Power Transformer Market Size

Power Transformer Market size is expected to reach USD 73.56 billion by the end of 2037, growing at a CAGR of 6.22% during the forecast period i.e., 2025-2037. In the year 2024, the industry size of power transformer was USD 33.6 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.