Transformers market to hit $103 B by 2031
The global transformers market was $58.6 B in 2021 and is expected to reach $103 B by 2031, growing at a CAGR of 6.1 % from 2022 to 2031.
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The global transformers market size stood at $58.6 B in 2021 and is expected to reach $103 B by 2031, growing at a CAGR of 6.1 % from 2022 to 2031, according to the latest report published by Allied Market Research.
Rising electricity demand from manufacturing, urban development, and households is driving growth in the transformers market. Rapid industrialisation and city expansion, especially in emerging economies, are boosting the need for efficient power distribution. The growth of transmission and distribution networks, along with smart grid projects requiring advanced transformers for voltage control and load management, is further supporting the market. Additionally, the surge in electric vehicle adoption and the expansion of EV charging infrastructure in regions like the US, China, and Europe is creating new opportunities for transformer deployment.
The regions covered in the report are North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific dominated the global transformers market in 2021, accounting for more than 35 % of total revenue, and is expected to grow at a CAGR of 6.4 % during the forecast period. Strong growth in China and India’s solar power industry, along with increasing investments in smart grid projects, is driving regional market expansion.
The LAMEA region is projected to grow at the highest CAGR of 6.6 %, driven by ongoing power transition initiatives and rising electricity demand from manufacturing industries.
North America and Europe are also witnessing steady growth due to grid modernisation efforts, renewable energy integration, and replacement of aging power infrastructure.
The key market players include ABB Ltd., Siemens AG, General Electric, Eaton, Toshiba Corporation, Schneider Electric, Mitsubishi Electric Corporation, CG Power & Industrial Solutions Ltd., VTC/GT, and SGB-SMIT, among others.
Source: Open PR
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