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Transformers market to reach $89bn by 2030

23 April 2025

The global transformers market is on a strong growth trajectory, projected to reach $89.34bn in 2030, driven by rising electricity demand, renewable integration, and grid modernization, according to a recent report by GlobalData.

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.

“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 modernise aging grid infrastructures," notes Bhavana Sri Pullagura, senior power analyst at GlobalData.

Technological innovations, the evolution of market standards, and the burgeoning economic strength of developing nations further support this growth trajectory.

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 $35.83bn, while the distribution transformers market is anticipated to attain $53.51bn in 2030.

The Asia Pacific power transformers market is set to grow from $12.35bn in 2024 to $18.96bn in 2030. 

“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," explains Pullagura.

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 compounded average growth rate (CAGR) of 7.7%, over the forecast period.

Distribution transformers market

The Apac region is projected to be the largest distribution transformers market, with an anticipated value of $32.51bn in 2030. The diverse market conditions within the Emea region suggest that more established European markets, such as Germany and the UK, will prioritise 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% and the Americas market is estimated to grow at a CAGR of 6.9% over the forecast period.

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