Transformer market to reach $116.5 B by 2033
The transformer market is expected to grow from $66 B in 2024 to $116 B by 2033
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According to a ResearchAndMarkets.com’s report, the transformer market size is expected to reach $116.53 B by 2033 from $66.28 B in 2024, growing at a CAGR of 6.47 % from 2025 to 2033.
The global trend towards renewable-based power generation, the growing need for power in tandem with population growth, and associated changes in transmission infrastructure are the primary drivers of the transformers industry.
Transformers play a critical role in fulfilling the expanding energy demands by preserving grid stability and reducing transmission losses. In order to meet the growing demand for dependable and efficient energy distribution, utilities and businesses are investing in updated transformer technologies, which is driving the transformer market’s notable expansion.
To encourage green energy projects, governments around the world are imposing more stringent energy efficiency regulations and providing incentives. Advanced transformers that can manage varying renewable energy outputs and maximise grid performance are required by these laws. Transformer makers are concentrating on innovations that satisfy these objectives as regulatory frameworks change to favour sustainability and contemporary infrastructure. The adoption of next-generation transformer solutions is therefore being accelerated by these laws and incentives, which is further propelling market expansion.
Key players in the market: Siemens AG, ABB Ltd, General Electric Company, CG Power and Industrial Solutions Ltd., Hyundai Electric & Energy Systems Co. Ltd., Toshiba Corp., Hyosung Corp., Bharat Heavy Electricals Limited, Schneider Electric SE
Source: GlobeNewswire
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