The global transformer market has broad prospects and will continue to grow in the coming years
2024/11/28
According to data, the global transformer market is expected to reach 250.8 billion yuan in 2022 and 281.3 billion yuan in 2025, with an average compound annual growth rate of 3.2%; The sales revenue in 2023 is 153.5 billion yuan, and it is expected to reach 2013 billion yuan by 2030, with a compound annual growth rate of 3.3%. The growth trend of the power transformer market is good, with different growth expectations in different periods. For example, the global transformer market is expected to grow to 109.5 billion US dollars from 2024 to 2032, with a CAGR of 7%.
Regionally, the Asia Pacific region will continue to lead, with China and India's large-scale infrastructure, industrialization, and growth in electricity consumption being the main reasons. Europe has a high demand for efficient and environmentally friendly transformers, but the market is mature and the growth rate is slow; The high investment in smart grids and power infrastructure in North America is driving market development.
The market growth momentum is strong: firstly, energy transformation and the rise of new energy. The integration of wind and solar power requires a large number of supporting transformers, which far exceed the demand for traditional units and accelerate the construction of transmission and distribution grids; The second is the upgrading and renovation of the power grid. The aging of the European and American power grids, such as changes in the scale of oil filled distribution transformers in Europe, and the urgent need to update old equipment in the United States, have a high demand for replacement; The third is the rising demand for electricity, driven by the industrialization and urbanization of emerging economies, as well as the development of industrial intelligent manufacturing, new energy vehicles, data centers, and other fields, which drive the expansion of the power grid and stimulate the demand for transformers.
However, the market competition is fierce, ABB、 Siemens and others are the main participants, relying on technology, brand and sales network to occupy a large share, and strategic cooperation and mergers and acquisitions are common. At the same time, the industry is facing challenges such as a shortage of raw material supply, insufficient labor in Europe and America, cautious expansion of production, and differences in technical standards and certification requirements.
Regionally, the Asia Pacific region will continue to lead, with China and India's large-scale infrastructure, industrialization, and growth in electricity consumption being the main reasons. Europe has a high demand for efficient and environmentally friendly transformers, but the market is mature and the growth rate is slow; The high investment in smart grids and power infrastructure in North America is driving market development.
The market growth momentum is strong: firstly, energy transformation and the rise of new energy. The integration of wind and solar power requires a large number of supporting transformers, which far exceed the demand for traditional units and accelerate the construction of transmission and distribution grids; The second is the upgrading and renovation of the power grid. The aging of the European and American power grids, such as changes in the scale of oil filled distribution transformers in Europe, and the urgent need to update old equipment in the United States, have a high demand for replacement; The third is the rising demand for electricity, driven by the industrialization and urbanization of emerging economies, as well as the development of industrial intelligent manufacturing, new energy vehicles, data centers, and other fields, which drive the expansion of the power grid and stimulate the demand for transformers.
However, the market competition is fierce, ABB、 Siemens and others are the main participants, relying on technology, brand and sales network to occupy a large share, and strategic cooperation and mergers and acquisitions are common. At the same time, the industry is facing challenges such as a shortage of raw material supply, insufficient labor in Europe and America, cautious expansion of production, and differences in technical standards and certification requirements.