Power Transformer Market Size, Share, Growth, Analysis

Report Code EP 3890
Published in May, 2024, By MarketsandMarkets™
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Power Transformer Market by Power Rating (Small, Medium, and Large), Cooling Type (Oil-cooled and Air-cooled), Phase (Single Phase and Three Phase), End User (Utilities, Residential & Commercial, and Industrial), and Region - Global Forecast to 2029

Overview

The global power transformer market in terms of revenue was estimated to be worth USD 27.9 billion in 2024 and is poised to reach USD 37.7 billion by 2029, growing at a CAGR of 6.2% from 2024 to 2029. This growth is largely driven by the increasing integration of IoT technology in home and building automation, which has heightened the demand for more sophisticated energy management systems. As IoT technologies become more prevalent, there is an enhanced need for power transformers that can effectively monitor and optimize energy usage, ensuring more efficient operation of automated and smart systems. These transformers play a pivotal role in adapting to fluctuating energy demands and integrating renewable energy sources, thereby supporting a transition to smarter, greener energy infrastructures. Collectively, these developments underscore the vital role of power transformers in today's increasingly automated and energy-conscious market landscape.

Attractive Opportunities in the Power Transformer Market

Asia Pacific

The Asia-Pacific region emphasis on updating its outdated power infrastructure to increase efficiency and dependability is responsible for its market expansion.

The primary driver of market expansion is the enormous increase in power demand brought about by the increasing urbanization of the world.

During the projected period, North America is anticipated to rank as the second-largest market for power transformers.

Over the next 5 years, market participants should find lucrative chances from expansions.

The market for power transformers is anticipated to grow more slowly due to growing environmental concerns.

Global Power Transformer Market Dynamics

Driver: Growing Demand for Electricity.

The increasing demand for electricity is a primary driver of the power transformer market, propelled by two key factors. Firstly, the need for grid expansion and upgradation arises to meet the growing electricity demand, which necessitates expanding existing grids to reach new consumers and reinforcing transmission lines for higher capacity. This surge in demand directly correlates with a heightened requirement for more transformers at substations and along transmission lines. Moreover, the upgrading of aging grids with modern infrastructure amplifies the demand for transformers equipped with enhanced functionalities, such as higher voltage and current handling capabilities to accommodate increased power flow, and smart grid features for efficient load management and two-way communication. Secondly, the global shift towards renewable energy sources like solar and wind power presents unique challenges for grid integration. These sources, being variable and non-dispatchable, rely on weather conditions for generation. Power transformers play a critical role in integrating renewable energy sources into the grid by stepping up the voltage generated by solar and wind farms to match the transmission grid voltage and providing grid stability by managing fluctuations in power generation from these renewable sources. This demand for transformers is observed across regions, with developed economies focusing on grid modernization to improve efficiency and reliability, developing economies undertaking massive grid expansion projects to accommodate urbanization, and remote areas requiring transformers for rural electrification programs.

Restraints : Cost Pressures and Lead Times Hinders the Power Transformer Growth.

The market, though promising, encounters several market-specific restraints, primarily driven by cost pressures and extended lead times. One notable restraint is the high initial investment required, particularly for high-capacity transformers, which poses a significant challenge, especially in developing economies. Limited budgets in these regions restrict investments in grid expansion and modernization projects, hindering market growth potential. Another restraint stems from the impact of fluctuations in raw material prices, notably copper and steel. Price volatility in these key raw materials can significantly affect the market, eroding profit margins for manufacturers and potentially leading to price hikes. Such uncertainties make planning and budgeting difficult for both manufacturers and utilities, impacting overall market efficiency. Moreover, long lead times associated with manufacturing large power transformers present a barrier to market growth. Extended lead times can pose challenges during periods of high demand, causing project delays and stalling grid expansion initiatives. Unforeseen delays in transformer delivery further disrupt project timelines and budgets, undermining the market's efficiency. Combined, these cost pressures and lead time challenges constrain the full potential of the market, particularly in developing economies and grid expansion projects. To overcome these restraints, manufacturers should focus on cost optimization strategies, while governments can implement initiatives to encourage investment in grid projects despite the challenges. By mitigating these restraints, the market can flourish and make significant contributions to global energy infrastructure development.

 

Opportunities: Rise of decentralized generation represents a significant transformation for the power transformer market.

The emergence of decentralized generation (DG), particularly through rooftop solar and microgrids, is reshaping the landscape of the power transformer market. This transformation offers a distinctive opportunity for growth and innovation. Traditionally, electricity flowed from large power plants through extensive high-voltage transmission lines before reaching homes and businesses via substation transformers. However, DG reverses this model by situating smaller-scale renewable energy sources closer to end-users, directly injecting power into the distribution grid. This shift towards DG necessitates a different type of transformer - distribution transformers. These transformers, though lower in capacity compared to substation transformers, play a critical role in integrating DG into the grid and managing bidirectional power flow. The International Renewable Energy Agency (IRENA) predicts a substantial increase in DG capacity, as outlined in its 2023 report. This forecast translates into a growing demand for distribution transformers, presenting a significant market opportunity for manufacturers. Furthermore, it also anticipates a steady rise in global electricity demand, with renewables expected to contribute significantly. Given this scenario and the aging infrastructure in many regions, investment in distribution transformers becomes imperative.

Challenges: Cybersecurity threats pose a significant challenge for the power transformer market as power grids become increasingly digitalized.

The increasing digitalization of power grids introduces a significant challenge for the market: cybersecurity threats. As grid infrastructure becomes more interconnected and reliant on digital technologies, the risk of cyberattacks targeting transformers and the broader grid infrastructure rises. These cyber threats pose serious risks to the reliability, safety, and resilience of the power grid, necessitating robust security measures to mitigate potential risks. Cyberattacks on transformers and grid infrastructure can take various forms, including malware infections, ransomware attacks, denial-of-service (DoS) attacks, and unauthorized access to control systems. These attacks can disrupt normal grid operations, manipulate grid parameters, or even cause physical damage to transformers, leading to widespread power outages, equipment failures, and potential safety hazards. One of the primary challenges in addressing cybersecurity threats in the market is the complexity of grid systems and the multitude of interconnected devices and systems. Transformers, substations, control systems, communication networks, and other grid components all represent potential targets for cyber threats. Securing these diverse elements requires a holistic approach that encompasses both technical solutions and organizational practices. Technical solutions for enhancing cybersecurity in the power transformer market may include implementing robust encryption protocols, deploying intrusion detection and prevention systems, segmenting network infrastructure to minimize the spread of cyber threats, and regularly updating software and firmware to patch known vulnerabilities. Additionally, the adoption of advanced authentication mechanisms, such as multi-factor authentication and biometric authentication, can help prevent unauthorized access to critical grid assets.

Global Power Transformer Market Ecosystem Analysis

Power Transformer Market Ecosystem. The power transformer market is characterised by the presence of well-established, financially stable companies with significant experience in producing power transformers and related components. These companies are well-established in the market and offer a diverse range of products. Utilizing cutting-edge technologies, they uphold vast international networks for sales and marketing. Some of the leading companies in this market are Hitachi Energy (Japan), Siemens Energy (Germany), Schneider Electric (France), Toshiba Energy System & Solution Corporation (Japan), and General Electric (US).

 

Power transformer Small Power Transformer (Up to 60 MVA) segment, by power rating, to grow at highest CAGR from 2024 to 2029.

The Small Power Transformer segment (Up to 60 MVA) in the power transformer market is projected to grow at the highest CAGR from 2024 to 2029, driven largely by the increasing demand for electricity in rural areas and the expansion of distributed generation systems, including renewable energy sources like solar and wind power. These transformers are ideally suited for applications requiring a smaller, more flexible power capacity, such as supporting local substations or industrial facilities, and they play a critical role in the integration of renewables into the grid by stepping down high-voltage electricity to usable levels. Additionally, their relatively lower cost and ease of installation make them attractive options for utility companies looking to expand or upgrade their networks without the extensive capital outlays required for larger transformers. The push towards electrification in developing regions, coupled with the growing trend towards decentralized power systems, further fuels the demand for small power transformers.

Three phase segment, by phase, to emerge as largest segment of power transformer market.

The three-phase segment is projected to be the largest in the power transformers market, showing strong growth throughout the forecast period. This growth is driven by the widespread use of three-phase transformers in power transmission and distribution systems worldwide. Three-phase transformers are favored for their ability to efficiently handle large power loads and their effectiveness in transmitting power over long distances with minimal energy losses. With ongoing industrialization, urbanization, and infrastructure enhancements fueling the demand for electricity, the necessity for dependable and scalable power distribution solutions is more crucial than ever. The inherent benefits of three-phase transformers, such as balanced power transmission and streamlined grid design, make them essential for meeting these increasing energy requirements. Therefore, the three-phase segment is expected to be a key player in the market, underscoring its importance in ensuring efficient and stable power distribution across various applications and sectors.

Asia Pacific region holds the largest share of the Power Transformer Market.

Asia Pacific is projected to account for the largest power transformer market size during the forecast period, primarily due to the region's rapid economic growth, urbanization, and industrialization. Countries like China, India, Japan, and South Korea are significantly investing in upgrading their electrical infrastructure to support increasing urban and rural electricity demand. Additionally, these nations are heavily investing in renewable energy projects as part of their commitments to reduce carbon emissions, which require extensive grid enhancements to integrate such sources effectively. This involves significant deployment of power transformers for efficient energy transmission and distribution. Furthermore, governmental initiatives across the region aiming to enhance energy efficiency and ensure reliable electricity supply are fostering the development of smart grids and the replacement of aging infrastructure, further driving the demand for power transformers. This confluence of factors makes Asia Pacific the largest and a dynamically expanding market for power transformers.

 
 

Recent Developments of Power Transformer Market industry

  • In February 2024, Hitachi Energy's substantial investment of USD 32 million in expanding and modernizing its power transformer manufacturing facility in Bad Honnef, Germany, is a strategic move that aligns well with the broader objectives of Europe's energy transition.
  • In June 2023, HD Hyundai Electric Co. Ltd's deal worth USD 164 million with US energy firm Xcel Energy to provide electric power transformers is a significant development in the power infrastructure sector. This contract not only represents a substantial commercial transaction but also highlights several key aspects of the evolving energy landscape and the strategic moves within it.

Key Market Players

KEY PLAYERS IN THE Power Transformer Market INCLUDE

  • Hitachi Energy (Japan)
  • Siemens Energy (Germany)
  • Schneider Electric (France)
  • Toshiba Energy System & Solution Corporation (Japan)
  • General Electric (US)
  • Mitsubishi Electric (Japan)
  • Hyundai Electric (South Korea)
  • CG power & Industrial Solutions (India)
  • Fuji Electric (Japan)

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Scope of the Report

Report Attribute Details
Market Size available for years 2020–2029
Base year considered 2023
Forecast period 2024–2029
Forecast units Value (USD Million)
Segments covered Power Transformer Market By Power Rating, By Phase, By Cooling Type and By End User
Geographies covered Asia Pacific, North America, Europe, Middle East and Africa, and South America 
Companies covered Hitachi Energy (Japan), General Electric (US), Siemens (Germany), Schneider Electric (France), Mitsubishi Electric (Japan), Eaton Corporation (Ireland), Hyundai Electric (South Korea), Fuji Electric (Japan), Toshiba corporation (Japan),  MGM Transformer Company (California), CG Power and Industrial Solutions (India), Ningbo Ironcube Works International Co., Ltd. (China),  Chint Group (China), EFACEC (Portugal), CG power & Industrial Solutions (India), Hyosung Heavy Industries (South Korea), Bharat Heavy Electricals Limited (India), SBG SMIT (Germany), WEG (South Korea), Transformer & Rectifier India Ltd. (India), Niagara Power Transformer Corp. (US), LS Electric Co., Ltd (South Korea), Hammond Power Solutions (Canada), Wilson Power Solutions (UK), ABC Transformer (India), Vijay Power (India) and JSHP (China).

 

Key Questions Addressed by the Report

What is the current size of the global power transformer market?
The global power transformer market is estimated to be USD 37.7 billion in 2029.
What are the major drivers for power transformer market?
The major drivers of the power transformer market include the global increase in electricity demand, aging infrastructure requiring upgrades or replacements, and the rapid expansion of renewable energy sources that necessitate advanced grid integration technologies. Furthermore, urbanization and industrialization, particularly in emerging economies, are accelerating the need for robust electricity distribution systems. Additionally, government regulations and initiatives aimed at improving energy efficiency and reducing carbon footprints are pushing utilities and industries to invest in modern, high-efficiency transformers. Lastly, technological advancements such as smart transformers that facilitate more reliable, efficient, and automated power distribution systems are also significant drivers in the market growth.
Which End user has the largest market share in the power transformer market?
The utilities segment holds the largest market share in the power transformer market primarily because utilities are the main providers of electricity to both residential and commercial users, necessitating robust, extensive, and reliable grid infrastructures. Power transformers are crucial in these infrastructures for stepping up and stepping down voltage to ensure safe electricity transmission and distribution across vast networks. As utilities continuously work to expand, upgrade, and maintain their grids to meet increasing electricity demand, comply with regulatory standards, and integrate renewable energy sources, their demand for power transformers remains consistently high. Additionally, aging electrical infrastructure in many developed countries requires significant investment in replacing old transformers with more efficient, modern ones to ensure grid reliability and adapt to the changing energy landscape, further driving demand in this segment.
Which is the largest-growing region during the forecast period in the power transformer market?
Asia Pacific is projected to be the fastest-growing region in the power transformer market during the forecast period due to several converging factors. Rapid urbanization and industrialization across major economies such as China, India, and Southeast Asian countries are significantly increasing the demand for electricity. This surge necessitates extensive development of power infrastructure, including substations and transmission lines, where power transformers play a critical role. Furthermore, governments in the region are heavily investing in renewable energy projects to meet climate goals, which require grid enhancements to integrate and manage fluctuating renewable energy sources effectively. Additionally, the push towards improving rural electrification and modernizing aging electrical infrastructure to reduce energy losses and enhance system reliability also drives the demand for advanced power transformers in the region.
Which is the fastest-growing segment by phase in the power transformer market during the forecast period?
The fastest-growing segment by phase in the power transformer market during the forecast period is expected to be the three-phase transformer segment. This growth can be attributed to their widespread application in industrial and commercial settings, where large amounts of power distribution are necessary. Three-phase transformers are more efficient, have a higher power capacity, and offer greater stability compared to single-phase transformers, making them ideal for applications in larger facilities that demand a constant, reliable power supply. Additionally, as industries expand and new industrial projects are initiated, particularly in developing countries, the demand for three-phase transformers increases due to their ability to handle higher loads and distribute power more evenly. This makes them essential for supporting the infrastructure needed in manufacturing, data centers, large commercial complexes, and utility applications, all of which contribute to their rapid growth in the market. .

 

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Table Of Contents

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TITLE
PAGE NO
INTRODUCTION
24
RESEARCH METHODOLOGY
30
EXECUTIVE SUMMARY
42
PREMIUM INSIGHTS
47
MARKET OVERVIEW
52
  • 5.1 INTRODUCTION
  • 5.2 MARKET DYNAMICS
    DRIVERS
    - Rising focus on grid modernization to meet peak power demand
    - Increasing emphasis on renewable energy capacity expansion
    RESTRAINTS
    - Limited budget for grid expansion projects in developing economies
    - Shortage of skilled professionals for installing advanced transformers
    OPPORTUNITIES
    - Rise of decentralized power generation
    - Shift from traditional to smart grid infrastructure
    CHALLENGES
    - Cybersecurity threats posed by grid digitalization
  • 5.3 PORTER’S FIVE FORCES ANALYSIS
    THREAT OF SUBSTITUTES
    BARGAINING POWER OF SUPPLIERS
    BARGAINING POWER OF BUYERS
    THREAT OF NEW ENTRANTS
    INTENSITY OF COMPETITIVE RIVALRY
  • 5.4 SUPPLY CHAIN ANALYSIS
  • 5.5 TECHNOLOGY ANALYSIS
    KEY TECHNOLOGIES
    - High-temperature superconducting (HTS) transformers
    COMPLEMENTARY TECHNOLOGIES
    - Artificial intelligence-based digital fault protection relays
  • 5.6 KEY CONFERENCES AND EVENTS, 2024
  • 5.7 ECOSYSTEM ANALYSIS
  • 5.8 PATENT ANALYSIS
  • 5.9 CASE STUDY ANALYSIS
    ABB IMPLEMENTS ONLINE OIL RECLAMATION SERVICE TO ADDRESS DETERIORATING OIL CONDITION OF TRANSFORMERS AT DEESIDE POWER STATION
    SPECIALIZED EQUIPMENT AND ECO-FRIENDLY TECHNIQUES ADDRESS OIL LEAKS AND ENHANCE TRANSFORMER SAFETY AT CENTRAL CITY SUBSTATION
    COMPREHENSIVE TESTING AND MAINTENANCE PROGRAMS HELP ADDRESS MINOR LEAKS AND OPERATIONAL HAZARDS OF AGING TRANSFORMERS AT BIG RIVER SUBSTATION
  • 5.10 TRADE ANALYSIS
    IMPORT SCENARIO (HS CODE 850423 AND HS CODE 850434)
    EXPORT SCENARIO (HS CODE 850423 AND HS CODE 850434)
  • 5.11 PRICING ANALYSIS
    INDICATIVE PRICE TREND, BY POWER RATING
    AVERAGE SELLING PRICE TREND, BY REGION
  • 5.12 INVESTMENT AND FUNDING SCENARIO
  • 5.13 TARIFF AND REGULATORY LANDSCAPE
    TARIFF ANALYSIS
    REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
    CODES AND REGULATIONS
  • 5.14 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
  • 5.15 KEY STAKEHOLDERS AND BUYING CRITERIA
    KEY STAKEHOLDERS IN BUYING PROCESS
    BUYING CRITERIA
US POWER TRANSFORMER BUSINESS SCENARIO
91
  • 6.1 CAUSES OF POWER TRANSFORMER SUPPLY SHORTAGE
  • 6.2 INCREASING PRICE OF MATERIALS USED IN POWER TRANSFORMERS
  • 6.3 CORE STEEL SOURCES
  • 6.4 AMORPHOUS STEEL SOURCES
  • 6.5 POLICIES RELATED TO POWER TRANSFORMERS
POWER TRANSFORMER MARKET, BY POWER RATING
95
  • 7.1 INTRODUCTION
  • 7.2 UP TO 60 MVA
    REQUIREMENT FOR DECENTRALIZED ENERGY GENERATION FOR URBAN POPULATION TO FUEL SEGMENTAL GROWTH
  • 7.3 61–600 MVA
    RAPID INDUSTRIALIZATION IN DEVELOPING COUNTRIES TO BOOST SEGMENTAL GROWTH
  • 7.4 ABOVE 600 MVA
    MODERNIZATION AND EXPANSION OF POWER TRANSMISSION INFRASTRUCTURE TO AUGMENT SEGMENTAL GROWTH
POWER TRANSFORMERS MARKET, BY COOLING TYPE
101
  • 8.1 INTRODUCTION
  • 8.2 OIL-COOLED
    EXCELLENT THERMAL PROPERTIES AND RELIABILITY TO FOSTER SEGMENTAL GROWTH
  • 8.3 AIR-COOLED
    SIMPLICITY AND LOW-MAINTENANCE REQUIREMENTS TO CONTRIBUTE TO SEGMENTAL GROWTH
POWER TRANSFORMER MARKET, BY PHASE
106
  • 9.1 INTRODUCTION
  • 9.2 SINGLE-PHASE
    LOW MANUFACTURING COSTS AND EASY INSTALLATION TO CONTRIBUTE TO SEGMENTAL GROWTH
  • 9.3 THREE-PHASE
    BALANCED POWER DISTRIBUTION AND HIGH EFFICIENCY TO ACCELERATE SEGMENTAL GROWTH
POWER TRANSFORMER MARKET, BY END USER
111
  • 10.1 INTRODUCTION
  • 10.2 UTILITIES
    INCREASING GOVERNMENT INVESTMENT IN SMART GRID TECHNOLOGIES TO CONTRIBUTE TO SEGMENTAL GROWTH
  • 10.3 RESIDENTIAL & COMMERCIAL
    GROWING DEMAND FOR DISTRIBUTION TRANSFORMERS TO ENSURE UNINTERRUPTED POWER SUPPLY TO FOSTER SEGMENTAL GROWTH
  • 10.4 INDUSTRIAL
    OIL & GAS
    - Increasing need for high-efficiency transformers to facilitate pipeline operations to drive market
    METALS & MINING
    - Growing demand for amorphous core transformers for mineral extraction, refining, and processing to foster segmental growth
    AUTOMOTIVE
    - Rising development of electric vehicle charging infrastructure to boost segmental growth
    FOOD & BEVERAGES
    - Increasing reliance on food refrigeration and freezing units to contribute to segmental growth
    POWER GENERATION
    - Rising emphasis on grid modernization and sustainability to augment segmental growth
    DATA CENTERS
    - Growing demand for UPS transformers to ensure uninterrupted operation of crucial equipment to fuel segmental growth
    OTHER INDUSTRIES
POWER TRANSFORMER MARKET, BY REGION
122
  • 11.1 INTRODUCTION
  • 11.2 NORTH AMERICA
    RECESSION IMPACT ON MARKET IN NORTH AMERICA
    US
    - Rising preference for renewable energy sources to contribute to market growth
    CANADA
    - Increasing government initiatives to support grid modernization and increase energy efficiency to drive market
    MEXICO
    - Growing population and industrialization to contribute to market growth
  • 11.3 EUROPE
    RECESSION IMPACT ON MARKET IN EUROPE
    GERMANY
    - Rising emphasis on transitioning to sustainable energy sources to maintain grid resilience to propel market
    UK
    - Increasing focus on achieving net-zero carbon footprint and modernizing grid to fuel market growth
    ITALY
    - Mounting government investment in power transmission and distribution networks to boost market growth
    FRANCE
    - Rising concerns about aging infrastructure to contribute to market growth
    SPAIN
    - Escalating private investment in smart grid infrastructure to foster market growth
    REST OF EUROPE
  • 11.4 ASIA PACIFIC
    RECESSION IMPACT ON MARKET IN ASIA PACIFIC
    CHINA
    - Rapid industrialization and infrastructural development to accelerate market growth
    INDIA
    - Requirement for electric vehicle charging infrastructure to drive market
    JAPAN
    - Heightened emphasis on integrating smart grids and renewable energy to fuel market growth
    SOUTH KOREA
    - Robust energy infrastructure and grid modernization efforts to foster market growth
    AUSTRALIA
    - Shift to renewable energy sources to contribute to market growth
    REST OF ASIA PACIFIC
  • 11.5 MIDDLE EAST & AFRICA
    RECESSION IMPACT ON MARKET IN MIDDLE EAST & AFRICA
    GCC COUNTRIES
    - Saudi Arabia
    - UAE
    - Rest of GCC countries
    SOUTH AFRICA
    - Increasing investment in power infrastructure due to industrialization to fuel market growth
    REST OF MIDDLE EAST & AFRICA
  • 11.6 SOUTH AMERICA
    RECESSION IMPACT ON MARKET IN SOUTH AMERICA
    BRAZIL
    - Increasing electricity consumption due to economic development and urbanization to accelerate market growth
    ARGENTINA
    - Rising power generation from renewable sources to fuel market growth
    REST OF SOUTH AMERICA
COMPETITIVE LANDSCAPE
174
  • 12.1 INTRODUCTION
  • 12.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2020–2024
  • 12.3 MARKET SHARE ANALYSIS, 2023
  • 12.4 REVENUE ANALYSIS, 2018–2022
  • 12.5 COMPANY VALUATION AND FINANCIAL METRICS
  • 12.6 BRAND/PRODUCT COMPARISON
  • 12.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023
    STARS
    EMERGING LEADERS
    PERVASIVE PLAYERS
    PARTICIPANTS
    COMPANY FOOTPRINT: KEY PLAYERS, 2023
    - Company footprint
    - End user footprint
    - Phase footprint
    - Power rating footprint
    - Cooling type footprint
    - Region footprint
  • 12.8 COMPANY EVALUATION MATRIX: START-UPS/SMES, 2023
    PROGRESSIVE COMPANIES
    RESPONSIVE COMPANIES
    DYNAMIC COMPANIES
    STARTING BLOCKS
    COMPETITIVE BENCHMARKING: START-UPS/SMES, 2023
    - Detailed list of key start-ups/SMEs
    - Competitive benchmarking of key start-ups/SMEs
  • 12.9 COMPETITIVE SCENARIO AND TRENDS
    PRODUCT LAUNCHES
    DEALS
    EXPANSIONS
    OTHERS
COMPANY PROFILES
197
  • 13.1 SIEMENS ENERGY
    BUSINESS OVERVIEW
    PRODUCTS/SERVICES/SOLUTIONS OFFERED
    RECENT DEVELOPMENTS
    - Deals
    - Expansions
    MNM VIEW
    - Key strengths/Right to win
    - Strategic choices
    - Weaknesses/Competitive threats
  • 13.2 HITACHI ENERGY LTD.
    BUSINESS OVERVIEW
    PRODUCTS/SERVICES/SOLUTIONS OFFERED
    RECENT DEVELOPMENTS
    - Deals
    - Expansions
    - Others
    MNM VIEW
    - Key strengths/Right to win
    - Strategic choices
    - Weaknesses/Competitive threats
  • 13.3 SCHNEIDER ELECTRIC
    BUSINESS OVERVIEW
    PRODUCTS/SERVICES/SOLUTIONS OFFERED
    RECENT DEVELOPMENTS
    - Deals
    MNM VIEW
    - Key strengths/Right to win
    - Strategic choices
    - Weaknesses/Competitive threats
  • 13.4 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION
    BUSINESS OVERVIEW
    PRODUCTS/SERVICES/SOLUTIONS OFFERED
    RECENT DEVELOPMENTS
    - Others
    MNM VIEW
    - Key strengths/Right to win
    - Strategic choices
    - Weaknesses/Competitive threats
  • 13.5 HD HYUNDAI ELECTRIC CO., LTD
    BUSINESS OVERVIEW
    PRODUCTS/SERVICES/SOLUTIONS OFFERED
    RECENT DEVELOPMENTS
    - Others
    MNM VIEW
    - Key strengths/Right to win
    - Strategic choices
    - Weaknesses/Competitive threats
  • 13.6 GENERAL ELECTRIC COMPANY
    BUSINESS OVERVIEW
    PRODUCTS/SERVICES/SOLUTIONS OFFERED
    RECENT DEVELOPMENTS
    - Deals
    - Others
  • 13.7 CG POWER AND INDUSTRIAL SOLUTIONS LTD.
    BUSINESS OVERVIEW
    PRODUCTS/SERVICES/SOLUTIONS OFFERED
    RECENT DEVELOPMENTS
    - Expansions
  • 13.8 MITSUBISHI ELECTRIC CORPORATION
    BUSINESS OVERVIEW
    PRODUCTS/SERVICES/SOLUTIONS OFFERED
    RECENT DEVELOPMENTS
    - Deals
    - Others
  • 13.9 HYOSUNG HEAVY INDUSTRIES
    BUSINESS OVERVIEW
    PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • 13.10 BHARAT HEAVY ELECTRICALS LIMITED
    BUSINESS OVERVIEW
    PRODUCTS/SERVICES/SOLUTIONS OFFERED
    RECENT DEVELOPMENTS
    - Others
  • 13.11 FUJI ELECTRIC CO., LTD.
    BUSINESS OVERVIEW
    PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • 13.12 SGB SMIT
    BUSINESS OVERVIEW
    PRODUCTS/SERVICES/SOLUTIONS OFFERED
    RECENT DEVELOPMENTS
    - Deals
    - Others
  • 13.13 WEG
    BUSINESS OVERVIEW
    PRODUCTS/SERVICES/SOLUTIONS OFFERED
    RECENT DEVELOPMENTS
    - Deals
    - Expansions
  • 13.14 TRANSFORMER AND RECTIFIER INDIA LTD
    BUSINESS OVERVIEW
    PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • 13.15 NIAGARA POWER TRANSFORMER CORP.
    BUSINESS OVERVIEW
    PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • 13.16 LS ELECTRIC CO., LTD.
    BUSINESS OVERVIEW
    PRODUCTS/SERVICES/SOLUTIONS OFFERED
    RECENT DEVELOPMENTS
    - Deals
    - Others
  • 13.17 HAMMOND POWER SOLUTIONS
    BUSINESS OVERVIEW
    PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • 13.18 EFACEC
    BUSINESS OVERVIEW
    PRODUCTS/SERVICES/SOLUTIONS OFFERED
    RECENT DEVELOPMENTS
    - Others
  • 13.19 NINGBO IRONCUBE WORKS INTERNATIONAL CO., LTD.
    BUSINESS OVERVIEW
    PRODUCTS/SERVICES/SOLUTIONS OFFERED
    RECENT DEVELOPMENTS
    - Product launches
  • 13.20 MGM TRANSFORMER COMPANY
    BUSINESS OVERVIEW
    PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • 13.21 WILSON POWER SOLUTIONS
    BUSINESS OVERVIEW
    PRODUCTS/SERVICES/SOLUTIONS OFFERED
    RECENT DEVELOPMENTS
    - Others
  • 13.22 OTHER PLAYERS
    A B C TRANSFORMERS (P) LTD
    VIJAY POWER
    JSHP TRANSFORMER
    CHINT GROUP
APPENDIX
260
  • 14.1 INSIGHTS FROM INDUSTRY EXPERTS
  • 14.2 DISCUSSION GUIDE
  • 14.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
  • 14.4 CUSTOMIZATION OPTIONS
  • 14.5 RELATED REPORTS
  • 14.6 AUTHOR DETAILS
LIST OF TABLES
 
  • TABLE 1 MARKET: RISK ASSESSMENT
  • TABLE 2 POWER TRANSFORMER MARKET SNAPSHOT
  • TABLE 3 PORTER’S FIVE FORCES ANALYSIS
  • TABLE 4 LIST OF KEY CONFERENCES AND EVENTS, 2024
  • TABLE 5 ROLE OF COMPANIES IN POWER TRANSFORMER ECOSYSTEM
  • TABLE 6 LIST OF PATENTS, 2021–2024
  • TABLE 7 IMPORT DATA FOR HS CODE 850423-COMPLIANT LIQUID DIELECTRIC TRANSFORMERS OF >10.000 KVA, BY COUNTRY, 2021–2023 (USD)
  • TABLE 8 IMPORT DATA FOR HS CODE 850434-COMPLIANT TRANSFORMERS OF >500 KVA (EXCL. LIQUID DIELECTRIC TRANSFORMERS), BY COUNTRY, 2021–2023 (USD)
  • TABLE 9 EXPORT DATA FOR HS CODE 850423-COMPLIANT LIQUID DIELECTRIC TRANSFORMERS OF >10.000 KVA, BY COUNTRY, 2021–2023 (USD)
  • TABLE 10 EXPORT DATA FOR HS CODE 850434-COMPLIANT TRANSFORMERS OF >500 KVA (EXCL. LIQUID DIELECTRIC TRANSFORMERS), BY COUNTRY, 2021–2023 (USD)
  • TABLE 11 INDICATIVE PRICE TREND, BY POWER RATING
  • TABLE 12 AVERAGE SELLING PRICE TREND, BY REGION, 2020–2023 (USD THOUSAND/UNIT)
  • TABLE 13 MFN TARIFF FOR HS CODE 850423-COMPLIANT LIQUID DIELECTRIC TRANSFORMERS OF >10.000 KVA, 2022
  • TABLE 14 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 15 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 16 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 17 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 18 CODES AND REGULATIONS
  • TABLE 19 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE END USERS
  • TABLE 20 KEY BUYING CRITERIA FOR TOP THREE END USERS
  • TABLE 21 POWER TRANSFORMER MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 22 MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 23 UP TO 60 MVA: POWER TRANSFORMER MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 24 UP TO 60 MVA: MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 25 61–600 MVA: MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 26 61–600 MVA: MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 27 ABOVE 600 MVA: MARKET, BY REGION, 2 020–2023 (USD MILLION)
  • TABLE 28 ABOVE 600 MVA: MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 29 MARKET, BY COOLING TYPE, 2020–2023 (USD MILLION)
  • TABLE 30 POWER TRANSFORMER MARKET, BY COOLING TYPE, 2024–2029 (USD MILLION)
  • TABLE 31 OIL-COOLED: TRANSFORMER MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 32 OIL-COOLED: TRANSFORMER MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 33 AIR-COOLED: TRANSFORMER MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 34 AIR-COOLED: TRANSFORMER MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 35 MARKET, BY PHASE, 2020–2023 (USD MILLION)
  • TABLE 36 POWER TRANSFORMER MARKET, BY PHASE, 2024–2029 (USD MILLION)
  • TABLE 37 SINGLE-PHASE: TRANSFORMER MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 38 SINGLE-PHASE: TRANSFORMER MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 39 THREE-PHASE: TRANSFORMER MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 40 THREE-PHASE: TRANSFORMER MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 41 TRANSFORMER MARKET, BY END USER, 2020–2023 (USD MILLION)
  • TABLE 42 POWER TRANSFORMER MARKET, BY END USER, 2024–2029 (USD MILLION)
  • TABLE 43 UTILITIES: TRANSFORMER MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 44 UTILITIES: TRANSFORMER MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 45 RESIDENTIAL & COMMERCIAL: TRANSFORMER MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 46 RESIDENTIAL & COMMERCIAL: TRANSFORMER MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 47 INDUSTRIAL: TRANSFORMER MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 48 INDUSTRIAL: TRANSFORMER MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 49 INDUSTRIAL: TRANSFORMER MARKET, BY INDUSTRY, 2020–2023 (USD MILLION)
  • TABLE 50 INDUSTRIAL: TRANSFORMER MARKET, BY INDUSTRY, 2024–2029 (USD MILLION)
  • TABLE 51 MARKET, BY REGION, 2020–2023 (USD MILLION)
  • TABLE 52 MARKET, BY REGION, 2024–2029 (USD MILLION)
  • TABLE 53 POWER TRANSFORMERS MARKET, BY REGION, 2020–2023 (UNITS)
  • TABLE 54 POWER TRANSFORMERS MARKET, BY REGION, 2024–2029 (UNITS)
  • TABLE 55 NORTH AMERICA: POWER TRANSFORMER MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 56 NORTH AMERICA: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 57 NORTH AMERICA: MARKET, BY PHASE, 2020–2023 (USD MILLION)
  • TABLE 58 NORTH AMERICA: MARKET, BY PHASE, 2024–2029 (USD MILLION)
  • TABLE 59 NORTH AMERICA: MARKET, BY COOLING TYPE, 2020–2023 (USD MILLION)
  • TABLE 60 NORTH AMERICA: MARKET, BY COOLING TYPE, 2024–2029 (USD MILLION)
  • TABLE 61 NORTH AMERICA: MARKET, BY END USER, 2020–2023 (USD MILLION)
  • TABLE 62 NORTH AMERICA: MARKET, BY END USER, 2024–2029 (USD MILLION)
  • TABLE 63 NORTH AMERICA: MARKET, BY COUNTRY, 2020–2023 (USD MILLION)
  • TABLE 64 NORTH AMERICA: MARKET, BY COUNTRY, 2024–2029 (USD MILLION)
  • TABLE 65 US: POWER TRANSFORMER MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 66 US: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 67 CANADA: MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 68 CANADA: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 69 MEXICO: MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 70 MEXICO: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 71 EUROPE: POWER TRANSFORMER MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 72 EUROPE: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 73 EUROPE: MARKET, BY PHASE, 2020–2023 (USD MILLION)
  • TABLE 74 EUROPE: MARKET, BY PHASE, 2024–2029 (USD MILLION)
  • TABLE 75 EUROPE: MARKET, BY COOLING TYPE, 2020–2023 (USD MILLION)
  • TABLE 76 EUROPE: MARKET, BY COOLING TYPE, 2024–2029 (USD MILLION)
  • TABLE 77 EUROPE: MARKET, BY END USER, 2020–2023 (USD MILLION)
  • TABLE 78 EUROPE: MARKET, BY END USER, 2024–2029 (USD MILLION)
  • TABLE 79 EUROPE: MARKET, BY COUNTRY, 2020–2023 (USD MILLION)
  • TABLE 80 EUROPE: MARKET, BY COUNTRY, 2024–2029 (USD MILLION)
  • TABLE 81 GERMANY: MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 82 GERMANY: POWER TRANSFORMERS MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 83 UK: POWER TRANSFORMER MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 84 UK: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 85 ITALY: MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 86 ITALY: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 87 FRANCE: MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 88 FRANCE: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 89 SPAIN: MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 90 SPAIN: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 91 REST OF EUROPE: MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 92 REST OF EUROPE: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 93 ASIA PACIFIC: POWER TRANSFORMER MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 94 ASIA PACIFIC: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 95 ASIA PACIFIC: MARKET, BY PHASE, 2020–2023 (USD MILLION)
  • TABLE 96 ASIA PACIFIC: MARKET, BY PHASE, 2024–2029 (USD MILLION)
  • TABLE 97 ASIA PACIFIC: MARKET, BY COOLING TYPE, 2020–2023 (USD MILLION)
  • TABLE 98 ASIA PACIFIC: MARKET, BY COOLING TYPE, 2024–2029 (USD MILLION)
  • TABLE 99 ASIA PACIFIC: MARKET, BY END USER, 2020–2023 (USD MILLION)
  • TABLE 100 ASIA PACIFIC: MARKET, BY END USER, 2024–2029 (USD MILLION)
  • TABLE 101 ASIA PACIFIC: MARKET, BY COUNTRY, 2020–2023 (USD MILLION)
  • TABLE 102 ASIA PACIFIC: MARKET, BY COUNTRY, 2024–2029 (USD MILLION)
  • TABLE 103 CHINA: POWER TRANSFORMER MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 104 CHINA: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 105 INDIA: MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 106 INDIA: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 107 JAPAN: MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 108 JAPAN: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 109 SOUTH KOREA: POWER TRANSFORMERS MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 110 SOUTH KOREA: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 111 AUSTRALIA: MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 112 AUSTRALIA: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 113 REST OF ASIA PACIFIC: POWER TRANSFORMERS MARKET, BY POWER RATING 2020–2023 (USD MILLION)
  • TABLE 114 REST OF ASIA PACIFIC: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 115 MIDDLE EAST & AFRICA: MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 116 MIDDLE EAST & AFRICA: POWER TRANSFORMER MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 117 MIDDLE EAST & AFRICA: MARKET, BY PHASE, 2020–2023 (USD MILLION)
  • TABLE 118 MIDDLE EAST & AFRICA: MARKET, BY PHASE, 2024–2029 (USD MILLION)
  • TABLE 119 MIDDLE EAST & AFRICA: MARKET, BY COOLING TYPE, 2020–2023 (USD MILLION)
  • TABLE 120 MIDDLE EAST & AFRICA: MARKET, BY COOLING TYPE, 2024–2029 (USD MILLION)
  • TABLE 121 MIDDLE EAST & AFRICA: MARKET, BY END USER, 2020–2023 (USD MILLION)
  • TABLE 122 MIDDLE EAST & AFRICA: MARKET, BY END USER, 2024–2029 (USD MILLION)
  • TABLE 123 MIDDLE EAST & AFRICA: MARKET, BY COUNTRY, 2020–2023 (USD MILLION)
  • TABLE 124 MIDDLE EAST & AFRICA: MARKET, BY COUNTRY, 2024–2029 (USD MILLION)
  • TABLE 125 GCC: POWER TRANSFORMER MARKET, BY COUNTRY, 2020–2023 (USD MILLION)
  • TABLE 126 GCC: MARKET, BY COUNTRY, 2024–2029 (USD MILLION)
  • TABLE 127 SAUDI ARABIA: MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 128 SAUDI ARABIA: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 129 UAE: MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 130 UAE: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 131 REST OF GCC COUNTRIES: MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 132 REST OF GCC COUNTRIES: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 133 SOUTH AFRICA: POWER TRANSFORMERS MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 134 SOUTH AFRICA: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 135 REST OF MIDDLE EAST & AFRICA: MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 136 REST OF MIDDLE EAST & AFRICA: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 137 SOUTH AMERICA: POWER TRANSFORMER MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 138 SOUTH AMERICA: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 139 SOUTH AMERICA: MARKET, BY PHASE, 2020–2023 (USD MILLION)
  • TABLE 140 SOUTH AMERICA: MARKET, BY PHASE, 2024–2029 (USD MILLION)
  • TABLE 141 SOUTH AMERICA: MARKET, BY COOLING TYPE, 2020–2023 (USD MILLION)
  • TABLE 142 SOUTH AMERICA: MARKET, BY COOLING TYPE, 2024–2029 (USD MILLION)
  • TABLE 143 SOUTH AMERICA: MARKET, BY END USER, 2020–2023 (USD MILLION)
  • TABLE 144 SOUTH AMERICA: MARKET, BY END USER, 2024–2029 (USD MILLION)
  • TABLE 145 SOUTH AMERICA: MARKET, BY COUNTRY, 2020–2023 (USD MILLION)
  • TABLE 146 SOUTH AMERICA: MARKET, BY COUNTRY, 2024–2029 (USD MILLION)
  • TABLE 147 BRAZIL: POWER TRANSFORMER MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 148 BRAZIL: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 149 ARGENTINA: MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 150 ARGENTINA: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 151 REST OF SOUTH AMERICA: MARKET, BY POWER RATING, 2020–2023 (USD MILLION)
  • TABLE 152 REST OF SOUTH AMERICA: MARKET, BY POWER RATING, 2024–2029 (USD MILLION)
  • TABLE 153 POWER TRANSFORMER MARKET: OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS, 2020–2024
  • TABLE 154 MARKET: DEGREE OF COMPETITION, 2023
  • TABLE 155 MARKET: END USER FOOTPRINT
  • TABLE 156 MARKET: PHASE FOOTPRINT
  • TABLE 157 MARKET: POWER RATING FOOTPRINT
  • TABLE 158 MARKET: COOLING TYPE FOOTPRINT
  • TABLE 159 MARKET: REGION FOOTPRINT
  • TABLE 160 MARKET: DETAILED LIST OF KEY START-UPS/SMES
  • TABLE 161 MARKET: COMPETITIVE BENCHMARKING OF KEY START-UPS/SMES
  • TABLE 162 MARKET: PRODUCT LAUNCHES, JANUARY 2020–FEBRUARY 2024
  • TABLE 163 MARKET: DEALS, JANUARY 2020–FEBRUARY 2024
  • TABLE 164 MARKET: EXPANSIONS, JANUARY 2020–FEBRUARY 2024
  • TABLE 165 MARKET: OTHERS, JANUARY 2020–FEBRUARY 2024
  • TABLE 166 SIEMENS ENERGY: COMPANY OVERVIEW
  • TABLE 167 SIEMENS ENERGY: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 168 SIEMENS ENERGY: DEALS
  • TABLE 169 SIEMENS ENERGY: EXPANSIONS
  • TABLE 170 HITACHI ENERGY LTD.: COMPANY OVERVIEW
  • TABLE 171 HITACHI ENERGY LTD.: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 172 HITACHI ENERGY LTD.: DEALS
  • TABLE 173 HITACHI ENERGY LTD.: EXPANSIONS
  • TABLE 174 HITACHI ENERGY LTD.: OTHERS
  • TABLE 175 SCHNEIDER ELECTRIC: COMPANY OVERVIEW
  • TABLE 176 SCHNEIDER ELECTRIC: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 177 SCHNEIDER ELECTRIC: DEALS
  • TABLE 178 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION: COMPANY OVERVIEW
  • TABLE 179 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 180 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION: OTHERS
  • TABLE 181 HD HYUNDAI ELECTRIC CO., LTD: COMPANY OVERVIEW
  • TABLE 182 HD HYUNDAI ELECTRIC CO., LTD: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 183 HD HYUNDAI ELECTRIC CO., LTD: OTHERS
  • TABLE 184 GENERAL ELECTRIC COMPANY: COMPANY OVERVIEW
  • TABLE 185 GENERAL ELECTRIC COMPANY: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 186 GENERAL ELECTRIC COMPANY: DEALS
  • TABLE 187 GENERAL ELECTRIC COMPANY: OTHERS
  • TABLE 188 CG POWER AND INDUSTRIAL SOLUTIONS LTD.: COMPANY OVERVIEW
  • TABLE 189 CG POWER AND INDUSTRIAL SOLUTIONS LTD.: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 190 CG POWER AND INDUSTRIAL SOLUTIONS LTD.: EXPANSIONS
  • TABLE 191 MITSUBISHI ELECTRIC CORPORATION: COMPANY OVERVIEW
  • TABLE 192 MITSUBISHI ELECTRIC CORPORATION: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 193 MITSUBISHI ELECTRIC CORPORATION: DEALS
  • TABLE 194 MITSUBISHI ELECTRIC CORPORATION: OTHERS
  • TABLE 195 HYUSONG HEAVY INDUSTRIES: COMPANY OVERVIEW
  • TABLE 196 HYOSUNG HEAVY INDUSTRIES: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 197 BHARAT HEAVY ELECTRICALS LIMITED: COMPANY OVERVIEW
  • TABLE 198 BHARAT HEAVY ELECTRICALS LIMITED: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 199 BHARAT HEAVY ELECTRICALS LIMITED: OTHERS
  • TABLE 200 FUJI ELECTRIC CO LTD: COMPANY OVERVIEW
  • TABLE 201 FUJI ELECTRIC CO LTD: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 202 SBG SMIT: COMPANY OVERVIEW
  • TABLE 203 SBG SMIT: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 204 SGB SMIT: DEALS
  • TABLE 205 SGB SMIT: OTHERS
  • TABLE 206 WEG: COMPANY OVERVIEW
  • TABLE 207 WEG: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 208 WEG: DEALS
  • TABLE 209 WEG: EXPANSIONS
  • TABLE 210 TRANSFORMER AND RECTIFIER INDIA LTD: COMPANY OVERVIEW
  • TABLE 211 TRANSFORMER AND RECTIFIER INDIA LTD: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 212 NIAGARA POWER TRANSFORMER CORP.: COMPANY OVERVIEW
  • TABLE 213 NIAGARA POWER TRANSFORMER CORP.: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 214 LS ELECTRIC CO., LTD.: COMPANY OVERVIEW
  • TABLE 215 LS ELECTRIC CO., LTD.: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 216 LS ELECTRIC CO., LTD.: DEALS
  • TABLE 217 LS ELECTRIC CO., LTD.: OTHERS
  • TABLE 218 HAMMOND POWER SOLUTIONS: COMPANY OVERVIEW
  • TABLE 219 HAMMOND POWER SOLUTIONS: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 220 EFACEC: COMPANY OVERVIEW
  • TABLE 221 EFACEC: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 222 EFACEC: OTHERS
  • TABLE 223 NINGBO IRONCUBE WORKS INTERNATIONAL CO., LTD: COMPANY OVERVIEW
  • TABLE 224 NINGBO IRONCUBE WORKS INTERNATIONAL CO., LTD: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 225 NINGBO IRONCUBE WORKS INTERNATIONAL CO., LTD: PRODUCT LAUNCHES
  • TABLE 226 MGM TRANSFORMER COMPANY: COMPANY OVERVIEW
  • TABLE 227 MGM TRANSFORMER COMPANY: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 228 WILSON POWER SOLUTIONS: COMPANY OVERVIEW
  • TABLE 229 WILSON POWER SOLUTIONS: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 230 WILSON POWER SOLUTIONS: OTHERS
LIST OF FIGURES
 
  • FIGURE 1 POWER TRANSFORMERS MARKET SEGMENTATION
  • FIGURE 2 POWER TRANSFORMER MARKET: RESEARCH DESIGN
  • FIGURE 3 KEY METRICS CONSIDERED TO ANALYZE DEMAND FOR POWER TRANSFORMERS
  • FIGURE 4 POWER TRANSFORMERS MARKET: BOTTOM-UP APPROACH
  • FIGURE 5 POWER TRANSFORMERS MARKET: TOP-DOWN APPROACH
  • FIGURE 6 KEY STEPS CONSIDERED TO ASSESS POWER TRANSFORMER SUPPLY
  • FIGURE 7 POWER TRANSFORMERS MARKET: SUPPLY-SIDE ANALYSIS
  • FIGURE 8 POWER TRANSFORMERS MARKET: DATA TRIANGULATION
  • FIGURE 9 ASIA PACIFIC ACCOUNTED FOR LARGEST SHARE OF GLOBAL POWER TRANSFORMERS MARKET IN 2023
  • FIGURE 10 UP TO 60 MVA SEGMENT TO HOLD LARGEST SHARE OF POWER TRANSFORMERS MARKET, BY POWER RATING, IN 2024
  • FIGURE 11 THREE-PHASE SEGMENT TO DOMINATE POWER TRANSFORMERS MARKET, BY PHASE, FROM 2024 TO 2029
  • FIGURE 12 OIL-COOLED SEGMENT TO HOLD LARGER SHARE OF POWER TRANSFORMERS MARKET, BY COOLING TYPE, IN 2029
  • FIGURE 13 UTILITIES TO ACCOUNT FOR LARGEST SHARE OF POWER TRANSFORMERS MARKET, BY END USER, IN 2029
  • FIGURE 14 BURGEONING POWER DEMAND DUE TO RAPID URBANIZATION TO FOSTER MARKET GROWTH
  • FIGURE 15 ASIA PACIFIC TO EXHIBIT HIGHEST CAGR IN POWER TRANSFORMERS MARKET DURING FORECAST PERIOD
  • FIGURE 16 THREE-PHASE AND CHINA ACCOUNTED FOR LARGEST SHARES OF POWER TRANSFORMERS MARKET IN ASIA PACIFIC IN 2023
  • FIGURE 17 UP TO 60 MVA SEGMENT TO HOLD LARGEST SHARE OF POWER TRANSFORMERS MARKET IN 2029
  • FIGURE 18 THREE-PHASE SEGMENT TO ACCOUNT FOR LARGER MARKET SHARE IN 2029
  • FIGURE 19 OIL-COOLED ACCOUNTED FOR LARGER MARKET SHARE THAN AIR- COOLED IN 2029
  • FIGURE 20 UTILITIES TO ACCOUNT FOR LARGEST MARKET SHARE IN 2029
  • FIGURE 21 POWER TRANSFORMER MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
  • FIGURE 22 ELECTRICITY DEMAND, BY REGION, 2019–2025
  • FIGURE 23 GLOBAL INVESTMENT IN CLEAN ENERGY AND FOSSIL FUELS, 2015–2023
  • FIGURE 24 ENERGY INVESTMENTS IN EMERGING MARKETS, BY SOURCE TYPE, 2019 AND 2022
  • FIGURE 25 GLOBAL INVESTMENTS IN POWER GRIDS, 2015–2022
  • FIGURE 26 PORTER’S FIVE FORCES ANALYSIS
  • FIGURE 27 SUPPLY CHAIN ANALYSIS
  • FIGURE 28 POWER TRANSFORMER ECOSYSTEM
  • FIGURE 29 PATENTS APPLIED AND GRANTED, 2014–2023
  • FIGURE 30 IMPORT DATA FOR HS CODE 850423-COMPLIANT LIQUID DIELECTRIC TRANSFORMERS OF >10.000 KVA, BY COUNTRY, 2021–2023 (USD)
  • FIGURE 31 IMPORT DATA FOR HS CODE 850434-COMPLIANT TRANSFORMERS OF >500 KVA (EXCL. LIQUID DIELECTRIC TRANSFORMERS), BY COUNTRY, 2021–2023 (USD)
  • FIGURE 32 EXPORT DATA FOR HS CODE 850423-COMPLIANT LIQUID DIELECTRIC TRANSFORMERS OF >10.000 KVA, BY COUNTRY, 2021–2023 (USD)
  • FIGURE 33 EXPORT DATA FOR HS CODE 850434-COMPLIANT TRANSFORMERS OF >500 KVA (EXCL. LIQUID DIELECTRIC TRANSFORMERS), BY COUNTRY, 2021–2023 (USD)
  • FIGURE 34 AVERAGE SELLING PRICE TREND, BY REGION, 2020–2023
  • FIGURE 35 INVESTMENT AND FUNDING SCENARIO
  • FIGURE 36 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
  • FIGURE 37 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE END USERS
  • FIGURE 38 KEY BUYING CRITERIA FOR TOP THREE END USERS
  • FIGURE 39 POWER TRANSFORMER MARKET SHARE, BY POWER RATING, 2023
  • FIGURE 40 OIL-COOLED SEGMENT HELD LARGER SHARE OF POWER TRANSFORMERS MARKET IN 2023
  • FIGURE 41 POWER TRANSFORMER MARKET SHARE, BY PHASE, 2023
  • FIGURE 42 POWER TRANSFORMER MARKET SHARE, BY END USER, 2023
  • FIGURE 43 POWER TRANSFORMER MARKET SHARE, BY REGION, 2023
  • FIGURE 44 ASIA PACIFIC TO REGISTER HIGHEST CAGR IN POWER TRANSFORMERS MARKET FROM 2024 TO 2029
  • FIGURE 45 EUROPE: POWER TRANSFORMERS MARKET SNAPSHOT
  • FIGURE 46 ASIA PACIFIC: POWER TRANSFORMERS MARKET SNAPSHOT
  • FIGURE 47 POWER TRANSFORMER MARKET SHARE ANALYSIS, 2023
  • FIGURE 48 REVENUE ANALYSIS OF TOP FIVE PLAYERS, 2018–2022
  • FIGURE 49 COMPANY VALUATION
  • FIGURE 50 FINANCIAL METRICS
  • FIGURE 51 BRAND/PRODUCT COMPARISON
  • FIGURE 52 POWER TRANSFORMERS MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2023
  • FIGURE 53 POWER TRANSFORMER SMARKET: COMPANY FOOTPRINT
  • FIGURE 54 POWER TRANSFORMERS MARKET: COMPANY EVALUATION MATRIX (START-UPS/SMES), 2023
  • FIGURE 55 SIEMENS ENERGY: COMPANY SNAPSHOT
  • FIGURE 56 HITACHI ENERGY LTD.: COMPANY SNAPSHOT
  • FIGURE 57 SCHNEIDER ELECTRIC: COMPANY SNAPSHOT
  • FIGURE 58 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION: COMPANY SNAPSHOT
  • FIGURE 59 HD HYUNDAI ELECTRIC CO., LTD: COMPANY SNAPSHOT
  • FIGURE 60 GENERAL ELECTRIC COMPANY: COMPANY SNAPSHOT
  • FIGURE 61 CG POWER AND INDUSTRIAL SOLUTIONS LTD.: COMPANY SNAPSHOT
  • FIGURE 62 MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT
  • FIGURE 63 HYOSUNG HEAVY INDUSTRIES: COMPANY SNAPSHOT
  • FIGURE 64 BHARAT HEAVY ELECTRICALS LIMITED: COMPANY SNAPSHOT
  • FIGURE 65 FUJI ELECTRIC CO., LTD.: COMPANY SNAPSHOT
  • FIGURE 66 WEG: COMPANY SNAPSHOT
  • FIGURE 67 TRANSFORMER AND RECTIFIER INDIA LTD: COMPANY SNAPSHOT
  • FIGURE 68 LS ELECTRIC CO., LTD.: COMPANY SNAPSHOT
  • FIGURE 69 HAMMOND POWER SOLUTIONS: COMPANY SNAPSHOT
  • FIGURE 70 EFACEC: COMPANY SNAPSHOT

 

This study undertook an extensive process to determine the current dimensions of the power transformers market, beginning with an in-depth secondary research phase focused on gathering data from the market, related markets, and the overall industry context. This initial data collection was followed by a thorough validation using primary research, which included discussions with industry experts across the value chain. Market size evaluations were then conducted for each country through a tailored analysis, leading to a detailed breakdown of the market. Data from these analyses were cross-checked to estimate the sizes of different segments and sub-segments. By integrating both secondary and primary research methods, the study ensures the findings are both accurate and reliable.

Secondary Research

In this research study, a comprehensive range of secondary sources was utilized, including directories, databases, and trusted references such as Hoover's, Bloomberg BusinessWeek, Factiva, World Bank, the US Department of Energy (DOE), and the International Energy Agency (IEA). These sources were crucial in gathering essential data needed for a detailed analysis of the global power transformer market. Covering technical, market-oriented, and commercial facets, these secondary sources greatly enriched the study's depth and scope. Additional resources included annual reports, press releases, investor presentations, white papers, authoritative publications, articles by respected experts, information from industry associations, trade directories, and various database resources. The extensive and varied secondary sources employed provide a solid and well-rounded basis for this research study.

Primary Research

The power transformers market includes a diverse array of stakeholders throughout its supply chain, ranging from component manufacturers and product assemblers to service providers, distributors, and end-users. The primary demand drivers in this market are industrial end-users, with the growing needs of transmission and distribution utilities also playing a crucial role in market expansion. On the supply side, there is a clear trend toward increased demand for contracts within the industrial sector, complemented by a significant number of mergers and acquisitions among leading industry participants.

The calculation and verification of the power transformer market size were carefully performed using a bottom-up approach. This technique was rigorously applied to determine the sizes of various subsegments within the market. The research process included several critical stages.

Power TransformerMarket Market Size, and Share

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Market Size Estimation

Using a bottom-up & top-down methodology, the power transformer market size has been carefully estimated and validated. This approach was used extensively to determine the size of several market subsegments. The following crucial phases are included in the research process.

This method has examined national and regional manufacturing statistics for all types of power transformers.

A significant amount of primary and secondary research has been conducted in order to fully understand the global market situation for various transformer types.

Prominent power transformer system development specialists, including major OEMs and Tier I suppliers, have been interviewed in several primary interviews.

When evaluating and projecting the market size, qualitative factors such as market drivers, restraints, opportunities, and challenges have been taken into account.

Global Power Transformer Market Size: Bottom-Up Approach

Power TransformerMarket Market Bottom Up Approach

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Global Power Transformer Market Size: Top-Down Approach

Power TransformerMarket Market Top Down Approach

Data Triangulation

The determination of the overall market size was conducted using the outlined methodologies, which involved dividing the market into various segments and subsegments. To finalize the comprehensive market analysis and obtain accurate statistics for each segment and subsegment, techniques such as data triangulation and market segmentation were employed as needed. Data triangulation included a detailed analysis of different factors and trends from both demand and supply sides within the power transformers market ecosystem.

Market Definition

A power transformer is an essential device used in the transmission and distribution of electrical energy, designed to modify voltage levels between circuits in the power grid. Its primary function is to step up (increase) or step down (decrease) voltage as electricity travels from power plants to end users, ensuring that electrical power is transmitted efficiently over long distances with minimal loss. Power transformers are critical for connecting different power networks and for maintaining the stability and reliability of the electricity supply system. Power transformers consist of a core made from magnetic materials such as silicon steel, and coils or windings of insulated wire. These components work together through electromagnetic induction. When alternating current flows through the primary winding, it creates a magnetic field that induces a voltage in the secondary winding. The voltage level of the induced current depends on the ratio of turns between the primary and secondary windings. For instance, if the secondary winding has fewer turns than the primary, the output voltage will be lower, and the transformer will function as a step-down unit.

Key Stakeholders

  • Government Utility Providers
  • Independent Power Producers
  • Transformer manufacturers
  • Power equipment and garden tool manufacturers
  • Consulting companies in the energy & power sector
  • Distribution utilities
  • Government and research organizations
  • Organizations, forums, and associations
  • Raw material suppliers
  • State and national regulatory authorities
  • Transformer manufacturers, distributors, and suppliers
  • Transformers original equipment manufacturers (OEMs)

Objectives of the Study

  • Based on variables including power rating, phase, cooling type, and end user, the power transformer market will be defined, categorized, segmented, and projected.
  • To project market sizes for the major countries in each of these five regions, as well as those for North America, South America, Europe, Asia Pacific, the Middle East, and Africa.
  • To provide in-depth analyses of the elements driving market dynamics, industry-specific opportunities, constraints, and difficulties.
  • To systematically assess the market share, growth trends, and prospects of each subsegment.
  • To evaluate the competitive landscape for leaders in the industry and the market prospects for interested parties.
  • To create strategic profiles of the top players by closely examining their market shares and essential strengths.
  • To monitor and assess competitive changes in the oil-immersed market, such as alliances, contracts, sales contracts, new product introductions, contracts, joint ventures, expansions, and investments.
  • This research gives an evaluation of the power transformers market.

Available Customization

With the given market data, MarketsandMarkets offers customizations based on the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product Matrix, which provides a detailed comparison of the product portfolio of each company

Company Information

  • Detailed analyses and profiling of additional market players (up to 5)

Previous Versions of this Report

Power Transformer Market by Power Rating (Small Power Transformer (Up To 60 MVA), Medium Power Transformer (61- 600 MVA), Large Power Transformer (Above 600 MVA)), Cooling Type (Oil-cooled, Air-cooled), Phase (Single, Three) - Global Forecast to 2029

Report Code EP 3890
Published in Nov, 2015, By MarketsandMarkets™

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