High Power Transformers Global Market Opportunities and Strategies to 2033

This report describes and explains the high power transformers market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global high power transformers market reached a value of nearly $10.1 billion in 2023, having grown at a compound annual growth rate (CAGR) of 2.98% since 2018. The market is expected to grow from $10.1 billion in 2023 to $12.3 billion in 2028 at a rate of 4.07%. The market is then expected to grow at a CAGR of 2.59% from 2028 and reach $14 billion in 2033.

Growth in the historic period resulted from the rising demand for electricity, rapid urbanization, rise in demand for electric vehicles, and growth in the commercial sector. Factors that negatively affected growth in the historic period included high prices of raw materials.

Going forward, the rising renewable energy integration, rapid industrialization, strong economic growth in emerging markets and increasing government investments in energy infrastructure will drive the market. Factors that could hinder the growth of the high power transformers market in the future include strict regulations.

The high power transformers market is segmented by phase into single phase and three phase. The three phase market was the largest segment of the high power transformers market segmented by phase, accounting for 88.54% or $8.9 billion of the total in 2023. Going forward, the three phase segment is expected to be the fastest growing segment in the high power transformers market segmented by phase, at a CAGR of 4.14% during 2023-2028.

The high power transformers market is segmented by cooling into dry type and oil-immersed. The oil-immersed market was the largest segment of the high power transformers market segmented by cooling, accounting for 84.30% or $8.5 billion of the total in 2023. Going forward, the dry type segment is expected to be the fastest growing segment in the high power transformers market segmented by cooling, at a CAGR of 4.28% during 2023-2028.

The high power transformers market is segmented by application into industrial and utility. The utility market was the largest segment of the high power transformers market segmented by application, accounting for 75.08% or $7.6 billion of the total in 2023. Going forward, the utility segment is expected to be the fastest growing segment in the high power transformers market segmented by application, at a CAGR of 4.20% during 2023-2028.

Asia-Pacific was the largest region in the high power transformers market, accounting for 41.54% or $4.2 billion of the total in 2023. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the high power transformers market will be the Middle East and South America, where growth will be at CAGRs of 12.98% and 11.26% respectively. These will be followed by Africa and Eastern Europe, where the markets are expected to grow at CAGRs of 10.24% and 7.42% respectively.

The global high power transformers market is highly concentrated, with large players dominating in the market. The top ten competitors in the market made up to 79.2% of the total market in 2022. Schneider Electric was the largest competitor with a 22.3% share of the market, followed by General Electric with 15.1%, Alstom SA with 10.8%, ABB Ltd with 9.8%, TBEA Co. Ltd. with 8.9%, Toshiba Corporation with 4.7%, Mitsubishi Electric Corporation with 3.1%, S Siemens with 1.9%, Crompton Greaves Limited (CG Power and Industrial Solutions Limited) with 1.6% and Hyundai Heavy Industries Co. Ltd. with 0.9%.

The top opportunities in the high power transformers market segmented by phase will arise in the three phase segment, which will gain $2 billion of global annual sales by 2028. The top opportunities in the high power transformers market segmented by cooling will arise in the oil-immersed segment, which will gain $1.8 billion of global annual sales by 2028. The top opportunities in the high power transformers market segmented by application will arise in the utility segment, which will gain $1.7 billion of global annual sales by 2028. The high power transformers market size will gain the most in China at $263.38 million.

Market-trend-based strategies for the high power transformers market include focus on developing innovative transformer technology, increasing investments to expand their product offerings, focusing on innovative power transformer projects, innovation in dry-type single-phase transformers and developing innovative next-generation transformer solutions.

Player-adopted strategies in the high power transformers market include focus on strengthening market position through new product developments, focus on strengthening business capabilities through strategic partnerships and focus on strengthening business operations through strategic acquisitions.

To take advantage of the opportunities, the analyst recommends the high power transformers companies to focus on liquid-filled transformers with transient voltage protection (tvp) technology, focus on investment for product expansion and global growth, focus on innovative power transformer projects for market sustainability, focus on developing innovative transformer solutions, focus on next-generation transformer solutions, focus on three-phase segment for growth, focus on dry type segment, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and focus on utility segment.