world, are continuously enhancing the technological aspects. These advancements have created an increase in demand for electrical appliances and improved the infrastructure in this sector. The growth is inter-related with the growth in the transmission and distribution network to supply power to these sectors with appropriate power rating and frequency. All these major factors contribute heavily in the development of new transmission and distribution network, across the globe, ultimately boosting the transformer market

Market Opportunities

The global demand for electricity keeps on rising every year due to emerging nations focusing on the industrialization and urbanization. The trending business scenario cannot be imagined without sound power infrastructure. This is leading to increased demand for transmission and distribution network and is creating potential for volumes of power transformers. In 2017, the global consumption of electricity went high up to 22,015 TWh. The rising demand for electricity is expected to continue during the forecast period. According to International Energy Agency, World Energy Outlook 2017, in the new policies scenario, global energy demands are not as high as in the past and are rising at slower pace, but still have the potential to expand at phenomenal rate of 30% by 2040. This will lead to an enormous rise in demand, which is equivalent to the current total energy demand from China and India. It can be interpreted that, as the demand for energy is increasing in the world rapidly, the need for electricity infrastructure will also increase. The global growth in the investment for the development of energy production and relevant electrical components is certainly expected to drive the global transformer market during the forecast period. Besides, according to World Investment Report, 2018, the investment in electrical and electronic equipment increased by 15% as compared to the previous year.The major transformation in the electrical power sector, considering both the traditional generation sources and the renewable sources are adding the electricity volumes to the grid. In 2017, the global consumption of electricity went high up to 25,551 TWh, as compared to 24,930 TWh in 2016.To meet the demand for higher generation capacity, more substations are required, which consist of power transformers as the most important equipment in the substations. Besides, the increasing trends in mobile substations are also creating an opportunity for power transformers sales, as they promote small power transformers. Moreover, the ageing infrastructure of transmission and distribution network, demands the installation of power transformers for smooth operations of transmission network. Various government initiatives to develop new power generation plants, mostly non-conventional plants act as a booster for the transformer market and will help in boosting of market evolution and development during the forecast period.

Market Restraints

The power transformer is a major component in the electrical substations and contribute to around to half of the total cost of the substation. Total cost of installing a power transformer for the owner is the summation of the initial purchase price and the cost of running it for its life of 30 - 40 years. The major issue related to the power transformers is the cost feasibility that does not compliment the operational life of the transformers.

Power transformers are either standard or custom-designed equipment that entail significant expenditures. The high cost of the power transformers is attributed to the complicated procurement of raw material and its tedious and time-consuming manufacturing process. The rising cost of the raw commodities such as copper and steel are also a major reason for the high costs of power transformers. Thus, it can be stated that all these primary factors will restrain the growth of power transformer market. The pricing of the transformer is an important aspect of any power project, transmission and distribution system, and substations. The growing cost of the transformer directly affects the overall project cost at the initial stage of setup. As the costing of a project is directly proportional to the number of transformers installed. Hence, it can be concluded that larger installed capacity of the transformer at a site will result in increased cost of the project. Besides, the manufacturing of the power transformers requires skilled workforce, and state-of-the-art manufacturing facilities. Such factors are the major contributors to the high costs of the power transformers. The high initial cost is hampering the supply and demand of power transformers.

Strategic Outlook and Future Directions

Near-term growth will likely concentrate in modular bioreactor lines and closed-system media workflows that shorten validation cycles while preserving batch traceability.

Partnerships between CDMOs and instrumentation vendors should accelerate standard datasets for comparability across sites, improving forecasting models used in capacity planning.

Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.

Market Value by Segment (2023)

Value (USD Mn)
Oil-Cooled Transformer
Air-Cooled Transformer

Companies

Key companies profiled in Power Transformer Market

Profiles of 108 companies operating in the Power Transformer Market market, including revenue, employee count, and market positioning where available.

Showing 108 of 108 companies

SGB-SMIT G

SGB-SMIT Group

Energy & Power

Company Headquarters: Regensburg, Germany Founded: 1913 Workforce: 2,900 Company Overview: SGB-SMIT Group is a power company with its business in transmission and distribution of power. The company is the manufacturer of transformers of various types to suit different industries. It offers a wide range of products including, large power transformers, medium power transformers, oil distribution transformers, cast resin transformers, compact-substations, and special transformers. It company offers its transformers for five major end-use sectors, which include power generation, power distribution, industry, railways, and infrastructure. The company also provides transformer services under SGB-SMIT group, under which the specialists carry out regular maintenance of the transformer, thus improving the operating life of the transformers. It has an experience of more than 100 years, with which it is one of the largest manufacturers of transformers in Europe. SGB-SMIT Group has its manufacturing plants in Germany, the Netherlands, the US, Romania, Malaysia, India, China and the Czech Republic. The company has offices in three continents, namely North America, Europe, and Asia. Some of the subsidiaries of SGB-SMIT Group are Starkstrom-Gerätebau GmbH, (Germany), Sächsisch-Bayerische Starkstrom-Gerätebau GmbH, (Germany), SGB MY Sdn. Bhd. (Malaysia), Royal SMIT Transformers B.V., (the Netherlands), SGB-USA Inc., (U.S.), OTC Services, (U.S.).

RevenueN/A
Employees2,900
Market CapN/A
Founded1912
Regensburg, Germany
Hyosung Po

Hyosung Power & Industrial Solutions

Energy & Power

Company Headquarters: Seoul, South Korea Founded: 1962 Company Working: Hyosung Power & Industrial Solutions is a comprehensive energy solution provider that boasts of pioneering technology provider in the global power industry and has gained a competitive edge in transformers, switchgear, motors, decelerators, industrial pumps, and wind energy business. Hyosung Power & Industrial Solutions has a presence in the Americas, Europe, the Middle East, and Asia.

RevenueN/A
EmployeesN/A
Market CapN/A
Founded1961
Seoul, South Korea
Crompton G

Crompton Greaves Ltd

Energy & Power

Company Headquarters: Mumbai, India Founded: 1937 Workforce: 8000 Company Working: Crompton Greaves (CG) is one of the world`s leading engineering corporations. It provides end-to-end solutions, helping its customers use electrical power effectively and increased industrial productivity with sustainability. The company is an engineering corporation and operates its business in two major segments, which are power systems, and industrial systems. CG offers a diversified portfolio of products in power systems, which include transformers, switchgear, circuit breakers, network protection, transmission and distribution systems, and, besides, offers components for transformers and switchgears. CG’s unique and diverse portfolio includes transformers, switchgear, circuit breakers, network protection & control gear, project engineering, HT and LT motors, drives, power automation products, and turnkey solutions in all these areas. The company has state-of-the-art R&D centers which cater the demand for technological and product innovations. The company meets the need for various end-use industries such as coal & mining, metal, packaging, railways, HVAC, power, oil & gas, telecom, steel, and others. The company has subsidiaries such as CG Drives & Automation Sweden AB, PT CG Power Systems Indonesia, CG Power Systems Ireland Limited and CG Power Solutions UK Limited among others. CG has wide global presence in Asia-Pacific, Europe, and North America, simultaneously having manufacturing facilities in nine countries in these regions.

Revenue$2.4B
Employees8,000
Market CapN/A
Founded1936
Mumbai, India
ABB Ltd.

ABB Ltd.

Energy & Power

Company Headquarters: Zürich, Switzerland Founded: 1988 Workforce: 134,800 Company Working: ABB Ltd., is a pioneering technology leader that works closely with utility, industry, transport, and infrastructure customers. The company has its operations in four segments, namely, electrification products, robotics and motion, industrial automation, and power grids. Under electrification products, ABB manufactures and sells products and services including electric vehicle charging, solar inverters, modular substation packages, switchgear, UPS solutions, circuit breakers, control products, wiring accessories, enclosures and cabling systems, and intelligent home and building solutions designed to integrate and automate the lighting, heating and ventilation, and security and data communication networks. For the industrial automation sector, the company develops and sells integrated automation and electrification systems and solutions. These systems and solutions are process and discrete control solutions, advanced process control software and manufacturing execution systems, sensing, measurement and analytical instrumentation and solutions, electric ship propulsion systems, as well as they are solutions for modern machine and factory automation and large turbochargers. The company offers a complete range of transformers for transmission and distribution of power. ABB manufactures, both, liquid-filled, and dry-type transformers. Th company also provides services related to life-cycle costs and replacement parts and components. The company has delivered more than 20,000 power transformers, which include over twenty 800 kV UHVDC and over five hundred 735 - 765 kV AC units. The company has operations in more than 100 countries. ABB Ltd. chiefly operates in regions such as the US, Latin America, Europe, Asia, the Middle East and Africa. The subsidiaries of the firm include B&R, Busch Jaeger, Baldor Electric Company, Thomas & Betts, and Power-One Inc.

Revenue$26.1B
Employees134,800
Market CapN/A
Founded1987
Zürich, Switzerland
MITSUBISHI

MITSUBISHI ELECTRIC CORPORATION

Energy & Power

Company Headquarters: Japan Founded: 1921 Workforce: ~ 146,518 Company Working: Mitsubishi Electric Corporation is a multinational electronics and electrical equipment company. Mitsubishi Electric Corporation has a diverse range of products and services, including power generation and transmission systems, industrial automation systems, electronic devices, home appliances, information and communication systems, and space systems. Its products are used in a wide range of industries, including automotive, aerospace, energy, and telecommunications. Mitsubishi Electric Corporation is a major player in the robotics arms market, with a range of products that includes SCARA robots, vertical articulated robots, and collaborative robots. The company's robots are designed to be highly versatile and easy to integrate with other systems, making them suitable for a wide range of applications. Mitsubishi Electric Corporation's robots are known for their precision and speed, and they are used in a variety of industries, including automotive, electronics, and food and beverage. The company has a strong focus on research and development, and it invests heavily in developing new technologies and improving existing ones. This has enabled Mitsubishi Electric Corporation to remain competitive in the robotics arms market and to meet the evolving needs of its customers. In addition to its robotics arms products, Mitsubishi Electric Corporation also offers a range of other automation solutions, including programmable logic controllers, human machine interfaces, and industrial robots. The company's commitment to innovation, quality, and customer satisfaction has helped it to establish a strong reputation in the global automation industry. The company has grown to become one of the largest and most respected electronics companies in the world, with operations in over 40 countries and regions.

Revenue$37.8B
Employees146,518
Market CapN/A
Founded1920
Japan
SCHNEIDER

SCHNEIDER ELECTRIC

Energy & Power

Company Headquarters: Rueil-Malmaison, France Founded: 1836 Workforce: ~1,42,000 Company Working: Schneider Electric is a leading multinational corporation, which offers solutions for the digital transformation of energy management and automation industries. It offers its products and services for applications in homes, buildings, data centers, infrastructure, and industrial operations. Furthermore, the company also offers solutions for integrated efficiency, combining energy, automation, and software applications. Schneider Electric operates through four business segments, which are low voltage (building), medium voltage (infrastructure), industrial automation (industry), and secure power (IT). The low voltage business segment offers electrical distribution products and solutions including circuit breakers, power monitoring and control, power meters, electrical enclosures, busways, cable management systems, renewable energy conversion and connection equipment and electric vehicle charging infrastructures. The major subsidiaries of the company are American Power Conversion Corporation, Clipsal, Pelco, ASCO Power Technologies, Feller AG, Luminous Power Technologies, Digital Electronics Corporation, Summit Energy Services, Inc., APC Holdings Inc., and Schneider Electric Buildings Americas, Inc. It primarily competes with companies, such as ABB, Siemens, Eaton, and Aerovironment. Schneider Electric offers its products and services in more than 100 countries including Brazil, Canada, China, Denmark, France, Germany, India, Russia, the UK, and the US. It has 208 plants and 98 distribution centers, across the globe.

Revenue$27.0B
Employees142,000
Market CapN/A
Founded1835
Rueil-Malmaison, France
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Energy & Power

This report comes from Wantstats' energy team — analysts who spend their days tracking utility filings, generation capacity, and grid investment plans across markets most research glosses over. Every number here has been checked against our own databases and validated through conversations with people actually running these projects.

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I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee

R&D Director, Seojin

Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu

Strategy & Business Development Director, Dogan Holding

We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Noah Malgeri
Noah Malgeri

Co-Founder, Mojave Rail Fabrication Limited

This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.
Michael Robert

Manager, JavolVision

Thanks, I am so happy that we worked together. Maybe we still can work together in the future.
Joseph Aguayo
Joseph Aguayo

Sales Operations & Pricing Manager, Intel

Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.
Bong Lau

Sales Leader, Bamberg

We bought your "2025 report" in 2020. Everything is fine and very good.
Peter Groot Koerkamp
Peter Groot Koerkamp

Account and Business Manager, EFS-Holland BV

Thanks for sending the report it gives us a good global view of the Betaïne market.
Younghwan Choi
Younghwan Choi

Senior Retail Manager, LG Chem

We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.
Mark Irwin

Management Consultant, Level 21

I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
Rob Kooiker

Group Product Manager HVAC & Fire Protection GMA, Rockwool

I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee

R&D Director, Seojin

Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu

Strategy & Business Development Director, Dogan Holding

We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.

Power Transformer Market

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