Closed Core Power Transformer Market Share

Asia Pacific Market Forecast

Asia Pacific closed core power transformer market is foreseen to hold 50.8% of the revenue share by 2037 owing to the high investments in renewable energy projects and rapidly increasing industrial activities. The high energy demand from the residential and industrial sectors is pushing the robust sales of power transformers in the region. For instance, according to the International Energy Agency, the national oil companies in Asia invested around USD 23 billion in the clean energy sector in 2023. Furthermore, to meet the COP28 goals, Southeast Asia witnessed a clean energy investment of around USD 26 billion in 2024. 

China is a well-known manufacturing hub across the world, the increasing industrial investments in the country are driving high energy demand, ultimately fuelling the sales of closed core power transformers. For instance, as per the IEA analysis, in 2023, the energy demand surpassed 6.4% in China. The increasing manufacturing of solar PV modules and electric vehicles is also contributing to the closed core power transformer market growth in China.

India is witnessing high investment in solar energy projects to align with the sustainability goals, which is driving increasing demand for several advanced electrical technologies including the closed core power transformers. For instance, the country’s installed renewable energy capacity is anticipated to increase to around 170 GW in 2025 from 136.57 GW in 2023. Furthermore, the world’s biggest solar power plant Bhadla Solar Park is located in Rajasthan, India. With more than 2,245 megawatts of capacity, this solar project is boosting the revenue share of closed core power transformer manufacturers.

North America Market Statistics

The North America market is foreseen to generate high-growth opportunities for closed core power transformer manufacturers in the coming years owing to the rapid digital shift in several sectors. The aging infrastructure in the region is increasing the need for new upgrades, fuelling the sales of advanced electrical systems including power transformers.

In the U.S., supportive government initiatives and incentives aimed at improving energy efficiency and reliability are driving investments in cleaner electricity, subsequently pushing the adoption of advanced transformer technologies. For instance, in 2024, the U.S. cleaner energy investment accounted for USD 315 billion to meet the COP28 goals.

Canada has the cleanest and most advanced renewable electricity systems among G8 countries. The country’s significant investment in hydroelectric power plants is augmenting the high demand for advanced and efficient power transformers for effective energy management and distribution and generating millions of job opportunities with over USD 125 billion in benefits.