Electrical Transformer Market: Current Analysis and Forecast (2021-2027)


Emphasis on Rating (Small Power Transformer (Up To 60MVA), Medium Power Transformer (61 – 600MVA), and Large Power Transformer (Above 600MVA)); Cooling Type (Oil-Cooled Transformer and Air-Cooled Transformer); and Region/Country









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Report Description
Table of content
Research Methodology

Report Description

Electrical Transformer Market 2
Electrical Transformer Market 2

Global electrical transformer market was stood around USD 22 bn market in 2020 and expected to grow with a CAGR of around 6% during the forecast period (2021-2027).  Surging consumption of electricity in developing countries are escalating the adoption smart grid coupled with increasing need to upgrade existing transformer has positively influenced the market demand for electrical transformer. As electrical transformer plays vital role in power transmission. This transformer operates at peak load and are designed to have maximum efficiency at full load. Moreover, increase in the renewable power generation such as hydro, wind and solar are also driving the demand for electrical transformer market.

The coronavirus pandemic declared as public health emergency worldwide by World Health Organization (WHO). Government across nations implemented lockdown and ban on travelling, shutdown of manufacturing industries, and commercial activities. This had severely disrupted the supply chain. The energy consumption was severely disrupted across the countries due to the closure of industrial and commercial sector.

In addition, the slowed down in the deployment of smart grid, smart meters and smart transformer, change in electricity demand coupled with dropped in the investment on these devices has further decreased the market growth for electrical transformer. 

Electrical Transformer Cooling Type, 2020

Electrical Transformer Market 3
Electrical Transformer Market 3

CG Power and Industrial Solutions Ltd, Siemens AG, Schneider Electric SE, TBEA Co. Ltd., EMCO Ltd., Kirloskar Electric Co. Ltd, Toshiba Corporation, Hitachi Ltd., Bharat Heavy Electricals Ltd., General Electric Company. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Rating, Small power transformer (Up to 600MVA) segment holds the major share”

Based on rating, the electrical transformer market is segmented into small power transformer (up to 60MVA), medium power transformer (61 – 600MVA), large power transformer (above 600MVA). The small power transformer (up to 600MVA) segment caters significant demand in electrical transformer market owing to its surging use in various end-user applications. Booming real estate industry and increasing demand of transformer in processing industries and infrastructure development will support the increased demand.

“Amongst Cooling Type, oil-cooled transformer segment holds the considerable share”

Based on cooling type, the electrical transformer market is classified into oil-cooled transformer and air-cooled transformer. The oil-cooled transformer segment holds the considerable market share. It is mainly owing to the increasing number of high voltage transmission projects being undertaken, the demand for oil-cooled power transformers is expected to be higher than air-cooled power transformers.

“Asia Pacific represents one of the largest markets of Global Electrical transformer Market”

For a better understanding of the market dynamics of the global Electrical transformer market, a detailed analysis was conducted for different regions including Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific holds the extensive market share because region is witnessing some of the largest T&D expansions due to rapidly increasing demand in countries such as India and China.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry

Customization Options:

Global Electrical transformer market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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1.1.Market Definitions
1.3.Stake Holders
1.4.Currency used in Report


2.1.Research Process of the Electrical Transformer Market
2.2.Research Methodology of the Electrical Transformer Market
2.3.Forecasting Method
2.4.Respondent Profile
2.5.Main Objective of the Electrical Transformer Market Study










7.1.Small Power Transformer (Up to 60MVA)
7.2.Medium Power Transformer (61 – 600MVA)
7.3.Large Power Transformer (Above 600MVA


8.1.Oil-Cooled Transformer
8.2.Air-Cooled Transformer


9.1.North America Electrical Transformer Market 
 9.1.1.United States
 9.1.3.Rest of North America
9.2.Europe Electrical Transformer Market 
 9.2.5.United Kingdom
 9.2.6.Rest of Europe
9.3.Asia Pacific Electrical Transformer Market
 9.3.5.Rest of Asia Pacific
9.4.Rest of the World Electrical Transformer Market


10.1.Market Drivers
10.2.Market Challenges
10.3.Impact Analysis








14.1.Demand Side Analysis
14.2.Supply Side Analysis
 14.2.1.Top Product Launches
 14.2.2.Top Business Partnerships
 14.2.3.Top Business Expansions, Investments and Divestitures
 14.2.4.Top Merger and Acquisitions




16.1.Competitive Landscape
 16.1.1.Company Shares, By Revenue
17.1.CG Power and Industrial Solutions Ltd.
17.2.Siemens AG
17.3.Schneider Electric SE
17.4.TBEA Co. Ltd.
17.5.EMCO Ltd.
17.6.Kirloskar Electric Co. Ltd.
17.7.Toshiba Corporation
17.8.Hitachi Ltd.
17.9.Bharat Heavy Electricals Ltd.
17.10.General Electric Company



Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global electrical transformer market were the three major steps undertaken to create and analyze the adoption of electrical transformer in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global electrical transformer market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of electrical transformer market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the electrical transformer market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as rating and cooling type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of electrical transformer market. Further, we conducted factor analysis using dependent and independent variables such as rating of electrical transformer and cooling type of electrical transformer. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the electrical transformer market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global electrical transformer market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of electrical transformer market across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the global electrical transformer market in terms of category offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Electrical Transformer Market 1
Electrical Transformer Market 1

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global Electrical transformer market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of rating and cooling types in the global electrical transformer market.

The main objective of the Global Electrical transformer Market Study

The current & future market trends of global electrical transformer market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of electrical transformer market in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of rating and cooling type
  • Define and analysis of the regulatory framework for the electrical transformer market industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the electrical transformer market for the major region
  • Major regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world
  • Company profiles of the electrical transformer market and the growth strategies adopted by the market players to sustain in the fast-growing market
  • Deep dive regional level analysis of the industry