Top Transformer Companies

The transformer market is estimated to be valued at USD 64.64 billion in 2025 and is projected to reach USD 88.48 billion by 2030, growing at a CAGR of 6.5%. An increasing global demand for electricity, aggressive grid modernization initiatives, and the accelerating integration of renewable energy sources into national grids fuel this upward trajectory. With more governments prioritizing infrastructure resilience and sustainable energy systems, investments are flowing into upgrading and expanding transmission and distribution networks. Additionally, the rising deployment of electric vehicles, smart meters, and decentralized energy systems is creating demand for advanced, efficient, and intelligent transformer technologies. As a result, the market is scaling in size and evolving in technological sophistication, positioning itself as a critical enabler of the global energy transition.

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A few major players with a wide regional presence dominate the transformer market. The leading players include Hitachi Energy Ltd. (Switzerland), Siemens Energy (Germany), Eaton (Ireland), GE Vernova (US), and Toshiba Energy Systems & Solutions Corporation (Japan). Prominent corporations have employed various growth methods, including acquisitions, product launches, agreements, investment contracts, and expansions, to enhance their market share in the transformer market.

In June 2025, Hitachi Energy Ltd. invested USD 70 million to expand its transformer manufacturing operations in Türkiye, aiming to address the increasing global demand for sustainable energy infrastructure. This expansion is expected to bolster production capacity and technological capabilities at the company’s existing sites, establishing Türkiye as a strategic hub for transformer exports. The initiative aligns with Hitachi Energy’s broader objective to strengthen supply chains and accelerate the global energy transition by delivering advanced grid solutions. Similarly, in February 2025, Eaton announced the establishment of a new manufacturing facility in South Carolina dedicated to its three-phase transformers—its third such facility in the United States. The image illustrates the transformer manufacturing process at Eaton’s existing facility in Wisconsin.

Hitachi Energy Ltd. (Switzerland), a subsidiary of Hitachi, Ltd., Japan, operates as one of the global leaders in the energy infrastructure sector. The company is positioned at the forefront of the power transmission and distribution industry. With a strategic focus on enabling sustainable energy transition, Hitachi Energy provides solutions that facilitate the integration of renewable energy into grids, digitalizing operations, and enhancing power systems' reliability. The company is crucial in supporting utilities, industries, and infrastructure projects worldwide with advanced technologies that address legacy grid modernization and future energy demands. Hitachi Energy Ltd. operates under the umbrella of Hitachi, Ltd., and its financials and performance are reported as part of Hitachi’s consolidated business structure. Hitachi, Ltd. classifies its operations into four primary business segments: Green Energy & Mobility, Connective Industries, Digital Systems & Services, and Others. The transformer business and related power grid solutions fall under the Green Energy & Mobility segment. The product portfolio of Hitachi Energy Ltd. in the transformer segment is extensive and caters to diverse voltage levels and applications. The company offers power transformers, which include generator step-up (GSU) transformers, auto-transformers, and interconnection transformers designed for high-voltage bulk transmission networks. Geographically, Hitachi Energy Ltd. operates a robust global network of over 90 countries, ensuring strong regional and local market presence. The company maintains manufacturing plants, service centers, and R&D hubs in key markets such as Europe (Switzerland, Sweden, Germany), Asia Pacific (Japan, China, India), North America (United States, Canada), South America (Brazil), and the Middle East & Africa (Saudi Arabia, South Africa).

Siemens Energy (Germany) (formerly the Energy Sector of Siemens AG) is a global leader in energy infrastructure, focusing on the design, manufacturing, and service of power generation and grid equipment. Spun off from Siemens AG in 2020, it operates as a standalone, publicly listed company headquartered in Munich, Germany. Siemens Energy supports the global energy transition by delivering solutions that enhance grid resilience, enable renewable integration, and drive decarbonization across power utilities, industrial customers, and infrastructure developers. The company operates through four business segments: Gas Services, Siemens Gamesa, Grid Technologies, and Transformation of Industry. It provides its transformers under the Grid Technologies business segment. Siemens Energy’s transformer product portfolio is robust and wide-ranging, comprising advanced offerings for various voltage levels and applications. These include large power transformers (LPTs) designed for grid and power plant use; medium power transformers that bridge transmission and distribution networks; and industrial high-current transformers tailored for electrolysis and heavy-duty applications. The company also manufactures HVDC converter transformers, phase-shifting transformers, shunt and series reactors, and specialized traction transformers under the Tractronic line for railway systems. Siemens Energy boasts a global footprint, with operations in over 100 countries and more than 100,000 employees worldwide. The company recently announced plans to launch US-based large power transformer manufacturing in Charlotte, North Carolina, by 2027, reinforcing its local presence and responding to growing US grid modernization needs.

Market Ranking

The transformer market is highly competitive, with five leading players collectively holding 20–30% of the market share. Hitachi Energy Ltd. operates as one of the global leaders in the energy infrastructure sector. Siemens Energy is a worldwide leader in energy infrastructure, focusing on the design, manufacturing, and service of power generation and grid equipment. Eaton operates across multiple sectors, including electrical, aerospace, and vehicle mobility, with the Electrical Sector serving as a cornerstone for power distribution, control, and optimization solutions that underpin modern energy infrastructure. GE Vernova operates as the energy-focused division of General Electric Company, which was established to accelerate the global transition toward cleaner and more reliable energy solutions. Energy businesses are integrated into a single entity, including power generation, electrification, and grid solutions. The company’s core mission is to support decarbonization while enhancing the resilience and efficiency of global energy infrastructure. Toshiba Energy Systems & Solutions Corporation (Toshiba ESS), a core subsidiary of TOSHIBA CORPORATION, is a prominent global provider of energy infrastructure systems. The remaining 80–70% of the market is shared among other regional and emerging vendors, contributing to extensive fragmentation and offering opportunities for smaller players to establish a footprint. Rapid technological advancements and the need for product differentiation drive market competition. Key players focus on innovation, pricing, and expanding regional presence to gain a competitive edge.

Related Reports:

Transformer Market by Type (Power Transformer, Distribution Transformer, Instrument Transformer and Specialty Transformer), Coooling Type (Oil-cooled and Air-cooled), Power Rating (Low, Medium, High), Phase (Three and Single), Insulation (Oil, Solid, Air, Gas), End User (Power Utilities, Industrial, Residential & Commercial, Data Centers, and Other End Users), and Region - Global Forecast to 2030

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