Transformers Industry to Witness 5.5% Growth, Reaching $101.42 Billion by 2029
The transformers market size is expected to see strong growth in the next few years. It will grow to $101.42 billion in 2029 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to growing smart grid deployments, electrification initiatives, energy storage integration, upgradation to higher voltage levels, resilience and grid stability concerns. Major trends in the forecast period include development of superconducting transformers for efficiency, collaboration for standardization and interoperability, investments in transformer upgradation and modernization, utilization of advanced cooling systems for transformers, expansion of medium and low voltage transformer markets.
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Which industry factors have accelerated the transformers market’s expansion?
Countries around the world are implementing several initiatives to increase electrification across countries. For instance, in January 2024, according to Department Of Energy (DOE), a US based government agency, in March 2023, the U.S. Department of Energy's Federal Energy Management Program (FEMP) unveiled a significant $250 million funding initiative via the Assisting Federal Facilities with Energy Conservation Technologies (AFFECT) program. Following this, in January 2024, FEMP announced that 31 federal agency projects would benefit from the initial disbursement of $104 million in AFFECT funding. Therefore, favourable government policies to increase electrification will positively impact the growth of the transformers market.
What are the primary segments of the transformers market?
The transformers market covered in this report is segmented –
1) By Type: Low Rated Transformer, High Rated Transformer
2) By Transformer Type: Power Transformer, Distribution Transformer
3) By Phase: Single Phase, Three Phase
4) By Application: Residential And Commercial, Utility, Industrial
Subsegments:
1) By Low Rated Transformer: Distribution Transformers, Instrument Transformers, Isolation Transformers
2) By High Rated Transformer: Power Transformers, Autotransformers, Furnace Transformers
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Which firms are leading the transformers market?
Major companies operating in the transformers market include Performance Group Crompton Greaves Ltd., Hammond Power Solutions Inc., Hitachi Ltd., Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Toshiba Corporation, Eaton Corporation, Emerson Electric Co., Bharat Heavy Electricals Limited (BHEL), Daihen Corporation, Raychem RPG, SPX Corporation, Fortune Electric Co., Kirloskar Electric Company, Hyundai Heavy Industries Co. Ltd., General Electric Corporation (GE), SGB-SMIT Group, RITZ Instrument Transformers GmbH, Schaffner Holding AG, Banmore Electricals Pvt. Ltd., TRENCH Group, KOTSONS Pvt. Ltd., Emco Ltd.
Which market trends are set to define the future of the transformers market?
The transformers market is moving towards the evolution of independent and self-regulating smart transformers. Smart transformers are programmed to constantly regulate voltage and maintain contact with the stakeholders and provide information and feedback on the power supply. They provide the exact amount of power that is needed and respond to fluctuations through a process known as voltage optimization. They significantly reduce greenhouse gas emissions and power consumption as they supply electrical equipment with the ideal amount of power. For instance, in November 2023, The U.S. Department of Energy (DOE) announced $42 million for 15 projects across 11 states to improve the reliability, resiliency, and flexibility of the domestic power grid through the development of next-generation semiconductor technologies. Funded through DOE’s Unlocking Lasting Transformative Resiliency Advances by Faster Actuation of power Semiconductor Technologies (ULTRAFAST) program, the technologies being developed would enable more effective control of grid power flow and better protection of critical infrastructure assets. Streamlining the coordinated operation of electricity supply and demand will improve operational efficiency, prevent unforeseen outages, allow faster recovery, minimize the impacts of natural disasters and climate-change fueled extreme weather events, and redcude grid operating costs and carbo intensity.
Which geographic trends are shaping the transformers market, and which region has the highest market share?
The countries covered in the transformers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
What Does The Transformers Market Report 2025 Offer?
The transformers market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A transformer transfers energy from one circuit to another. Transformers increase or decrease voltage and current levels, increase or decrease capacitor value, prevent direct current from passing between two circuits, and isolate circuits.
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