Transformers Market Research Report Information By Type (Power Transformer, Distribution Transformer, Instrument Transformer, Conventional Transformer, Pad-Mounted Transformer, Compact Secondary Substation (CSP) Transformer, Others), By Power Rating (<500 kVA , 500 kVA – 2500 kVA, 2500 kVA – 10000 kV , >10000kVA), By Phase (Single phase ,Three phase) By Application (Industrial, Residential, Commercial, Utility) , And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2035

Global Transformers Market Overview

 Transformers Market Size Was Valued At USD 61.02 Billion In 2024. The Global Transformers Industry Is Projected To Grow From USD 64.38 Billion In 2025 To USD 102.66 Billion By 2035, Exhibiting A Compound Annual Growth Rate (CAGR) Of 6.00% During The Forecast Period (2025 - 2035).

Increasing Energy Demands From Industries And Upgrading Old Transmission And Distribution Systems And Rapid Adoption Of Smart Grid Technology is Driving The Transformers Market.

As per Analyst at MRFR,” The economy is growing continuously and people are shifting towards the urbanization and modernization, the dependency and the use of electricity has increased. Electricity is used by people to run or make use of the appliances, computers, electronics, machinery, and public transit systems as well as for lighting, heating, cooling, and refrigeration. Since using high voltage at home is quite unsafe. On the other hand, industrial applications require high voltage due to the presence of massive machinery and heavy-duty equipment in them.  Transformers are the only equipment that reliably supplies energy to both utilities.”

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Transformers Market Trends

ESCALATING POPULATION AND ELECTRICITY DEMAND

The transformer industry is experiencing growth in term of usage, demand and dependency for reliable and continuous energy. As a result of the which there is high need for the power and the transformer is solving the problem and help in supplying or delivering the energy to houses, industries and other places. The population is continuously growing and because of the growth in the population, there is the need of the power in houses, factories, industries, agriculture to support their living. There is the innovation and development in the transformer system so as to have proper energy distribution systems as per the requirement. 

Since the population is rising there is there is rise in urbanization and modernization, as the result of their which people are making use of the electricity in their daily life and so does the transformer in supporting their requirement. urbanization, electricity usage has increased in recent years. The electricity is used in the factoring and in big industries for the smooth carrying of the operations. Due of the COVID-19 pandemic's stringent lockdown, more individuals stayed at home to work and used more electricity, which increased power transformer sales in the residential market.

Transformers Market Segment Insights

Global Transformers Type Insights

Based on type, the Transformers Market has been segmented into Power Transformer, Distribution Transformer, Instrument Transformer, Conventional Transformer, Pad-Mounted Transformer, Compact Secondary Substation (CSP) Transformer, Others. The Distribution Transformer segment dominated the global market in 2024, while the Power Transformer is projected to be the fastest–growing segment during the forecast period. Distribution systems use distribution transformers to lower the voltage of high-voltage power from transmission lines to low-quality levels suitable for delivering it to homes, businesses, and other users. In residential and commercial areas, poles or in pad-mounted enclosures are the typical locations for these switches, which serve as a link between the transmission network and the electrical system of the end user. 

In order to meet the needs of the distribution grid for delivering electricity to consumers safely and efficiently, distribution transformers are necessary in both as a means of reducing transmission losses and also as an intermediate component. To ensure the maintenance of voltages, load stability, and safeguard electrical equipment from surge or failures. Distribution switches come in a variety of sizes and configurations to accommodate a variety of voltage levels and load requirements, with new models incorporating features such as energy-efficient designs, intelligent monitoring systems and environmental protection equipment.

Global Transformers Power Rating Insights

Based on the Power Rating, the Transformers Market has been segmented into (<500 kVA , 500 kVA – 2500 kVA, 2500 kVA – 10000 kV ,  >10000kVA. The <500 kVA  segment dominated the global market in 2024, while the <500 kVA  is projected to be the fastest–growing segment during the forecast period. Transformers with a capacity of less than 500 kVA are essential components in power distribution systems, serving the purpose of voltage conversion and distribution. 

These Transformers are commonly used in residential, commercial, and light industrial settings due to their small size and weight. In commercial buildings such as offices and retail stores, they facilitate power distribution for lighting, HVAC systems, elevators, and other equipment. Small manufacturing centers and workshops are examples of light industrial applications where machines and equipment can be powered by electricity. Transformers below 500 kVA play an important role in renewable energy systems, grid connection management and voltage conversion for solar power plants and wind farms. In general, these switches are essential for infrastructure projects, providing reliable power distribution and voltage conversion for schools, hospitals, airports and transportation network.

Global Transformers Phase Insights

Based on the Phase, the Transformers Market has been bifurcated into Single-Phase, And Three-Phase. The Three phase segment dominated the global market in 2024, while the Three phase is projected to be the fastest–growing segment during the forecast period. A three-phase transformer is a crucial element in an electrical system that functions to transfer electricity between three phases circuits with different voltage levels. 

Industrial, commercial and utility switches are often paired with reliability, and compactness. In industrial settings, manufacturing plants, factories, and facilities depend on three-phase transformers to maintain the operation of heavy machinery, motors, or equipment. In commercial buildings such as offices, shopping centers and hospitals, these transformers provide power distribution for lighting, HVAC systems, elevators and other critical loads. With their versatility and robust performance, three-phase transformers are indispensable components of modern electrical infrastructure, supporting economic activities and enhancing quality of life worldwide.

Figure 1: Transformers Market, by Phase, 2024 & 2035 (USD BILLION)

Global Transformers Application Insights

Based on the Application, the Transformers Market has been bifurcated into Additives, Free Flow Agents, Adsorbents, Catalysts, Others (adhesives, sealants, etc.). The Utility segment dominated the global market in 2024, while the Utility is projected to be the fastest–growing segment during the forecast period. Transformers are a vital component of power transmission and distribution networks, making them an essential component in utility applications. In utility settings, transformers are primarily responsible for voltage transformation, stepping up electricity generated at power plants to high voltages for efficient transmission over long distances and then stepping it down again for distribution to end-users. 

These transformers can deliver low-cost electricity to the utility grid, reducing energy loss and providing consistent power to residential customers, as well as commercial and industrial customers. Grid stability and voltage regulation are essential functions of transformers, which help to maintain the quality and stability of power supply in utility networks. They also facilitate the integration of renewable energy sources such as wind and solar power into the grid, enabling the efficient utilization of clean energy resources.

Global Transformers Regional Insights

Based on Region, the global Transformers is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia-Pacific dominated the global market in 2024, while the Asia-Pacific is projected to be the fastest–growing Region during the forecast period.

Asia Pacific is developing economies and population growth has increased demand for electricity. Transformers are crucial elements of the network for power transmission and distribution, providing the efficient and secure flow of electricity. In the Asia Pacific region, the investment for renewable energy sources will increase including solar and wind power generation. Investment in transformer technology is being driven by the switch to cleaner energy sources. Technology for transformers is advancing quickly to increase efficiency and decrease energy losses. Asia Pacific countries are committed to improving energy efficiency. 

Asia Pacific transformers market is segmented into China, India, Japan, Australia, and South Korea. Asia Pacific transformer market is linked to its unique energy landscape, characterized by a focus on energy efficiency, sustainability, renewable energy integration, disaster resilience, and technological innovations. Asia Pacific has embraced environmentally friendly transformer materials, such as biodegradable insulating fluids and low emission insulating gases. These innovations reduce the environmental impact of transformers and align with commitment to sustainability. Major manufacturers across the Asia Pacific transformer market are focused toward integrating advanced technologies to encourage energy efficient systems.

Figure 2: Transformers Market, by region, 2024 & 2035 (USD BILLION)

Further, the major countries studied in the market report are the U.S., Canada, Mexico, Germany, France, Rest Of Europe, UK, Japan, Chaina, India, Rest of Asia Pacific , Middle East, Africa, South America.

Global Transformers Key Market Players & Competitive Insight

Many global, regional, and local vendors characterize the Transformers Market. The market is highly competitive, with all the players competing to gain market share. Intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations are key factors that confront market growth. The vendors compete based on cost, product quality, reliability, and government regulations. Vendors must provide cost-efficient, high-quality products to survive and succeed in an intensely competitive market.

The major players in the market include HITACHI ENERGY, EATON, TOSHIBA CORPORATION, PROLEC GE, FUJI ELECTRIC CO., LTD., HAMMOND POWER SOLUTION, KIRLOSKAR ELECTRIC COMPANY, WEG, SIEMENS AG, SIEMENS AG, HYOSUNG HEAVY INDUSTRIES, BHARAT HEAVY ELECTRICALS LIMITED, DAIHEN CORPORATION, HD HYUNDAI ELECTRIC CO., LTD, And among others. The Transformers Market is a consolidated market due to increasing competition, acquisitions, mergers and other strategic market developments and decisions to improve operational effectiveness.

Key Companies in the Transformers Market include.

• HITACHI ENERGY


• EATON


• TOSHIBA CORPORATION


• PROLEC GE


• FUJI ELECTRIC CO., LTD.


• HAMMOND POWER SOLUTION


• KIRLOSKAR ELECTRIC COMPANY


• WEG, SIEMENS AG


• SIEMENS AG


• HYOSUNG HEAVY INDUSTRIES


• BHARAT HEAVY ELECTRICALS LIMITED


• DAIHEN CORPORATION


• HD HYUNDAI ELECTRIC CO., LTD

Transformers Market Segmentation

Transformers Market by Type Outlook (USD Billion, Thousand Units, 2019-2035)

• Power Transformer


• Distribution Transformer


• Instrument Transformer


• Conventional Transformer


• Pad-Mounted Transformer


• Compact Secondary Substation (CSP) Transformer


• Others

Transformers Market by Power Rating Outlook (USD Billion, Thousand Units ,2019-2035)

• <500 kVA


• 500 kVA – 2500 kVA


• 2500 kVA – 10000 kV


• >10000kVA

Transformers Market by Phase Outlook (USD Billion, Thousand Units, 2019-2035)

• Single phase


• Three phase

Transformers Market by Application Outlook (USD Billion, Thousand Units, 2019-2035)

• Industrial


• Residential


• Commercial


• Utility

Transformers Market by End-user Outlook (USD Billion, Thousand Units, 2019-2035)

• Automotive


• Electronics


• Construction


• Agriculture


• Rubber and Plastics


• Food and Beverage


• Healthcare and Pharmaceuticals


• Others

Global Transformers Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


• Europe
  
  
  
  • UK
  
  
  • France
  
  
  • Germany
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Rest of Asia Pacific
  
  
  
  


• South America
  
  
  
  • Brazil
  
  
  • Argentina
  
  
  • Rest of South America
  
  
  
  


• Middle East & Africa
  
  
  
  • Saudi Arabia
  
  
  • UAE
  
  
  • South Africa
  
  
  • Rest of the Middle East & Africa
  
  
  
  

Report Attribute/Metric	Details
Market Size 2024	USD 61.02 Billion
Market Size 2025	USD 64.38 Billion
Market Size 2035	USD 102.66 Billion
Compound Annual Growth Rate (CAGR)	6.00% (2025-2035)
Base Year	2024
Market Forecast Period	2025-2035
Historical Data	2019- 2023
Market Forecast Units	Value (USD Billion, Thousand Units)
Report Coverage	Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Type, By Power Rating, By Phase, By Application, and Region
Geographies Covered	North America, Europe, Asia-Pacific, South America, Middle East & Africa
Countries Covered	The U.S., Canada, Mexico, UK, France, Germany, Rest of Europe, Japan, Chaina, India, Rest of Asia Pacific, Middle East, Africa, South America.
Key Companies Profiled	HITACHI ENERGY, EATON, TOSHIBA CORPORATION, PROLEC GE, FUJI ELECTRIC CO., LTD., HAMMOND POWER SOLUTION, KIRLOSKAR ELECTRIC COMPANY, WEG, SIEMENS AG, SIEMENS AG, HYOSUNG HEAVY INDUSTRIES, BHARAT HEAVY ELECTRICALS LIMITED, DAIHEN CORPORATION, HD HYUNDAI ELECTRIC CO., LTD, And among others.
Key Market Opportunities	·         ESCALATING POPULATION AND ELECTRICITY DEMAND
Key Market Dynamics	·         INCREASING ENERGY DEMANDS FROM INDUSTRIES AND UPGRADING OLD TRANSMISSION AND DISTRIBUTION SYSTEMS ·         RAPID ADOPTION OF SMART GRID TECHNOLOGY