Transformers Market: Global Market Analysis and Industry Forecast, 2020–2027

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A transformer is an electrical device that converts electrical energy from one or more electrical circuit to another. The global transformers market witnessed significant growth in 2019, and will further foresee yearly establishment of manufacturing units by 2027, owing to increase in urbanization, modernization, and introduction of innovative technologies. The distribution transformer sector is anticipated to exhibit noteworthy CAGR during the forecast period.  The major players in the global transformers core market have adopted diverse business strategies such as investment, product launch, acquisition, and innovative to gain an edge in the competitive market. 


Market scope and structure analysis

                 Report Metric


  Market size available for years


  Base year considered


  Forecast period


  Forecast units

  Value (USD)

  Segments covered

Type, Power Rating, Cooling Type, Application, Insulation, and Region

  Regions covered

North America (US, Canada, and Mexico), Europe (Germany, UK, France, and the rest of Europe), Asia Pacific (China, Japan, India, and the rest of Asia Pacific), and LAMEA (Brazil, Argentina South Africa, Saudi Arabia, and the rest of LAMEA).

  Companies covered

Voitamp Transformers Limited, SPX Corporation, Siemens, Celme s.r.l., Ormazabal Velatia, BHEL, Toshiba Corporation, General Elecric Company, ABB Ltd., Schneider Electric, Mitsubushi Electric Corporation, Hyosung Heavy Industries, Crompton Greaves Consumer Electricals Ltd., and Fuji Electric Co. Ltd.


COVID-19 scenario analysis

  • The transformer market report highlights the impacts and opportunities due to the outbreak of COVID-19.

  • The spread of coronavirus in China has enforced their electricity distribution companies (discoms) to change their transformers.

  • The individuals need not pay cash through DD and wait for quite a long time together for transformer.

  • Every transformer depending upon the capacity may cost up to 2 lakhs. However, farmers will get a subsidy up to Rs. 70,000 in Hyderabad.

Top impacting factors: market trend, investment, and growth analysis

Rise in demand for power supply globally and increase in incorporation of sustainable resources to deliver power drive the growth of the global transformer market. However, fluctuations in raw material costs and impede the market development. 

Trends followed by the global transformer market

Inclination toward usage of renewable energy is an effect of the increasing competitiveness of wind and solar power along with their strong efficiency. To achieve better production capacity and to balance supply & demand continuously, manufactures are cautiously updating their existing set-ups and their equipment. This factor expected to drive the growth of the global transformers market in the near future.

Owing to decrease in prices of inexhaustible energy sources for power generation, the requirement for transformers has increased. This, in turn, is anticipated to offer remunerative opportunities for the players associated with assembling and providing transformers. 

Investment across regions

Asia-Pacific is expected to lead the market, attributable to increase in investments for infrastructure development. With surge in demand for power supply and rise in number of projects related to electricity, new entrants in Asia-Pacific and LAMEA are witnessing lucrative opportunities to expand their business in the coming future. In addition, increase in urbanization, rise in industrialization, and shift in preference of consumers toward the use of sustainable resources for power generations particularly in the developing countries such as China, India, Indonesia, Brazil, Chile, and Argentina are major factors that drive the growth of the transformer market. LAMEA is the second most lucrative market for transformers, registering a significant CAGR.

Key segments covered





  • Power Transformer
  • Distribution Transformer
  • Other

  Power Rating

  • Large
  • Medium
  • Small

  Cooling Type

  • Air Cooled
  • Oil Cooled


  • Commercial & Residential
  • Hospitals
  • Hotels
  • Apartments
  • Others
  • Industrial
  • Oil & Gas
  • Railways
  • Airports
  • Cement
  • Others
  • Utility


  • Oil
  • Gas
  • Solid
  • Air
  • Others


Key benefits of the report

  • This study presents the analytical depiction of the transformers market along with the current trends and future estimations to determine the imminent investment pockets.

  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the transformer market share.

  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global transformers market growth scenario.

  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 

  • The report provides a detailed market analysis depending on the competitive intensity and how the competition will take shape in coming years. 

Questions answered in the transformers market research report

  • What are the leading market players active in the transformer market?

  • What the current trends that will influence the market in the next few years?

  • What are the driving factors, restraints, and opportunities in the market?

  • What are the projections for the future that would help in taking further strategic steps?


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