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Study Period | 2020 - 2030 |
Base Year For Estimation | 2024 |
Forecast Data Period | 2025 - 2030 |
CAGR | 5.20 % |
Fastest Growing Market | Asia Pacific |
Largest Market | Asia Pacific |
Market Concentration | Medium |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
Large Power Transformer Market Analysis
The Large Power Transformer Market is expected to register a CAGR of greater than 5.2% during the forecast period.
- With the increasing electricity demand, especially in developing countries, the usage of large power transformers in the power generation segment is expected to boost the market. China and the United States are the two biggest electricity-consuming countries, and both have a huge market for large power transformers.
- There are many electrification projects in Africa and Asia-Pacific, with several initiatives and significant improvements underway in improving the electrification rate. This factor is expected to create ample opportunities for the market players in the coming years.
- Asia-Pacific is expected to dominate the market, with most of the demand coming from China and India due to economic growth, increasing demand for residential electricity, and rising industrial activities.
Large Power Transformer Market Trends
Power Generation Segment to Dominate the Market
- With the growing number of industries, business expansions, and the developing service sector, the power demand is increasing Y-o-Y. According to the International Energy Agency (IEA), the global demand for energy may witness about a 60% increase by 2030. Additionally, the increasing population has been continuously adding to the demand for power, leading to increasing power generation projects.
- Moreover, the global power generation reached 26823.2 TWh in 2020, growing by over 9.52% compared to 24270.5 TWh generated in 2015. Also, the electricity demand has been increasing due to the increasing population and rapid urbanization. Developing countries like China and India witnessed an increase in electricity demand, which may drive the market for large power transformers during the forecast period.
- Developed countries are replacing old transformers to ensure a continuous and efficient supply of electricity. This trend is expected to increase during the forecast period. In the coming years, eco-friendly large power transformers are expected to witness significant growth due to their environmental viability and advanced features.
- Transformers play a major role in power storage and transmission in renewable-based electricity generation, i.e., from 33 kilovolt (kV) to 275 kV, which is done by a large power transformer that has a 120 megavolt-ampere (MVA) rating.
- Therefore, due to these factors, the usage of large power transformers in the power generation segment is expected to dominate the market during the forecast period.
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Asia Pacific to Dominate the Market
- Asia-Pacific dominated the large power transformer market in 2021. It is expected to continue its dominance in the coming years. The region saw an unprecedented increase in the demand for large power transformers during the past few years, which is expected to increase further during the forecast period.
- Industries such as automotive, chemical, fertilizers, and petrochemical are witnessing steady growth in the region, leading to an increase in electricity demand. This factor is expected to offer tremendous growth opportunities for the market players in the region.
- In 2020, the electricity generation for India was about 1560.9 Terawatt-Hour (TWh), which was higher than 1317.3 TWh in 2015. The increase in electricity generation exhibits an increase in the number of power generation stations, which are likely to use large power transformers to supply electricity to the consumers.
- In October 2021, Sterlite Power, a private sector power transmission and solutions provider, was awarded the Nangalbibra-Bongaigaon interstate power transmission project worth USD 43.446 million through tariff-based competitive bidding (TBCB). The project is likely to have 20 km of 132kV D/c line connecting Hatsinghmari in Assam to Ampati in Meghalaya. It may require several large power transformers to transmit the power across the region.
- Hence, such factors are likely to help boost the large power transformers market in Asia-Pacific during the forecast period.
Large Power Transformer Industry Overview
The large power transformer market is moderately consolidated. Some of the major players in the market include Hitachi Energy Ltd, Siemens Energy AG, Toshiba Energy Systems & Solutions Corporation, CG Power and Industrial Solutions Limited, and General Electric Company.
Large Power Transformer Market Leaders
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Siemens Energy AG
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Hitachi Energy Ltd
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CG Power and Industrial Solutions Limited
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Toshiba Energy Systems & Solutions Corporation
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General Electric Company
- *Disclaimer: Major Players sorted in no particular order
![Large Power Transformer Market Concentration Hitachi Energy Ltd., Siemens Energy AG, Toshiba Energy Systems & Solutions Corporation, CG Power and Industrial Solutions Limited, and General Electric Company.](https://s3.mordorintelligence.com/large-power-transformer-market/large-power-transformer-market_Market_Conc._-_Large_Power_Transformer.webp)
Large Power Transformer Market News
- In December 2021, The Transformers & Rectifiers India Ltd was awarded orders for various transformers, including large power transformers, for the total contract value of INR 72 crore from the Gujarat Energy Transmission Corporation (GETCO).
- In October 2021, GE-Prolec Transformers Inc., a subsidiary of a 50/50 joint venture between General Electric and Xignux, a Mexico-based private company, announced the completion of the acquisition of SPX Transformer Solutions business, which includes large power transformers for a contract purchase price of USD 645 million.
Large Power Transformer Industry Segmentation
The scope of the large power transformer market report includes:
Type | Single-phase Transformer |
Three-phase Transformer | |
Application | Power Transmission |
Power Generation | |
Other Applications | |
Geography | North America |
Europe | |
Asia-Pacific | |
South America | |
Middle-East and Africa |
Large Power Transformer Market Research FAQs
What is the current Large Power Transformer Market size?
The Large Power Transformer Market is projected to register a CAGR of greater than 5.2% during the forecast period (2025-2030)
Who are the key players in Large Power Transformer Market?
Siemens Energy AG, Hitachi Energy Ltd, CG Power and Industrial Solutions Limited, Toshiba Energy Systems & Solutions Corporation and General Electric Company are the major companies operating in the Large Power Transformer Market.
Which is the fastest growing region in Large Power Transformer Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Large Power Transformer Market?
In 2025, the Asia Pacific accounts for the largest market share in Large Power Transformer Market.
What years does this Large Power Transformer Market cover?
The report covers the Large Power Transformer Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Large Power Transformer Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Large Power Transformer Industry Report
Statistics for the 2025 Large Power Transformer market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Large Power Transformer analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.