PV Transformer Market Size, Share, Growth, and Industry Analysis, By Type (Step-up Transformer, Step-down Transformer), By Application (Commercial Use, Industrial Use, Utility and Others), Regional Insights and Forecast From 2025 To 2033

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PV TRANSFORMER MARKET OVERVIEW

The global pv transformer market size was USD 5.12 billion in 2024 and market is projected to touch USD 8.96 billion by 2033, exhibiting a CAGR of 5.22% during the forecast period from 2025 To 2033.

A transformer is a passive electrical device that transfers electrical energy from one circuit to another electrical circuit. A varying current in any one coil of the transformer produces a varying magnetic flux in the transformer’s core which induces a varying electromotive force across any other coils wrapped around the same core. Electrical energy can be transferred between separate coils without a metallic connection between the two circuits.Transformers are commonly used for increasing low AC voltages at the high current or decreasing high AC voltages at low current in electric power applications and for coupling the stages of signal processing circuits. Transformers can also be utilized for isolation where the voltage in equals the voltage out.

Power transformers are integral components within power grids as they assist in power transmission between networks without change in frequency and minimum loss. Increasing investments towards expansion of power grid networks and distribution channels to enable electricity access in remote areas will fuel the demand for power transformers in the forthcoming years.

COVID-19 IMPACT

The COVID-19 Underlying Condition Crippled the Market Growth

The COVID-19 pandemic had a significant impact on the transformers market growth owing to a massive decline in power demand from the industrial and commercial sectors, which led to halts in upcoming power distribution projects and delays in under-construction projects. These suspensions in projects led to lower demand for power distribution equipment and negative growth for equipment manufacturing companies. 

LATEST TRENDS

Intensive Research and Technological Innovation to Enlarge the Market Size

Increasing research in transmission network and rapid utilization of non-conventional and renewable sources of energy for generating electricity in remote areas will drive the power transformer market in the assessment period. Also, the research and development initiatives undertaken to incorporate wet insulated power transformer with smart energy grids and installation of renewable energy grids with eco-friendly coolants will create lucrative opportunities for market growth.Technological innovations like smart transformers for smart grids create opportunities for the transformers market. Smart transformers operate independently to regulate voltage, monitor and manage the power demand fluctuations, and provide feedback in a power supply system. Smart grids allow remote access and monitoring of grid and respond to fluctuating power demand instantly. They also ensure efficient cooling and optimum power supply thus reducing carbon emission.

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PV TRANSFORMER MARKET SEGMENTATION

By Type

Based on type the PV transformer market is classified as step-up transformer, step-down transformer and others.

By Application

Based on application the PV transformer market is classified as commercial use, industrial use, utility and others.

DRIVING FACTORS

The Distribution Transformer Segment will Boost the Market Share

The distribution transformer segment is likely to dominate the transformers market during the forecast period due to the global increase in load centers. Distribution transformers (DTs) are responsible for the final voltage transformation in the electric power distribution system. DTs are used to reduce the voltage used in the distribution lines (usually up to 36 kV) to the level used by the customer (usually ranging from 250 up to 435V). In many countries, the transformer capacity has steadily increased recently due to the expansion of power transmission and distribution projects.

Favourable Government Policies in Emerging Economies will Drive the Market Growth

The increasing electrification programs across the various emerging economies are a major driving factor for this market. Favorable government policies for the refurbishment of prevailing grid infrastructure are expected to escalate the market growth of this segment during the forecasted period.Stringent government regulations aimed at reducing greenhouse gas emission, utilization of high voltage transmission technologies and development of green transformers will complement the global power transformer market growth during the forecast period.

RESTRAINING FACTORS

The High Initial Cost of the Transformer will Hamper the Market Growth

The transformers market is mainly being driven by the growing power demand in line with the increasing population and a global inclination toward renewable-based power generation and related adjustments in the transmission infrastructure. However, challenges like high initial costs are expected to hamper the market growth in the near future.

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PV TRANSFORMER MARKET REGIONAL INSIGHTS

Asia Pacific To Lead The Market With Rising Demand and Production

Asia Pacific region to dominate the market in the forecasted period. The countries with the highest power demand are China and India. China is investing towards expanding its exiting electricity transmission and distribution system to cater the rising electricity demand due to rapid urbanization and industrialization in the country. Rise in installation of new transmission line and new substations to reduce the energy demand and supply gap will drive the power transformer market in China. The country also is focusing on the expansion of its renewable energy capacity to limit the greenhouse gas emission and cater rising energy demands. Surge in installation activities in renewable energy sector will lead to increase in demand of power transformer to transfer electricity from generation site to consumers.

India is the third largest producer and consumer of electricity in the world. Rising industrialization and government initiatives to electrify the rural areas of the country will drive the market growth in upcoming years. The steep demand for electricity and its power sector in India is encouraging government investment towards electricity generation, while persuading consumers to reduce electricity consumption and save energy. These initiatives are likely to drive the power transformer market in India.

KEY INDUSTRY PLAYERS

Prominent Manufacturers to Contribute Towards Expansion of Market

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

List of Top PV Transformer Companies

• ABB Ltd. (Switzerland)
• Eaton Corporation plc (Ireland)
• Schneider Electric (France)
• Siemens AG (Germany)
• Crompton Greaves Ltd. (India)
• Mitsubishi Electric Corporation (Japan)
• Toshiba Corporation (Japan)
• Bharat Heavy Electricals Limited (India)
• Hyosung Power & Industrial Solutions (South Korea)
• SPX Transformer Solutions Inc. (U.S.A).

INDUSTRY DEVELOPMENT

July 2021: IMEFY, one of the leading European transformer manufacturers, was selected for a contract to supply over 250 transformers to Energa, the Poland-based power grid operator.

July 2021: GE Renewable Energy's grid solutions business bagged multiple orders to supply 765 kV transformers and reactors in India from Power Grid Corporation of India Limited (PGCIL), the largest state-owned transmission company. The contract will be in force during the forecast period.

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players,  recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.