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Transformer Market Size By Core (Closed, Shell, Berry), By Product (Distribution Transformer, Power Transformer, Instrument Transformer {Current, Potential}), By Winding (Two Winding, Auto-Transformer), By Installation (Outdoor, Indoor), By Cooling (Dry Type {Self-Air, Air Blast}, Oil Immersed {Self Cooled, Water Cooled, Forced Oil}), By Insulation (Gas, Oil, Solid, Air), By Phase (Three, Single), By Rating (≤ 10 MVA, 11 To 60 MVA, 61 To 600 MVA, > 600 MVA), By Mounting (Pad, Pole, PC/PCB), By Application (Residential & Commercial {Hotels, Hospitals, Apartments}, Utility, Industrial {Railways, Cement, Power, Oil & Gas}), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, France, Russia, UK, Italy, Spain, Netherlands, China, Japan, South Korea, India, Australia, Saudi Arabia, UAE, Qatar, South Africa, Nigeria, Egypt, Brazil, Peru, Argentina), Price Trends, Competitive Market Share & Forecast, 2017 – 2024

Published Date: September 2017 | 800 Pages | Report ID: GMI2100 | Report Format: PDF

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Industry Trends

Transformer Market size for 2016 was valued over USD 40 billion and the annual installation is set to exceed 170 thousand units by 2024.

               Europe Transformer Market Size, By Product, 2016 & 2024 (USD Billion)


Rapid urbanization coupled with rising expenditure across the infrastructure sector have fuelled the expansion of existing grid networks in the recent years. Ongoing proliferation across the electricity industry will drive the global market. Favourable regulatory reforms in line with the refurbishment of electrical infrastructure across developed economies have integrated a commendatory business scenario.

Large scale renewable capacity addition coupled with favourable policies pertaining to expansion of micro-grid networks will foster the global market share. The industry has witnessed sheer growth towards the deployment of sustainable energy subject to the renewable targets abided by nations during the UN Climate Change Conference in 2015. Government aided policies and incentives including leveraging schemes, and feed-in-tariffs will further augment the adoption of renewable technologies. In 2015, regulators across China availed subsidies worth USD 0.07/kWh toward the deployment of rooftop and USD 0.14/kWh for ground mounted PV systems.

Transformer Market, By Core

Sustainable mechanical strength, and low flux leakage & iron losses will fuel the market for closed core transformer. Diversified applications across low & medium voltage establishments coupled with ongoing technological enhancements to cater across operational flexibility will embellish the product demand. Rapid urbanization along with ongoing reforms toward rural electrification across developing regions of Asia Pacific and Africa will further complement the industry growth.

Transformer Market, By Product

Market for power transformer in 2016, was valued over USD 20 billion. Ongoing expansion of manufacturing facilities subject to implication of economies of scale by large manufacturers across the globe considerably drive the industry share. Favourable inclination towards the expansion of HVAC networks to cater the energy demand across industries coupled with ongoing deployment of utility based HVDC infrastructure will substantially reinforce the business scenario.

Transformer Market, By Winding

Market for auto transformer share in the coming years is set grow on account of effective operational flexibility and voltage regulation capabilities associated with the units. Higher efficiency, product compactness, and lower cost when compared to conventional technologies are few indispensable parameters evaluated to validate the product penetration. Growing awareness in line with energy efficiency coupled with diversified product applications will appreciably fuel the industry outlook.

Transformer Market, By Installation

Indoor market for transformer is projected to reach over 60 ‘000 units by 2024. Rising space constraints coupled with increasing demand for refurbishment of existing transmission & distribution networks will positively influence the business landscape. Flourishing real estate sector subject to rising private and public investments will further augment the industry growth. In 2017, the European Commission allocated funds worth USD 36.3 billion to ascertain effective infrastructural expansion across Russia.

Transformer Market, By Cooling

Propitious compatibility across high voltage applications favoured by effective cooling property when compared to its dry counterparts appreciably foster the oil immersed transformers market size. Over the years, the technology has witnessed extensive penetration on account of its optimum cooling strength, however, leakage, fire and health hazards associated with its deployment restrain the product penetration. Advancing auxiliary cooling technologies along with higher installation costs associated with the oil filled segment further subdue its adoption.

Transformer Market, By Insulation

Solid insulated transformer in the recent years witnessed modest industry share on account of higher competitive influence from traditional insulation technologies and low consumer awareness. However, the product is projected to witness steep progression owing to effective cost, insulating property and its compact product specifications. Simultaneous integration of smart monitoring technologies coupled with ongoing product diversification will further fuel the industry growth.

Transformer Market, By Phase

Single phase in 2016, accounted for over 40% of the global market share. Rapid urbanization coupled with favourable government norms to ameliorate the deforming small-scale industrial sector across developing economies will thrust the product demand. Integration of sustainable technologies favoured by regulatory policies including feed-in-tariffs, and incentives to encourage their adoption across residential & commercial establishments will further embellish the business outlook.

Transformer Market, By Rating

High end applicability across residential and commercial applications will augment the ≤ 10 MVA transformer market growth. Rapid urbanization across developed economies accompanied by mass migration across urban areas positively influence the product penetration. Ongoing integration of small-scale renewable technologies across residential establishments coupled with growing demand for sustainable energy mix will fuel the industry landscape.

Transformers Market, By Mounting

Market for pole mounted transformer is set to witness gain over 5% by 2024. Rapid expansion of transmission and distribution networks subject to rural electrification reforms across developing regions will stimulate the product demand. Rising investments towards infrastructural development including roads, and railways will further positively influence the industry outlook.

Transformer Industry, By Application

Utility transformers over the years has witnessed strong product penetration subject to extensively regulated electricity markets across the globe. Ongoing expansion of grid networks to suffice the growing energy demand coupled with rising investments toward the integration of renewable technologies will boost the business landscape. However, indulgence of large market participants catering across the transmission and distribution sector may impede the product penetration in the coming years.

Transformer Industry, By Region

The U.S. market in 2016, was valued over USD 4 Billion owing to increasing refurbishment demand of existing grid infrastructure. Deployment of reliable grid support mechanism along with ongoing technological advancements will stimulate the industry growth. Rising investment towards infrastructural development including expansion of railway networks across the nation will further embellish the business scenario.

Rapid adoption of smart technologies along with favourable government norms in line with energy efficiency will thrust the Germany market size. Rising investments towards large-scale renewable integration coupled with growing energy security concerns will further complement the industry outlook. Additionally, ongoing expansion of manufacturing facilities by large automobile manufacturers across the nation will positively influence the product penetration.

Competitive Market Share

Notable participants in the industry include ABB, Siemens, General Electric, EATON, Crompton Greaves, Schneider Electric, Hyundai Electric, Mitsubishi Electric, Toshiba Corp., BHEL, Hyosung, Kirloskar, Daihen, Ormazabal, SPX Transformer, Celme, and Ruhstrat.

Volume manufacturing practices accompanied by extensive R&D investments toward the development of smart and effective systems have been the primary strategic implication by the key market participants.

Transformer Industry Background

Electrical transformer is a static device installed to transform electrical energy across the primary and secondary circuits with mutual induction being the operating principle. The basic function includes transfer of power from one circuit to another with negligible variation across the potential difference or the power frequency. The technology can further be segmented based on step-up and step-down units. The prime attribute of these systems is to either increase the potential difference across two adjoining circuits or vice-versa.

What Information does this report contain?

Historical data coverage: 2013 to 2016; Growth Projections: 2017 to 2024.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

Our Market Research Reports Include:

  • Market snapshot
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  • Growth Dynamics
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