A transformer is a small electrical device that is primarily used to transform energy from one voltage to another via electromagnetic induction. The power conversion is normally accompanied by no frequency modulation. In a modern electronic system, therefore, the term power transformer comes to mean a series of AC supplies of various voltages and proper polarity, which can be easily acquired from the public utility power supply for an affordable price. These transformers are also used for industrial and automotive purposes where high alternating currents are required. These power transformers are now available in different specifications for different application areas. Some are designed for single-ended and multiple-ended configurations and have input/output terminals configured in different ways.

Increasing modernization of existing power grids is expected to drive growth of the global power transformer market. Governments of many countries are focused on modernizing existing power grids, in order to minimize the latency of power supply and enhance the efficiency of grids. For instance, in March 2019, GE Renewable Energy received a technology-driven grid modernization project by Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPL) as a part to augment renewable energy in the state. Furthermore, in December 2020, Hitachi ABB Power Grids launched RTU530, a new Remote Terminal Unit (RTU), with faster processing capabilities and a user-friendly interface. Thus, such factors are expected to drive growth of the global power transformer market. Furthermore, rapid growth of the renewable energy sector is expected to propel the global power transformer market growth in the near future.

High initial cost and lack of standardized products worldwide are expected to restrain growth of the global power transformer market. However, the deployment of green transformers combined with expanding cross-border electricity trade can present lucrative growth opportunities in the global power transformer market in the near future. Among regions, Asia Pacific is expected to witness significant growth in the global power transformer market. This is owing to rapid economic development and growing need for uninterrupted and reliable power supply in the region. Furthermore, North America is expected to register a robust growth rate, owing to increasing modernization and industrialization in the region.

Major companies involved in the global power transformer market are Siemens, Hyosung, ABB, GE, BHEL, Daihen, Mitsubishi, Hammond Power Solutions, Celme, Hyundai Heavy Industries, Kirloskar Electric, Voltamp, Schneider, Crompton Greaves, and SPX Transformers.

For instance, in February 2020, Hyosung Heavy Industries (HICO) inaugurated a new power transformer plant in Memphis, Tennessee, U.S.