Global Two Winding Power Transformer Market Overview
As per MRFR analysis, the Two Winding Power Transformer Market Size was estimated at 22.91 (USD Billion) in 2022. The Two Winding Power Transformer Market Industry is expected to grow from 23.97(USD Billion) in 2023 to 36.0 (USD Billion) by 2032. The Two Winding Power Transformer Market CAGR (growth rate) is expected to be around 4.63% during the forecast period (2024 - 2032).
Key Two Winding Power Transformer Market Trends Highlighted
The Two Winding Power Transformer Market is primarily driven by the rising demand for reliable and efficient power distribution in various industries, including energy, utilities, and manufacturing. The increasing adoption of renewable energy sources, such as solar and wind power, has also spurred market growth, as two-winding transformers are essential for integrating these renewable sources into the grid. Moreover, the need for upgrading aging infrastructure, particularly in developing regions, is creating significant opportunities for transformer manufacturers. The growing demand for smart grids, which enable real-time monitoring and control of electricity distribution, is further driving market expansion. Some of the key trends in the Two Winding Power Transformer Market include the integration of advanced technologies, such as digitalization and automation, to enhance operational efficiency and reduce maintenance costs. Additionally, the adoption of environmentally friendly materials and processes is gaining traction, driven by increasing environmental regulations. The market is also witnessing growing demand for customized transformers tailored to specific application requirements.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Two Winding Power Transformer Market Drivers
Growing Demand for Renewable Energy Sources
The increasing adoption of renewable energy sources, such as solar and wind power, is driving the demand for two winding power transformers. These transformers are essential for converting the voltage of the electricity generated from renewable sources to a level that can be used by the grid. As the world transitions to a cleaner energy mix, the demand for two winding power transformers is expected to continue to grow. The Two Winding Power Transformer Market Industry is expected to witness significant growth due to the increasing demand for renewable energy sources.The rising awareness about environmental sustainability and the growing adoption of renewable energy technologies are propelling the demand for two winding power transformers. These transformers play a crucial role in the efficient transmission and distribution of electricity generated from renewable sources, such as solar and wind power. As governments and businesses worldwide prioritize the transition to clean energy, the demand for two winding power transformers is anticipated to surge in the coming years.
Expansion of the Power Grid Infrastructure
The expansion of the power grid infrastructure around the world is another factor driving the demand for two winding power transformers. As new power lines and substations are built, there is a need for transformers to step up or step down the voltage of the electricity being transmitted. Two winding power transformers are well-suited for this application due to their ability to handle high voltages and currents.
Increasing Industrialization and Urbanization
The increasing industrialization and urbanization of developing countries is also contributing to the demand for two winding power transformers. As more factories and businesses are built, there is a need for reliable and efficient power distribution systems. Two winding power transformers can help to ensure that businesses have the power they need to operate.
Two Winding Power Transformer Market Segment Insights
Two Winding Power Transformer Market Core Type Insights
The Two Winding Power Transformer Market is segmented by Core Type into Amorphous Metal Core and Silicon Steel Core. The Amorphous Metal Core segment is expected to witness a significant growth in the forecast period due to its superior magnetic properties, which result in lower losses and higher efficiency. The amorphous metal core transformers are also lighter and more compact than their silicon steel counterparts, making them ideal for applications where space is a constraint. Silicon Steel Core segment, on the other hand, is expected to remain the dominant segment due to its lower cost and established manufacturing processes.Silicon steel cores are widely used in distribution and power transformers, where cost is a primary consideration. The Two Winding Power Transformer Market revenue for Amorphous Metal Core segment is projected to reach USD 4.2 billion by 2024, growing at a CAGR of 5.2%. The Silicon Steel Core segment is estimated to account for USD 19.7 billion in 2024, with a CAGR of 4.3%. The growth of the Amorphous Metal Core segment is being driven by the increasing demand for energy-efficient transformers in various applications, including renewable energy, power distribution, and industrial automation.The Silicon Steel Core segment is expected to grow steadily due to the ongoing demand for transformers in the power transmission and distribution sector. Key players in the Two Winding Power Transformer Market include ABB, Siemens, GE, Schneider Electric, and Toshiba. These players are focusing on developing innovative and energy-efficient transformers to meet the growing demand from various industries.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Two Winding Power Transformer Market KVA Rating Insights
The Two Winding Power Transformer Market is segmented by KVA Rating into Below 100 KVA, 100-500 KVA, 500-1000 KVA, 1000-2000 KVA, and Over 2000 KVA. Among these segments, the 100-500 KVA segment is expected to hold the largest market share in 2024, accounting for around 40% of the Two Winding Power Transformer Market revenue. This is due to the increasing demand for these transformers in various industries, including power generation, distribution, and manufacturing. The Over 2000 KVA segment is also expected to witness significant market growth during the forecast period, owing to the rising demand for high-power transformers in large-scale power plants and industrial applications.
Two Winding Power Transformer Market Application Insights
The Application segment of the Two Winding Power Transformer Market is categorized into Power Transmission, Power Distribution, Industrial, and Renewable Energy. Power Transmission accounted for the largest market share in 2023, due to the increasing demand for efficient and reliable power transmission systems. Power Distribution is expected to witness significant growth over the forecast period, driven by the rising demand for electricity and the expansion of distribution networks. Industrial applications, such as manufacturing and mining, are also expected to contribute to the growth of the Two Winding Power Transformer Market, as they require reliable and efficient power supply.Renewable Energy, such as solar and wind power generation, is expected to drive market growth as the demand for clean and sustainable energy sources increases.
Two Winding Power Transformer Market Cooling Method Insights
The Two Winding Power Transformer Market is segmented by Cooling Method into Oil-Immersed (ONAN), Natural Air-Cooled (ONAN), Forced Air-Cooled (ONAF), and Oil-Cooled (OFAF). Among these segments, the Oil-Immersed (ONAN) segment is expected to hold the largest market share in 2023, accounting for approximately 60% of the Two Winding Power Transformer Market revenue. The Natural Air-Cooled (ONAN) segment is projected to grow at the highest CAGR during the forecast period, owing to its increasing adoption in outdoor applications. The Forced Air-Cooled (ONAF) and Oil-Cooled (OFAF) segments are also expected to witness significant growth during the forecast period, driven by their high efficiency and reliability.
Two Winding Power Transformer Market Phase Insights
The Two Winding Power Transformer Market is segmented by Phase into Single-Phase and Three-Phase. Among these, the Three-Phase segment is expected to hold the largest market share in 2023, with a valuation of around 17.92 Billion USD. This is due to the higher efficiency and power handling capabilities of three-phase transformers compared to single-phase transformers. Three-phase transformers are commonly used in industrial and commercial applications where higher power is required. The Single-Phase segment is expected to grow at a CAGR of 4.25% during the forecast period, owing to its increasing adoption in residential and small commercial applications.
Two Winding Power Transformer Market Regional Insights
The Two Winding Power Transformer Market is segmented into North America, Europe, APAC, South America, and MEA. North America is the largest regional segment, accounting for over 35% of the Two Winding Power Transformer Market revenue in 2023. The region has a well-developed power grid infrastructure and a growing demand for electricity from both commercial and residential sectors. Europe is the second-largest regional segment, with a market size of over USD 6.5 billion in 2023. The region has a strong focus on renewable energy and is investing heavily in grid modernization projects.APAC is the fastest-growing regional segment, with a CAGR of over 6% during the forecast period. The region has a large and rapidly growing population, which is driving the demand for electricity and, in turn, the demand for Two Winding Power Transformers. South America and MEA are relatively smaller regional segments, but they are expected to experience significant growth in the coming years. South America has a large hydropower potential, which is expected to drive the demand for Two Winding Power Transformers in the region. MEA has a growing oil and gas industry, which is expected to drive the demand for Two Winding Power Transformers for power generation and transmission.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Two Winding Power Transformer Market Key Players and Competitive Insights
Major players in the Two Winding Power Transformer Market are mainly focused on expanding their presence in developing markets. They are also investing in research and development to produce innovative products and technologies. The Two Winding Power Transformer Market industry is fragmented, with a large number of players. Leading Two Winding Power Transformer Market players are adopting various strategies to increase their market share, such as mergers and acquisitions, partnerships, and new product development. The Two Winding Power Transformer Market is expected to witness significant growth in the coming years, due to the increasing demand for electricity from various industries. Two Winding Power Transformer Market development is being driven by the growing need for efficient and reliable power distribution.Schneider Electric is a leading global provider of energy management and automation solutions. The company offers a wide range of Two Winding Power Transformer Market products, including distribution transformers, power transformers, and instrument transformers. Schneider Electric has a strong presence in both developed and developing markets, and it is well-positioned to benefit from the growing demand for Two Winding Power Transformer Market products.ABB is a global leader in power and automation technologies. The company offers a comprehensive range of Two Winding Power Transformer Market products, including power transformers, distribution transformers, and instrument transformers. ABB has a strong record of accomplishment of innovation, and it is constantly developing new products and technologies to meet the evolving needs of its customers.
Key Companies in the Two Winding Power Transformer Market Include
- Hitachi Energy
- Terna S.p.A.
- ABB
- Toshiba Energy Systems Solutions
- Siemens
- Kirloskar Electric
- Nisshin Electric
- Eaton
- Powell Industries
- General Electric (GE)
- Mitsubishi Electric
- Crompton Greaves
- Schneider Electric
- Hyundai Electric Energy Systems
Two Winding Power Transformer Market Industry Developments
The Two Winding Power Transformer Market is projected to grow from USD 23.97 billion in 2023 to USD 36.0 billion by 2032, at a CAGR of 4.63%. The market growth is attributed to the increasing demand for electricity, growing investments in renewable energy projects, and the need to upgrade existing power infrastructure.Recent news and developments in the market include: Siemens Energy launched the SENTRON PAC4200 two-winding power transformer in 2023, designed for use in renewable energy applications. ABB introduced a new range of dry-type two-winding transformers in 2024, offering improved efficiency and reliability. Schneider Electric acquired the power transformer business of Larsen Toubro in 2025, strengthening its position in the Indian market.Key market trends include the adoption of smart transformers, the integration of renewable energy sources, and the increasing demand for customized solutions.
Two Winding Power Transformer Market Segmentation Insights
- Two Winding Power Transformer Market Core Type Outlook
- Amorphous Metal Core
- Silicon Steel Core
- Two Winding Power Transformer Market KVA Rating Outlook
- Below 100 KVA
- 100-500 KVA
- 500-1000 KVA
- 1000-2000 KVA
- Over 2000 KVA
- Two Winding Power Transformer Market Application Outlook
- Power Transmission
- Power Distribution
- Industrial
- Renewable Energy
- Two Winding Power Transformer Market Cooling Method Outlook
- Oil-Immersed (ONAN)
- Natural Air-Cooled (ONAN)
- Forced Air-Cooled (ONAF)
- Oil-Cooled (OFAF)
- Two Winding Power Transformer Market Phase Outlook
| Report Attribute/Metric |
Details |
| Market Size 2022 |
22.91(USD Billion) |
| Market Size 2023 |
23.97(USD Billion) |
| Market Size 2032 |
36.0(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.63% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Hitachi Energy, Terna S.p.A., ABB, Toshiba Energy Systems Solutions, Siemens, Kirloskar Electric, Nisshin Electric, Eaton, Powell Industries, General Electric (GE), Mitsubishi Electric, Crompton Greaves, Schneider Electric, Hyundai Electric Energy Systems |
| Segments Covered |
Core Type, KVA Rating, Application, Cooling Method, Phase, Regional |
| Key Market Opportunities |
·      Growing demand for renewable energy sources ·      Upgrading and expanding existing power infrastructure ·      Technological advancements in two winding power transformers ·      Increasing focus on energy efficiency and sustainability ·      Rising investments in power transmission and distribution networks |
| Key Market Dynamics |
Rising demand for renewable energy, Technological advancements, Smart grid infrastructure development, Stringent regulatory standards, Growing industrial and commercial sectors |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Two Winding Power Transformer Market is estimated to be worth 23.97 billion USD in 2023.
The Two Winding Power Transformer Market is projected to grow at a CAGR of 4.63% from 2024 to 2032.
The North America region is expected to hold the largest market share in the Two Winding Power Transformer Market in 2032.
Two Winding Power Transformers are primarily used in power transmission and distribution systems.
Key competitors in the Two Winding Power Transformer Market include ABB, Siemens, Schneider Electric, and General Electric.
The Two Winding Power Transformer Market is projected to reach 30.12 billion USD by 2028.
Key growth drivers of the Two Winding Power Transformer Market include increasing demand for electricity, growth in renewable energy generation, and expanding power grids.
Challenges faced by the Two Winding Power Transformer Market include rising raw material costs, supply chain disruptions, and competition from alternative technologies.
Key trends in the Two Winding Power Transformer Market include the adoption of smart transformers, the use of advanced materials, and the development of new manufacturing technologies.
The Two Winding Power Transformer Market is expected to be worth 36.0 billion USD by 2032.
