LV/MV Transformers Market By Product Type (Liquid-Filled Transformers, Dry-Type Transformers), By Voltage Rating (Low Voltage Transformers, Medium Voltage Transformers), By Application (Industrial Applications, Commercial Applications, Residential Applications, Power Generation & Transmission), By End-User Industry (Energy & Power, Industrial Manufacturing, Construction, Mining, Telecommunications), and By Region; Global Insights & Forecast (2023 ? 2030)

As per Intent Market Research, the LV MV Transformers Market was valued at USD 58.4 Billion in 2024-e and will surpass USD 94.6 Billion by 2030; growing at a CAGR of 8.4% during 2025-2030.

The LV MV transformers market is an integral part of the global electrical infrastructure, playing a crucial role in power distribution and voltage regulation across various industries. These transformers are designed to step up or step down voltage levels, enabling efficient energy transmission and distribution. The market is driven by the growing demand for electricity, infrastructure development, and the need for efficient power management, especially in emerging economies. As the world continues to shift toward renewable energy sources and modernized power grids, LV/MV transformers play a key role in ensuring the stability and efficiency of these systems.

Liquid-Filled Transformers Segment Is Largest Owing to Their High Efficiency

Among the product types in the LV/MV transformers market, liquid-filled transformers hold the largest share. These transformers are highly efficient in terms of heat dissipation and electrical insulation, making them ideal for large-scale applications. The liquid insulation helps in maintaining optimal temperature levels, reducing the risk of overheating and improving the transformer’s lifespan. Liquid-filled transformers, especially those using mineral oil, are widely used in power generation and transmission applications where high capacity and reliability are critical.

The demand for liquid-filled transformers is expected to remain robust, driven by the continued expansion of electrical grids in both developed and developing regions. They are particularly favored in industrial and power generation sectors due to their ability to handle higher loads and provide superior fault tolerance. With increasing investments in power grid infrastructure, particularly in emerging markets like India and China, the market for liquid-filled transformers is set to grow substantially in the coming years.

Medium Voltage Transformers Segment Is Fastest Growing Due to Industrial Growth

In terms of voltage rating, medium voltage transformers (MV) are the fastest-growing subsegment within the LV/MV transformers market. These transformers are typically used in industrial applications, commercial buildings, and energy distribution networks. The rising demand for efficient voltage regulation in industrial manufacturing, coupled with growing energy needs, is propelling the growth of the medium voltage transformer segment.

The demand for MV transformers is also being driven by the increasing investments in renewable energy projects, where medium voltage levels are often required for optimal integration with the grid. With the expansion of smart grids and the growing emphasis on energy efficiency, medium voltage transformers are expected to see substantial adoption, especially in industries with high power demands such as manufacturing and utilities.

Power Generation & Transmission Segment Is Largest Owing to Growing Energy Needs

In terms of application, the power generation and transmission segment dominates the LV/MV transformers market. This is primarily due to the high demand for efficient power transmission systems that can handle the increasing load and deliver electricity over long distances without significant losses. Transformers in power generation and transmission networks are crucial for stepping up or stepping down voltage levels to match the capacity of power plants and ensure stable energy delivery.

The growth of this segment is closely linked to the rise in global energy consumption, particularly in regions with emerging economies. The increasing focus on reliable energy distribution, along with the need for grid modernization and expansion, is expected to drive the demand for transformers in power generation and transmission applications. As more renewable energy sources come online, transformers will play an essential role in stabilizing the grid and integrating these resources.

Energy & Power Sector Is Largest End-User Industry Due to Infrastructure Investments

The energy and power sector is the largest end-user industry for LV/MV transformers. The need for reliable power infrastructure to meet the demands of growing populations and industries drives the high demand for transformers in this sector. Investments in both traditional and renewable energy generation facilities, along with the expansion of electrical grids, are key factors supporting the growth of this segment.

In particular, the transition to cleaner energy sources and the modernization of the grid to accommodate renewable energy such as wind and solar power are creating additional opportunities for the deployment of LV/MV transformers. These transformers are essential for stabilizing voltage levels and ensuring that energy is transmitted efficiently from power plants to end-users.

Asia-Pacific Region Is Fastest Growing Due to Industrialization and Urbanization

Regionally, Asia-Pacific is the fastest-growing market for LV/MV transformers. The rapid industrialization, urbanization, and infrastructure development in countries such as China, India, and Southeast Asia are driving the demand for efficient power distribution systems. As these countries continue to expand their manufacturing capabilities and urban areas, the need for reliable and efficient transformers to support their energy demands is increasing.

The Asia-Pacific region is witnessing significant investments in both traditional power generation and renewable energy projects, which is further fueling the demand for LV/MV transformers. The expansion of smart grids and modernization of existing electrical infrastructure in this region presents a major growth opportunity for transformer manufacturers.

Competitive Landscape and Leading Companies

The LV MV transformers market is highly competitive, with several key players dominating the industry. Leading companies include Siemens AG, Schneider Electric, ABB Ltd., Eaton Corporation, and Mitsubishi Electric, among others. These companies are actively involved in product innovations, acquisitions, and partnerships to expand their market presence and enhance their technological capabilities.

The competitive landscape is also marked by efforts to provide energy-efficient solutions and smart transformer technologies that support grid modernization and renewable energy integration. To stay ahead, companies are increasingly focusing on offering transformers that are not only efficient but also durable and cost-effective, with an emphasis on reducing environmental impact. As the demand for smarter, greener energy solutions continues to rise, these companies are expected to play a pivotal role in shaping the future of the LV/MV transformers market.

Recent Developments:

• Siemens launched an advanced dry-type transformer designed for use in renewable energy projects, enhancing the efficiency of power transmission systems.
• GE acquired a key transformer manufacturing division to expand its portfolio of high-efficiency transformers aimed at the industrial and energy sectors.
• Schneider Electric introduced a new line of LV/MV transformers integrated with smart grid technology for better energy management and reduced transmission losses.
• ABB announced a strategic collaboration with wind energy companies to design LV/MV transformers optimized for offshore wind farms.
• Toshiba expanded its manufacturing facilities in the Asia-Pacific region to meet the growing demand for LV/MV transformers in emerging markets such as India and Southeast Asia.

List of Leading Companies:

• Siemens AG
• Schneider Electric
• ABB Ltd.
• General Electric
• Eaton Corporation
• Mitsubishi Electric
• Crompton Greaves Ltd.
• Toshiba Corporation
• Bharat Heavy Electricals Ltd. (BHEL)
• Hitachi Ltd.
• Hyundai Electric & Energy Systems Co.
• Kirloskar Electric Company
• SGB-SMIT Group
• SPX Transformer Solutions
• WEG S.A.

Report Scope: