Lagos — The global transformers market is on a strong growth trajectory, projected to reach $89.34 billion in 2030, driven by rising electricity demand, renewable integration, and grid modernization.
The Asia-Pacific (APAC) region is set to lead the charge with robust investments, while the Europe, Middle East, and Africa (EMEA) region is poised to grow fastest, fueled by infrastructure upgrades and power sector reforms across developing economies in the Middle East and Africa, reveals GlobalData, a leading data and analytics company.
Bhavana Sri Pullagura, Senior Power Analyst at GlobalData, comments: “The global transformers market is witnessing substantial growth, fueled by an escalating demand for electricity, a definitive transition to renewable energy sources, and the imperative to modernize aging grid infrastructures. This growth trajectory is being further supported by technological innovations, the evolution of market standards, and the burgeoning economic strength of developing nations.”
GlobalData’s report, “Transformers Market Size, Share and Trends Analysis by Technology, Installed Capacity, Generation, Key Players and Forecast to 2030,” reveals that the global market for power transformers is projected to reach $35.83 billion, while the distribution transformers market is anticipated to attain $53.51 billion in 2030.
The APAC power transformers market is set to grow from $12.35 billion in 2024 to $18.96 billion in 2030. The region’s economic growth has driven commercial activity and spurred numerous nations to invest in large-scale development programs.
Pullagura explains: “National electrification programs, expanding renewable energy portfolios, market reforms, and the substantial industrial bases in China and India are poised to contribute to the new infrastructure development, thereby bolstering the regional market. With the demand for power set to increase in the Middle East and Africa, the EMEA is estimated to be the fastest growing region, with a CAGR of 7.7%, over the forecast period.”
Regarding the distribution transformers market, the APAC region is projected to be the largest, with an anticipated value of $32.51 billion in 2030. The diverse market conditions within the EMEA region suggest that more established European markets, such as Germany and the UK, will prioritize the replacement of aging infrastructure to ensure continued reliability.
Conversely, countries in Africa and the Middle East are expected to demonstrate significant demand for distribution transformers, spurred by the ongoing power sector reforms. The growth in the EMEA is likely to be at a CAGR of 9.1% over the forecast period and the Americas market is estimated to grow at a CAGR of 6.9%.
Pullagura concludes: “The global power transformers market is poised for growth, driven by the expansion of generation capacities, the realignment of power generation sources towards sustainability, and the burgeoning economies with underdeveloped power infrastructure. The rise of distributed technologies further amplifies the demand for distribution transformers. To capitalize on these trends, manufacturers and stakeholders must focus on developing and deploying transformers that meet the evolving needs of the global power grid.”
