Power Transformer Market

According to a research report "Power Transformer Market by Power Rating (Small, Medium, Large), Cooling Type (Oil-cooled, Air-cooled), Phase (Single Phase, Three Phase), End Use (Utilities, Residential & Commercial, Industrial), and Region - Global Forecast to 2030" published by MarketsandMarkets, The global power transformer market is projected to reach USD 41.62 billion by 2030 from USD 30.38 billion in 2025, registering a CAGR of 6.5% during the forecast period.

Browse 246 market data Tables and 69 Figures spread through 301 Pages and in-depth TOC on "Power Transformer Market by Power Rating (Small, Medium, Large), Cooling Type (Oil-cooled, Air-cooled), Phase (Single Phase, Three Phase), End Use (Utilities, Residential & Commercial, Industrial), and Region - Global Forecast to 2030"
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The growth of the power transformer market is largely driven by the increasing need to reinforce power distribution and transmission infrastructure in response to the rising global demand for electricity. Additionally, the market benefits from the expanding integration of renewable energy sources and significant investments in industrial development, fueling the demand for efficient and high-capacity power transformers. A notable growth catalyst is the accelerating adoption of high-voltage direct current (HVDC) systems, which require advanced transformer solutions for long-distance, high-efficiency power transmission, further propelling the market during the forecast period.

By cooling type, air-cooled is expected to be the fastest-growing segment in the power transformer market from 2025 to 2030

The air-cooled segment is expected to register the highest CAGR in the power transformer market during the forecast period due to its growing adoption in urban and indoor applications where space constraints, fire safety, and environmental considerations are critical. Air-cooled transformers eliminate the need for oil, reducing fire hazards and minimizing environmental risks, making them ideal for commercial buildings, hospitals, data centers, and other sensitive infrastructures. Their low maintenance, ease of installation, and enhanced safety features align with the increasing focus on sustainable and reliable power solutions. Additionally, insulation and thermal management technology advancements have improved their performance, supporting wider deployment across developed and developing regions.

By power rating, the medium (61–600 MVA) segment is expected to hold the largest market share in 2024

The medium (61–600 MVA) segment is expected to hold the largest market share in 2024 due to its broad applicability across various end-use sectors, including utilities, industrial facilities, and infrastructure projects. These transformers are crucial for sub-transmission and regional distribution networks, where they effectively bridge the gap between high-voltage transmission systems and lower-voltage distribution grids. As urbanization accelerates and electricity demand surges, particularly in emerging economies, there is a growing need to expand and modernize power infrastructure—driving demand for medium power transformers. Their ability to handle substantial loads while offering flexibility in installation and configuration makes them ideal for integration into expanding grid systems, renewable energy projects, and industrial operations. Additionally, ongoing investments in smart grid development and rural electrification further support the dominance of this segment in the global power transformer market.

Asia Pacific is projected to be the fastest-growing region in the power transformer market between 2025 and 2030

Asia Pacific is projected to be the fastest-growing market for power transformers, driven by a combination of economic, infrastructural, and policy-related factors. Rapid industrialization and urbanization in key countries, such as China and India, as well as Southeast Asian countries, have led to a sharp rise in electricity demand, prompting large-scale investments in expanding and modernizing power grid infrastructure. Governments are also actively promoting the adoption of renewable energy to meet international climate goals and reduce reliance on fossil fuels. This transition requires integrating large-scale solar and wind energy projects into national grids, boosting the demand for advanced power transformers to handle high voltages and ensure efficient long-distance power transmission. Additionally, initiatives aimed at enhancing rural electrification and replacing outdated infrastructure with more energy-efficient solutions further drive the market. These combined efforts reinforce the region’s leadership in the global power transformer market, positioning the region as a key driver of future industry expansion.

Key players in the global power transformer market include Hitachi Energy (Japan), General Electric (US), Siemens (Germany), Mitsubishi Electric (Japan), Eaton Corporation (Ireland), Hyundai Electric (South Korea), Schneider Electric (France), Fuji Electric (Japan), Toshiba Energy System & Solution Corporation (Japan),  and CG Power and Industrial Solutions (India).

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