Power Transformer Market Size, Share & Trends Analysis Report By Core (Closed, Shell, Berry), By Insulation (Gas, Oil), By Phase (Single, Three), By Rating, By Application, By Region, And Segment Forecasts, 2025 - 2033
Hyosung Power & Industrial Systems Performance Group
Crompton Greaves Ltd.
GE Co.
Hyundai Heavy Industries Co. Ltd.
Siemens Energy
Mitsubishi Electric Corporation
Toshiba Corp.
Bharat Heavy Electricals Limited
JHS
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Power Transformer Market Growth & Trends:
The global power transformer market size is expected to reach USD 45.82 billion by 2033 and is expected to expand at 6.8% CAGR from 2025 to 2033, according to a new study by Grand View Research Inc. Technical developments and growing electricity consumption is expected to accelerate power transformer industry growth. It is anticipated that significant infrastructure investments in power plants combined with rising demand for smart meters will have a favorable effect on demand. Furthermore, a number of government initiatives to upgrade the current grids along with the installation of cutting-edge technology will fuel the expansion of the power transformer industry.
The growing interest in low carbon emissions is expected to create significant growth prospects for transformers, which are incompatible with today's technical and environmental criteria, and are expected to be replaced by advanced characteristics offered by environmentally friendly equipment. The power transformer industry growth is expected to be hampered, nevertheless, by pricing pressure on manufacturers, coupled with shifting raw material prices.
The growing adoption of power transformers for household and commercial applications, as well as their affordability, are driving up demand for power transformers based on wet insulation. R and D initiatives for integrating wet insulation-based power transformers with advanced power grids and establishing renewable power grids with eco-friendly coolants would be very beneficial to the power transformer industry. Due to their excellent efficiency, these transformers are used in situations where low losses and high voltage are essential factors. They also offer higher cooling and insulation capabilities when compared to conventional power transformers, which promise to advance the power transformer industry.
Over the past few years, population expansion and growing digitization have led to an increase in electricity usage. The power transformer industry is expected to grow as a result of increased average electricity demand.
Power Transformer Market Report Highlights:
The oil insulation accounted for the largest market share of 59.0% in 2024 and is expected to foresee a positive CAGR of 7.3% from 2025 to 2033. Oil as an insulation medium is often used in different industries, owing to its ability to maintain stability in high temperatures.
The three-phase segment established a dominant market share of 66.1% in 2024 and is expected to register the fastest market growth of 6.8% by 2033. Three-phase transformers are the best choice for industrial equipment since they are more affordable, lighter, and smaller at greater power ratings.
100 MVA to 500 MVA rating transformers held the largest market share of 59.9% in 2024 and are expected to register the fastest CAGR of 7.5 % from 2025 to 2033.
Table of Contents
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Information Analysis
1.3.2. Data Analysis Models
1.3.3. Market Formulation & Data Visualization
1.3.4. Data Validation & Publishing
1.4. Research Scope and Assumptions
1.4.1. List of Data Sources
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
2.3. Competitive Outlook
Chapter 3. Market Variables, Trends, and Scope
3.1. Global Power Transformer Market Outlook
3.2. Industry Value Chain Analysis
3.2.1. Sales Channel Analysis
3.3. Technology Overview
3.4. Regulatory Framework
3.5. Market Dynamics
3.5.1. Market Driver Analysis
3.5.2. Market Restraint Analysis
3.5.3. Market Opportunity Analysis
3.5.4. Market Challenges
3.6. Porter's Five Forces Analysis
3.6.1. Bargaining Power of Suppliers
3.6.2. Bargaining Power of Buyers
3.6.3. Threat of Substitution
3.6.4. Threat of New Entrants
3.6.5. Competitive Rivalry
3.7. PESTLE Analysis
3.7.1. Political
3.7.2. Economic
3.7.3. Social Landscape
3.7.4. Technology
3.7.5. Environmental
3.7.6. Legal
Chapter 4. Power Transformer Market: Core Type Estimates & Trend Analysis
4.1. Power Transformer Market: Core Type Movement Analysis, 2024 & 2033
4.2. Closed
4.2.1. Market estimates and forecasts, 2021 - 2033 (USD Million)
4.3. Shell
4.3.1. Market estimates and forecasts, 2021 - 2033 (USD Million)