Large Power Transformers Market Size, Share, Trends, Growth and Forecast 2032

Large Power Transformers Market Insights

According to the report published by Zion Market Research, the global Large Power Transformers Market size was valued at USD 9.63 Billion in 2023 and is predicted to reach USD 15.19 Billion by the end of 2032. The market is expected to grow with a CAGR of 5.2% during the forecast period. The report analyzes the global Large Power Transformers Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Large Power Transformers industry.

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Global Large Power Transformers Market: Overview

The large power transformers are usually a huge custom-built piece of equipment that is the most essential component of the bulk transmission grid. Large power transformers come in a wide variety of configurations and sizes. It consists of two important components: core and windings. Large power transformers are usually used in high voltage transmission network to step down and step up the voltage. Distribution and transmission of electric power is the major application of the large power transformers. Industrial plants, traditional electric utility industries, and power plants are some of the industries where such transformers are been used widely.

Global Large Power Transformers Market: Growth Factors

Some of the major factors such as expanding use of the large power transformers in T&D projects, growing demand for electricity, and increasing concerns regarding the environment are fostering the growth of the global large power transformers market. Along with this, several governments across the world are now focusing to modernize and improve the older power infrastructure to provide a secure electricity supply to end-users. This in turn is fueling the growth of the global large power transformers market. As per the report by the International Energy Agency, total electricity final consumption across the world in 2018 was 22315TWh which was around 4 percent higher than that in the year 2017.

In addition to this, the consumption of electricity has increased in commercial, public services, and residential sectors. Moreover, rising concerns regarding growing environmental pollution have triggered the adoption of electric vehicles across the world which is augmenting the smart electricity stations. All such factors are thus driving the growth of the global market. Additionally, emerging new players in the market, as well as technological advancements, are also the key features contributing to the growth of the global market. Furthermore, speedy developments in transmission lines and green transformers deployment will create advantageous opportunities for the global large power transformers market during the forecast period. However, long manufacturing time and high manufacturing cost are some of the factors that are restraining the growth of the global market.

The COVID-19 pandemic situation is expected to moderately affect the large power transformers market. The growth of the market is majorly affected by the shortage of equipment and raw materials required in the production of transformers. However, several initiatives taken by the governments across the world to improve the distribution and transmission infrastructure are expected to get back the large power transformers market growth on the track.

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Global Large Power Transformers Market: Segmentation

The global large power transformers market is bifurcated based on application, end-user, and region.

Based on the application, the global large power transformers market is divided into power generation, and power transmission.

Furthermore, the end-user segment is split into infrastructure, industrial sector, and energy & utility sector.

Large Power Transformers Market: Report Scope

Global Large Power Transformers Market: Regional Analysis

North America is projected to dominate the global large power transformers market over the forecast period. Factors such as consistent demand for upgradation of power supplies, growing demand from the larger industrial sector is primarily supporting the growth of the market in this region. Large power transformers market in Europe is expected to contribute significant share in terms of revenue over the forecast period. Asia Pacific region is expected to register the highest CAGR during the forecast period. Factors contributing to the rapid growth of the global large power transformers market in this region include growing industrialization, rapidly growing residential infrastructure, and increasing investments by governments for the advancement of the power supplies.

Global Large Power Transformers Market: Competitive Players

• Bharat Heavy Electricals Limited
• General Electric Company
• SPX Transformer Solutions. Inc.
• Mitsubishi Electric Corporation
• Hyosung Power & Industrial Systems Performance Group
• Siemens AG
• ABB Ltd.
• Crompton Greaves Limited
• Toshiba Corporation
• Hyundai Heavy Industries Ltd.

are some of the key players operating in the global large power transformers market.

The Global Large Power Transformers Market is segmented as follows:

By Application 

• power generation
• power transmission 

By End-user 

• infrastructure 
• industrial sector
• energy & utility sector

Global Large Power Transformers Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.