Leading data and analytics company GlobalData’s latest report, Transformers Market Size, Share and Trends Analysis by Technology, Installed Capacity, Generation, Key Players and Forecast to 2028, reveals that the global power transformers market is estimated to reach $23.60bn, growing at a compound annual growth rate (CAGR) of 7.2% and distribution transformers market value likely to reach $27.73bn in 2028.

Globally, the power sector is undergoing changes, owing to various economic and environmental factors.

Concerns about global warming, increasing consumer base, rapid urbanisation, growing income, and operational efficiency are some of the factors aiding market reforms in the sector.

In 2023, the Asia-Pacific power transformers market reached $8.57bn and is estimated to reach $12.74bn in 2028.

China is expected to lead not only the regional market but also the global market.

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The Americas and Europe, Middle East, and Africa (EMEA) markets were valued at $5.05bn and $3.08bn, respectively.

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Replacements and grid resilience initiatives are resulting in market growth in the US, the UK, Germany, and a few other developed countries.

Extensive power generation capacity additions, grid expansion, and economic progress similar to the trend observed in developing countries of Asia-Pacific are influencing the markets of Russia, Saudi Arabia, and Brazil.

With the demand for power set to increase in the Middle East and Africa, EMEA is estimated to be the fastest-growing region, with the market growing at a CAGR of 11.5%, over the forecast period.

With respect to the distribution transformers, Asia-Pacific is estimated to be the largest.

Increasing commercial activity in Southeast Asia and large-scale asset requirements in China and India facilitate growth in the regional market.

In 2023, the Asia-Pacific distribution transformers market reached $12.09bn and is estimated to reach $14.65bn in 2028.

Similarly, the deployment of smart technologies and the shift from fossil fuels are resulting in new business opportunities for stakeholders in the growing power sector in EMEA.

Growth in EMEA is likely to be at a CAGR of 8.7% over the forecast period to reach $6.06bn by 2028.

The Americas market is estimated to reach $7.02bn, growing at a CAGR of 4.8% during the forecast period.

Stringent transformer efficiency standards and prevailing market conditions necessitate the deployment of expensive and high-performance transformers.