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Global Transformers Market to reach USD 99.7 billion by the end of 2030.

Global Transformers Market Size study & Forecast, by Type (Distribution Transformer Power Transformer, Others), by Power Rating (Small, Medium, Large), by Cooling Type (Air Cooled, Oil Cooled), by Insulation (Dry, Liquid Immersed), by Number of Phase (Three Phase, Single Phase), by Application (Utility, Industrial, Commercial and Residential) and Regional Analysis, 2023-2030

Product Code: EPPGS-57887993
Publish Date: 13-07-2023
Page: 200

Global Transformers Market is valued approximately at USD 62.1 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 6.1% over the forecast period 2023-2030. Transformers are electrical devices used to transfer electrical energy between two or more electrical circuits through electromagnetic induction. They play a crucial role in electrical power transmission and distribution systems by stepping up or stepping down the voltage levels. The basic structure of a transformer consists of two or more coils of wire wound around a laminated iron core. The coils are known as the primary and secondary windings. The primary winding is connected to the power source, while the secondary winding is connected to the load or the electrical system receiving the power. However, increasing demand for electricity and rapid expansion of renewable energy anticipated to be the market drivers of Global Transformers Market.

According to the International Renewable Energy Agency (IRENA) in 2023, the global electricity capacity in China accounted for approximately 1,206,588.9 MW (Megawatt) in 2022, holding rank 1 in the world, similarly, the global electricity capacity in United States accounted for approximately 370,963.7 MW (Megawatt) in 2022 holding rank 2 in electricity capacity in the world. According to Center for Climate and Energy Solutions (C2ES) in 2020, renewable energy sources accounted for 19.8 percent of electricity generation, primarily driven by hydro and wind power. It was expected that by 2030, the share of renewables in electricity generation increase to 35 percent, with wind and solar energy contributing significantly to this growth. Over the years, non-hydro renewables have experienced a substantial rise, expanding their portion of electric power generation from under 1 percent in 2005 to over 12.5 percent by the end of 2020. However, environmental concerns & regulation and limited grid infrastructure may hamper the growth of Global Transformers Market. Moreover, continuous upgradation of aging electricity infrastructure and increasing demand for renewable energy anticipated to fueled the market space.

The key regions considered for the Global Transformers Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific region dominated the market with largest market share because of the rising electricity demand & usage and increasing industrialization and urbanization in the region. Latin America, Middle East & Africa region is anticipated to be the fastest growing region because of the rising adoption of renewable energy and growing industrialization in the region. Asia-Pacific region is the fastest-growing region in the transformers market due to several factors such as rapid industrialization, rising energy demand, infrastructure development, renewable energy integration, economic growth, and supportive government initiatives have all contributed to this growth. The region’s expanding industrialization and urbanization have increased the need for electricity, driving the demand for transformers in power generation and distribution.

Major market player included in this report are:
VTC Timbers Private Limited
Eaton Corporation Plc
General Electric Company (GE)
Mitsubishi Electric Corporation
Siemens AG
Asea Brown Boveri (ABB) Ltd.
Toshiba Corporation
CG Power and Industrial Solutions Ltd.
Schneider Electric Industries
Starkstrom Geratebau GmbH (SGB-SMIT Group)
Recent Developments in the Market:
Ø In September 2022, Hitachi Energy made a significant announcement in September 2022 with the introduction of the RESIBLOC Rail, an innovative oil-free traction transformer. This cutting-edge transformer incorporates an integrated cooling system and supports voltages of up to 25 kilovolts (kV). The RESIBLOC Rail stands out as a game-changing advancement in dry-type on-board traction transformer technology, offering a plug-and-play system that enhances efficiency and reliability.
Ø In April 2021, Enel, an Italian power company, revealed its intention to venture into the power distribution sector in the United States. With a strategic vision, Enel has outlined a substantial investment plan of approximately USD 19.52 billion for distribution networks within the next two years, followed by a more extensive investment of USD 72.23 billion by the year 2030.
Global Transformers Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Power Rating, Cooling Type, Insulation, Number of Phase, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Distribution Transformer
Power Transformer

By Power Rating:

By Cooling Type:
Air Cooled
Oil Cooled

By insulation
Liquid Immersed

By Number of Phase:
Three Phase
Single Phase

By Application:
Commercial and Residential

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Transformers Market, by region, 2020-2030 (USD Billion)
1.2.2. Transformers Market, by Type, 2020-2030 (USD Billion)
1.2.3. Transformers Market, by Power Rating, 2020-2030 (USD Billion)
1.2.4. Transformers Market, by Cooling Type, 2020-2030 (USD Billion)
1.2.5. Transformers Market, by Insulation, 2020-2030 (USD Billion)
1.2.6. Transformers Market, by Number of Phase, 2020-2030 (USD Billion)
1.2.7. Transformers Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Transformers Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Transformers Market Dynamics
3.1. Transformers Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Increasing demand for Electricity Rapid Expansion of Renewable Energy
3.1.2. Market Challenges Environmental Concern & Regulation Limited Grid Infrastructure
3.1.3. Market Opportunities Continuous Upgradation of Electricity Infrastructure Increasing Demand for Renewable Energy
Chapter 4. Global Transformers Market: Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economic
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Transformers Market, by Type
5.1. Market Snapshot
5.2. Global Transformers Market by Type, Performance – Potential Analysis
5.3. Global Transformers Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
5.4. Transformers Market, Sub Segment Analysis
5.4.1. Distribution Transformer
5.4.2. Power Transformer
5.4.3. Others
5.4.4. Global Transformers Market, by Power Rating
5.5. Market Snapshot
5.6. Global Transformers Market by Power Rating, Performance – Potential Analysis
5.7. Global Transformers Market Estimates & Forecasts by Power Rating 2020-2030 (USD Billion)
5.8. Transformers Market, Sub Segment Analysis
5.8.1. Small
5.8.2. Medium
5.8.3. Large
Chapter 6. Global Transformers Market, by Cooling Type
6.1. Market Snapshot
6.2. Global Transformers Market by Cooling Type, Performance – Potential Analysis
6.3. Global Transformers Market Estimates & Forecasts by Cooling Type 2020-2030 (USD Billion)
6.4. Transformers Market, Sub Segment Analysis
6.4.1. Air Cooled
6.4.2. Oil Cooled
Chapter 7. Global Transformers Market, by Insulation
7.1. Market Snapshot
7.2. Global Transformers Market by Insulation, Performance – Potential Analysis
7.3. Global Transformers Market Estimates & Forecasts by Insulation 2020-2030 (USD Billion)
7.4. Transformers Market, Sub Segment Analysis
7.4.1. Dry
7.4.2. Liquid Immersed
Chapter 8. Global Transformers Market, by Number of Phase
8.1. Market Snapshot
8.2. Global Transformers Market by Number of Phase, Performance – Potential Analysis
8.3. Global Transformers Market Estimates & Forecasts by Number of Phase 2020-2030 (USD Billion)
8.4. Transformers Market, Sub Segment Analysis
8.4.1. Three Phase
8.4.2. Single Phase
Chapter 9. Global Transformers Market, by Application
9.1. Market Snapshot
9.2. Global Transformers Market by Application, Performance – Potential Analysis
9.3. Global Transformers Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
9.4. Transformers Market, Sub Segment Analysis
9.4.1. Utility
9.4.2. Industrial
9.4.3. Commercial and Residential
Chapter 10. Global Transformers Market, Regional Analysis
10.1. Top Leading Countries
10.2. Top Emerging Countries
10.3. Transformers Market, Regional Market Snapshot
10.4. North America Transformers Market
10.4.1. U.S. Transformers Market Type breakdown estimates & forecasts, 2020-2030 Power Rating breakdown estimates & forecasts, 2020-2030 Cooling Type breakdown estimates & forecasts, 2020-2030 Insulation breakdown estimates & forecasts, 2020-2030 Number of Phase breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030
10.4.2. Canada Transformers Market
10.5. Europe Transformers Market Snapshot
10.5.1. U.K. Transformers Market
10.5.2. Germany Transformers Market
10.5.3. France Transformers Market
10.5.4. Spain Transformers Market
10.5.5. Italy Transformers Market
10.5.6. Rest of Europe Transformers Market
10.6. Asia-Pacific Transformers Market Snapshot
10.6.1. China Transformers Market
10.6.2. India Transformers Market
10.6.3. Japan Transformers Market
10.6.4. Australia Transformers Market
10.6.5. South Korea Transformers Market
10.6.6. Rest of Asia Pacific Transformers Market
10.7. Latin America Transformers Market Snapshot
10.7.1. Brazil Transformers Market
10.7.2. Mexico Transformers Market
10.8. Middle East & Africa Transformers Market
10.8.1. Saudi Arabia Transformers Market
10.8.2. South Africa Transformers Market
10.8.3. Rest of Middle East & Africa Transformers Market

Chapter 11. Competitive Intelligence
11.1. Key Company SWOT Analysis
11.1.1. Company 1
11.1.2. Company 2
11.1.3. Company 3
11.2. Top Market Strategies
11.3. Company Profiles
11.3.1. VTC Timbers Private Limited Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
11.3.2. Eaton Corporation Plc
11.3.3. General Electric Company (GE)
11.3.4. Mitsubishi Electric Corporation
11.3.5. Siemens AG
11.3.6. Asea Brown Boveri (ABB) Ltd.
11.3.7. Toshiba Corporation
11.3.8. CG Power and Industrial Solutions Ltd.
11.3.9. Schneider Electric Industries
11.3.10. Starkstrom Geratebau GmbH (SGB-SMIT Group)
Chapter 12. Research Process
12.1. Research Process
12.1.1. Data Mining
12.1.2. Analysis
12.1.3. Market Estimation
12.1.4. Validation
12.1.5. Publishing
12.2. Research Attributes
12.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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