Transformer Market Share

Asia Pacific Market Analysis

Asia Pacific transformer market is set to capture revenue share of over 35% by 2037, driven by rapid industrial expansion and investment in renewable energies. Infrastructure development and grid modernization have become prime priorities for governments across the region, acting as a catalyst for advanced transformer solutions. India and China are two lucrative countries in the market witnessing significant expansion prospects for manufacturers.

The transformer market is expanding due to the ambitious plans of the Government of India for strengthening energy grids, including recent rural electrification efforts. For example, the Power Grid Corporation of India proposed a collaboration for developing transmission lines in Kenya with Africa50 in January 2022, showcasing its expertise in large-scale transformer projects. This demonstrates the commitment of the country toward achieving a leading position in power infrastructure within the country and beyond by leveraging capabilities around transformer technology built up over time.

Growth in the transformer market in China is driven by a surge in investments in renewable energy coupled with the extension of high-voltage transmission systems. With China striving to enhance grid reliability and ensure better distribution of energy, advanced-class transformers are in high demand. Companies in China are actively investing in transformer manufacturing and development to meet these demands.

North America Market Analysis

North America transformers market is expected to register over 9% growth till 2037. The increasing integration of renewable energy and expanding data centers across the region promises a strong market for technically advanced transformer technologies. Government incentives and financial support are also uplifting the refurbishment of old power grids with high-efficiency transformers.

The U.S. transformer market also witnesses large-scale investments in green infrastructure and data centers, driving demand for high-efficiency transformers. In October 2021, Prolec Transformers expanded its U.S. operations with the acquisition of SPX Transformers, strengthening its position to serve this country's ever-growing demand for electrical infrastructure. This points to the acquisition as one of the important ways of market consolidation needed to meet ever-growing demands for power across data centers and renewable projects.

Government initiatives toward upgrading power infrastructure and achieving net-zero emissions are driving the transformer market in Canada. Renewable energy projects are also giving ample opportunities for environmentally friendly transformers. For example, in June 2023, ABB launched its latest eco-efficient power transformers in Canada that align with the country's sustainability objectives. This launch is a step toward meeting the country’s commitment to energy-efficient technologies, opening avenues for the growth of the segment.