Transformers Market Report 2025 (Global Edition)

Global Transformers Market Report 2025 Market Size Split by Transformer Type (Power Transformers, Distribution Transformers, Power Transformers, Instrument Transformers, Current Transformers, Voltage ...

Transformers Market Report Description

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Competitive Landscape of the Transformers Market

The competitive landscape of the Transformers market is characterized by the presence of several key players operating globally and regionally. Companies such as ABB, Siemens AG, General Electric, Schneider Electric, and Toshiba Corporation are among the prominent players dominating the market.

Transformers Industry News

In May 2022, Hyundai Electric, a subsidiary of Hyundai Heavy Industries Group won a deal worth USD 122 million for delivering transformers to NextEra Energy Inc, a global leader in renewable generation.

(Source: https://transformers-magazine.com/tm-news/hd-hyundai-electric-wins-us-transformer-order/)

In April 2022, Siemens Energy Company decided to launch an innovative dry-type single-phase transformer named CAREPOLE for pole applications. The product is designed for the technological requirements according to the American grid. The new cast-resin distribution transformer product is a reliable and sustainable alternative to oil-filled transformers. 

(Source: https://www.siemens-energy.com/global/en/home/press-releases/siemens-energy-presents-innovative-pole-mounted-dry-type-transformer-american-grid.html)

Top Companies Market Share in Transformers Industry: (In no particular order of Rank)

• Celme S.r.l.
• Hyosung Heavy Industries
• DAIHEN Corporation
• Kirloskar Electric Company
• Raychem RPG Private Limited
• MEHRU
• Amran Inc.
• Trench Group
• Pfiffner Group
• ARTECHE
• Ormazabal
• Voltamp
• IMEFY GROUP
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Transformers Market

Which Region Will Dominate the Transformers Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America asserts dominance in the Transformers market due to several factors. Firstly, the region's robust industrial infrastructure, particularly in sectors like energy, manufacturing, and automotive, drives substantial demand for transformers for power distribution and transmission purposes. Secondly, stringent regulatory standards regarding energy efficiency and grid modernization initiatives propel the adoption of advanced transformer technologies in the region.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific stands out as the fastest-growing region in the Transformers market due to several key factors driving its rapid expansion. Firstly, the region's increasing investments in infrastructure development, particularly in emerging economies like China, India, and Southeast Asian countries, are fuelling the demand for transformers across various sectors such as energy, utilities, and manufacturing. Secondly, the transition towards renewable energy sources and the adoption of smart grid technologies are driving the need for modern, high-efficiency transformers to support efficient power transmission and distribution networks.

The current report Scope analyzes Transformers Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Transformers

According to Cognitive Market Research, the global Transformers market size was estimated at USD 55121.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 22048.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031. In North America, the Transformers market exhibits a robust presence, driven by several factors. Segmentation analysis reveals a diverse landscape with key players operating across various transformer types, including power transformers, distribution transformers, instrument transformers, and more. Moreover, technological advancements, such as the integration of smart transformer technologies, are shaping the market dynamics. Smart transformers, equipped with advanced monitoring and control features, are gaining traction to enhance grid stability and efficiency. In conclusion, North America remains a prominent market for transformers, characterized by innovation, infrastructure investments, and regulatory initiatives promoting energy efficiency and grid modernization. .

 

Country Analysis

 

• According to Cognitive Market Research, the US had a major share in the Transformers market with a market size of USD 17396.25 million in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period. The demand is amplified by the nation's technological advancements, such as the integration of smart transformer technologies propel consistent growth. 
• The Canada Transformers market had a market share of USD 2645.82 million in 2024 and is projected to grow at a CAGR of 6.5% during the forecast period. Canada's infrastructure investments and regulatory initiatives promoting energy efficiency and grid modernization.
• The Mexico Transformers market is projected to witness growth at a CAGR of 6.2% during the forecast period with a market size of USD 2006.41 million in 2024.

 

Europe Transformers

According to Cognitive Market Research,, the global Transformers market size was estimated at USD 55121.2 Million out of which Europe market of more than 30% of the global revenue with a market size of USD 16536.36 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2031.The Transformers market is a vital component of the energy infrastructure landscape, influenced by various regional dynamics. Segmentation analysis reveals a diverse market with key players operating across different transformer types, including power transformers, distribution transformers, instrument transformers, and more. Power transformers, catering to the region's extensive power generation and transmission needs, represent a significant share of the market. The region's focus on sustainability and renewable energy integration is driving demand for transformers equipped with advanced technologies such as smart grid functionalities and eco-friendly insulation materials. In conclusion, Europe presents a dynamic landscape for the Transformers market, characterized by innovation, regulatory frameworks promoting energy transition, and investments in grid modernization initiatives.

 

• The United Kingdom Transformers market had a market share of USD 2778.11 million in 2024 and is projected to grow at a CAGR of 6.8% during the forecast period. In the UK, Transformers sales witness an upswing due to the region's extensive power generation and transmission needs.
• The France Transformers market is projected to witness growth at a CAGR of 5.2% during the forecast period with a market size of USD 1521.35 million in 2024.
• According to Cognitive Market Research, the Germany Transformers market size was valued at USD3274.20 million in 2024 and is projected to grow at a CAGR of 6.2% during the forecast period. In Germany, Transformers sales surge due to the regulatory frameworks promoting energy transition, and investments in grid modernization initiatives. 
• The Italy Transformers market is projected to witness growth at a CAGR of 5.4% during the forecast period with a market size of USD 1422.13 million in 2024.
• The Russia Transformers market is projected to witness growth at a CAGR of 5.0% during the forecast period with a market size of USD 2563.14 million in 2024.
• The Spain Transformers market is projected to witness growth at a CAGR of 5.1% during the forecast period with a market size of USD 1355.98 million in 2024.
• The Luxembourg Transformers market is projected to witness growth at a CAGR of 6.1% during the forecast period with a market size of USD 512.63million in 2024.
• The Portugal Transformers market is projected to witness growth at a CAGR of 5.8% during the forecast period with a market size of USD 347.26 million in 2024.
• The Greece Transformers market is projected to witness growth at a CAGR of 6.3% during the forecast period with a market size of USD 198.44 million in 2024.
• Rest of Europe Transformers market is projected to witness growth at a CAGR of 4.7% during the forecast period with a market size of USD 2563.14 million in 2024.

 

Asia Pacific Transformers

According to Cognitive Market Research, the global Transformers market size was estimated at USD 55121.2 Million out of which Asia Pacific held the market ofaround 23% of the global revenue with a market size of USD 12677.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.5% from 2024 to 2031. The Transformers market thrives amidst rapid industrialization, urbanization, and infrastructural development, making it a key player in the global energy landscape. Regional analysis reveals a diverse market driven by the energy needs of emerging economies like China, India, and Southeast Asian nations. Segmentation analysis highlights a wide range of transformer types catering to various applications, including power generation, transmission, distribution, and industrial processes. In conclusion, the Asia-Pacific region presents lucrative opportunities for the Transformers market, driven by robust economic growth, infrastructure development, and energy transition efforts.

 

• According to Cognitive Market Research, the China Transformers market size was valued at USD 5705.04 million in 2024 and is projected to grow at a CAGR of 9.0% during the forecast period. Transformers sales surge in China due to the rapid industrialization, urbanization, and infrastructural development.
• The Japan Transformers market is projected to witness growth at a CAGR of 8.0% during the forecast period with a market size of USD1749.55 million in 2024.
• The India Transformers market had a market share of USD 1521.35 million in 2024 and is projected to grow at a CAGR of 11.3% during the forecast period. The demand is augmented by robust economic growth, infrastructure development, and energy transition efforts.
• The South Korea Transformers market is projected to witness growth at a CAGR of 8.6% during the forecast period with a market size of USD 1267.79 million in 2024.
• The Australia Transformers market is projected to witness growth at a CAGR of 9.2% during the forecast period with a market size of USD 659.25 million in 2024.
• The South East Asia Transformers market is projected to witness growth at a CAGR of 10.5% during the forecast period with a market size of USD 874.77 million in 2024.
• The Rest of Asia Pacific Transformers market is projected to witness growth at a CAGR of 9.3% during the forecast period with a market size of USD 900.13 million in 2024.

 

South America Transformers

According to Cognitive Market Research, the global Transformers market size was estimated at USD 55121.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 2756.06 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.9% from 2024 to 2031.The Transformers market exhibits a dynamic landscape shaped by diverse economic conditions and energy needs across countries. Regional analysis underscores the significance of Brazil, Mexico, Argentina, and Chile as key markets, driven by infrastructure development, industrialization, and renewable energy integration. While Brazil leads in power generation investments, Mexico stands out for its transmission and distribution projects. Segmentation analysis reveals a mix of transformer types catering to different voltage levels, applications, and end-user industries. The region experiences a growing adoption of renewable energy sources, driving the demand for specialized transformers capable of accommodating intermittent power generation. In conclusion, the Latin America region presents promising opportunities for the Transformers market, buoyed by infrastructure investments, renewable energy integration, and modernization efforts.

 

• According to Cognitive Market Research, the Brazil Transformers market size was valued at USD 1179.59 million in 2024 and is projected to grow at a CAGR of 7.5% during the forecast period. Transformers sales flourish in Brazil due to the infrastructure development, industrialization, and renewable energy integration.
• The Argentina Transformers market had a market share of USD 463.02 million in 2024 and is projected to grow at a CAGR of 7.8%during the forecast period. The demand is augmented by infrastructure investments, renewable energy integration, and modernization efforts.
• The Colombia Transformers market is projected to witness growth at a CAGR of 6.7%during the forecast period with a market size of USD 245.29 million in 2024.
• The Peru Transformers market is projected to witness growth at a CAGR of 7.1% during the forecast period with a market size of USD 226.00 million in 2024.
• The Chile Transformers market is projected to witness growth at a CAGR of 7.2% during the forecast period with a market size of USD 198.44 million in 2024.
• The Rest of Latin America Transformers market is projected to witness growth at a CAGR of 6.0% during the forecast period with a market size of USD 443.73 million in 2024.

 

Middle East Transformers

According to Cognitive Market Research, the global Transformers market size was estimated at USD 55121.2 Million out of which Middle East and Africa market ofaround 2% of the global revenue with a market size of USD 1102.42 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.The Transformers market reflects a diverse landscape driven by infrastructure development, industrial expansion, and growing energy demand. Regional analysis highlights countries such as Saudi Arabia, UAE, Nigeria, and South Africa as key markets, propelled by large-scale construction projects, urbanization, and investments in power generation and transmission infrastructure. Segmentation analysis reveals a mix of transformer types, including power transformers for utility-scale projects, distribution transformers for expanding electricity access, and specialized units for industrial applications. In conclusion, the Middle East and Africa region present significant growth prospects for the Transformers market, driven by infrastructure modernization, renewable energy adoption, and industrial expansion.

 

• According to Cognitive Market Research, the GCC Countries Transformers market size was valued at USD 471.84 million in 2024 and is projected to grow at a CAGR of 8.0% during the forecast period. Transformers sales flourish in the GCC Countries due to the region's infrastructure development, industrial expansion, and growing energy demand.
• The Egypt Transformers market is projected to witness growth at a CAGR of 7.5% during the forecast period with a market size of USD 115.75 million in 2024.
• The South Africa Transformers market is projected to witness growth at a CAGR of 8.2% during the forecast period with a market size of USD 174.18million in 2024.Transformers sales flourish in the South Africa due to the region's infrastructure modernization, renewable energy adoption, and industrial expansion.
• The Turkey Transformers market is projected to witness growth at a CAGR of 6.7% during the forecast period with a market size of USD 94.81 million in 2024.
• The Nigeria Transformers market is projected to witness growth at a CAGR of 6.3% during the forecast period with a market size of USD 115.75 million in 2024.
• The Rest of MEA Transformers market is projected to witness growth at a CAGR of 6.2% during the forecast period with a market size of USD 130.09 million in 2024.

 

 

Transformers Market Analysis

Transformers Market Type Segment Analysis

According to Cognitive Market Research, Power Transformers stand out as the dominating category. These transformers are crucial components in electricity transmission networks, responsible for stepping up or stepping down voltage levels for efficient long-distance power transmission. Power transformers are widely used in high-voltage transmission systems, substations, and power generation plants, making them essential for ensuring reliable electricity supply. Their dominance is driven by the increasing demand for electricity, especially in emerging economies undergoing rapid industrialization and urbanization. Additionally, aging infrastructure in developed regions necessitates the replacement and upgrading of existing power transformers, further contributing to their dominance in the market.

As for the fastest-growing category, Distribution Transformers take the lead. These transformers play a vital role in delivering electricity from high-voltage transmission lines to end-users at lower voltage levels, typically for residential, commercial, and small-scale industrial applications. The growth of Distribution Transformers is fuelled by various factors, including expanding electricity access in rural areas, urbanization, and the rising demand for decentralized power generation sources like solar and wind energy. Moreover, initiatives to improve energy efficiency and reduce transmission losses are driving the adoption of modern, energy-efficient distribution transformers, thereby propelling the growth of this category in the market.

• Power Transformers
• Distribution Transformers
• Power Transformers
• Instrument Transformers
• Current Transformers
• Voltage Transformers

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Transformers Industry. Request a Free Sample PDF!

Transformers Market Power Rating Segment Analysis

According to Cognitive Market Research, Medium Power Transformers (10 MVA to 100 MVA) emerge as the dominating category. These transformers occupy a significant share of the market due to their versatile applications across various industries and power distribution networks. Medium Power Transformers are commonly used in substations, industrial facilities, and commercial buildings to step up or step down voltage levels for efficient power distribution. Their dominance is attributed to the widespread demand for reliable electricity supply in both developed and developing regions, driven by industrialization, urbanization, and infrastructure development projects. Additionally, the replacement and modernization of aging power infrastructure further contribute to the dominance of Medium Power Transformers in the market.

As for the fastest-growing category, Small Power Transformers (Up to 10 MVA) take the lead. The growth of Small Power Transformers is fueled by the increasing adoption of renewable energy sources, such as solar and wind power, which often require transformers for grid interconnection and power distribution at smaller scales. Moreover, the expansion of rural electrification initiatives in emerging economies contributes to the demand for Small Power Transformers to provide electricity access to remote areas. Additionally, advancements in technology have led to the development of more compact and efficient small transformers, making them increasingly attractive for various applications, thereby driving their growth in the market.

• Small Power Transformers (Up to 10 MVA)
• Medium Power Transformers (10 MVA to 100 MVA)
• Large Power Transformers (Above 100 MVA)

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Transformers End-Use Industry Segment Analysis

According to Cognitive Market Research, the Power Transmission and Distribution sector emerges as the dominating category. This sector accounts for a significant portion of transformer demand globally, driven by the continuous need to transmit and distribute electricity from power generation sources to end-users efficiently. The expansion of smart grid infrastructure, coupled with the increasing integration of renewable energy sources into the grid, further boosts the demand for transformers in power transmission and distribution networks. Additionally, investments in grid modernization projects and the replacement of aging infrastructure contribute to the dominance of this sector in the transformer market.

As for the fastest-growing category, Industrial (including Oil and Gas, Mining, Manufacturing, etc.) take the lead. Industries rely heavily on transformers for various applications, including powering machinery, equipment, and processes. The growth in industrial activities, particularly in emerging economies, drives the demand for transformers to support infrastructure development, industrial automation, and manufacturing processes. Moreover, the expansion of oil and gas exploration and production activities, along with mining operations, further fuels the demand for transformers in industrial applications. Additionally, the adoption of electric vehicles and the electrification of transportation systems contribute to the increasing demand for transformers in the transportation sector, making industrial applications the fastest-growing segment in the transformer market.

• Power Generation
• Power Transmission and Distribution
• Industrial (Oil and Gas Mining Manufacturing etc.)
• Transportation (Railways Electric Vehicles etc.)

Transformers Insulation Type Segment Analysis

According to Cognitive Market Research, Liquid-Filled Transformers stand out as the dominating category. Liquid-filled transformers, including mineral oil-immersed and silicone oil-immersed transformers, have been traditionally favoured for their effective cooling properties, high dielectric strength, and efficient insulation capabilities. These transformers are extensively used in various applications, such as power generation, transmission, and distribution, as well as industrial and commercial settings. The robust construction and reliable performance of liquid-filled transformers make them a preferred choice for handling high voltage levels and heavy loads, contributing to their dominance in the market.

The fastest-growing category in the Transformers market is Dry Type Transformers. Dry type transformers are gaining popularity due to their eco-friendly nature, enhanced safety features, and suitability for indoor installations where fire safety is a concern. With increasing awareness about environmental sustainability and stringent regulations regarding the use of hazardous substances, there is a growing preference for dry type transformers, particularly in urban areas, commercial buildings, and sensitive industrial environments. The demand for dry type transformers is also driven by their lower maintenance requirements and longer operational lifespan compared to liquid-filled transformers, making them the fastest-growing category in the transformer market.

• Dry Type Transformers
• Liquid-Filled Transformers
• Mineral Oil-immersed Transformers
• Silicone Oil-Immersed Transformers
• Bio-Based Oil-immersed Transformers

Transformers Technology Segment Analysis

According to Cognitive Market Research, conventional transformers continue to dominate the landscape. Conventional transformers have been the cornerstone of power distribution and transmission systems for decades, offering reliable and cost-effective solutions for converting voltage levels. Despite the emergence of advanced technologies, such as smart transformers, conventional transformers maintain their dominance due to their widespread use in existing infrastructure and their proven track record of reliability. Moreover, conventional transformers often come at a lower initial cost, making them more accessible to a broader range of consumers, particularly in developing regions where budget constraints may limit investment in newer technologies.

Smart transformers represent the fastest-growing category in the market. Smart transformers, equipped with advanced monitoring, control, and communication capabilities, offer numerous benefits, including improved efficiency, enhanced grid stability, and proactive fault detection. The increasing integration of renewable energy sources and the growing complexity of power grids have created a demand for smart transformers capable of dynamically adapting to changing grid conditions and optimizing energy flow. Additionally, the rise of smart grid initiatives and the adoption of digitalization technologies in the power sector are driving the growth of smart transformers, positioning them as the preferred choice for modernizing electrical infrastructure and achieving energy efficiency goals.

• Conventional Transformers
• Smart Transformers

Transformers Cooling Type Segment Analysis

According to Cognitive Market Research, oil-cooled transformers dominate the landscape. Oil-cooled transformers use mineral oil or other dielectric fluids for cooling, which efficiently dissipate heat generated during operation, ensuring optimal performance and longevity of the transformer. These transformers are widely preferred for their ability to handle high loads and provide reliable operation, making them suitable for various applications, including power generation, transmission, and distribution. Additionally, oil-cooled transformers offer better insulation properties, reducing the risk of electrical breakdown and enhancing safety in critical infrastructure installations.

Air-cooled transformers is the fastest-growing category in the market. Air-cooled transformers eliminate the need for dielectric fluid, relying on natural or forced air convection for cooling. This design simplifies installation and maintenance, as there is no risk of oil leakage or contamination. Air-cooled transformers are also more environmentally friendly, as they do not pose the same risk of fluid spillage. Moreover, advancements in air-cooling technology have led to improved efficiency and performance, making air-cooled transformers an attractive choice for applications where space constraints or environmental considerations are paramount. As industries increasingly prioritize sustainability and energy efficiency, the demand for air-cooled transformers is expected to surge, driving their rapid growth in the market.

• Air-Cooled Transformers
• Oil-Cooled Transformers

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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