Power Transformer Market: Growth, Trends, and Regional Insights to 2033
The global power transformer market size was valued at USD 40.44 billion in 2024 and is expected to reach from USD 43.67 billion in 2025 to USD 80.83 billion by 2033 , growing at a CAGR of 8.0% during the forecast period (2025–2033).
Power transformers play a crucial role in converting low-voltage generator electricity to high voltage for long-distance transmission, minimizing power losses and enhancing grid stability. These transformers operate with high efficiency at full or peak load, a key factor as transmission voltages continue rising globally, including ultra-high voltage (UHV) transmission systems exceeding 1100 kV.
The necessity to upgrade outdated infrastructure, coupled with rapid industrialization and urbanization, propels demand worldwide. The expanding electric vehicle sector also contributes significantly to increased power consumption and transformer requirements.
Several factors underpin the power transformer market's growth trajectory:
