Power Transformer Market Outlook:
Power Transformer Market size was valued at USD 28.43 billion in 2025 and is likely to cross USD 53.87 billion by 2035, expanding at more than 6.6% CAGR during the forecast period i.e., between 2026-2035. In the year 2026, the industry size of power transformer is assessed at USD 30.12 billion.
An increase in power generation and grid development projects is what drives the total quantity of power transformers. Power transformer demand is driven by the modernization, development, and improvement of power grids, which also support the industry's overall growth. Some of the nations and areas leading the way in the implementation of smart grids are Japan, which in 2022 announced a USD 155 billion funding package to encourage investments in smart power networks.
The growing penetration of electric cars (EVs) offers power transformers the chance to assist in the creation of EV charging infrastructure. Transformers are essential for providing charging stations with an effective and dependable power supply. Power transformers are a necessary part of the infrastructure used to charge electric cars. They assist in reducing grid electricity from high voltages to lower voltages required for different EV charging capacities. Electric car charging is now safe and effective thanks to this development. Programs like the FAME India project, tax breaks, and production-linked incentives are designed to give the electric vehicle (EV) sector a boost.
