変圧器市場 – 2030年までの世界予測

Transformer Market - Global Forecast To 2030

変圧器市場 - タイプ(電力用変圧器、配電用変圧器、計器用変圧器、特殊変圧器)、冷却方式(油冷式および空冷式)、電力定格(低、中、高)、相(三相および単相)、絶縁(油、固体、空気、ガス)、エンドユーザー(電力会社、産業、住宅および商業、データセンター、その他のエンドユーザー)、および地域 - 2030年までの世界予測
Transformer Market by Type (Power Transformer, Distribution Transformer, Instrument Transformer and Specialty Transformer), Coooling Type (Oil-cooled and Air-cooled), Power Rating (Low, Medium, High), Phase (Three and Single), Insulation (Oil, Solid, Air, Gas), End User (Power Utilities, Industrial, Residential & Commercial, Data Centers, and Other End Users), and Region - Global Forecast to 2030

商品番号 : SMB-84711

出版社MarketsandMarkets
出版年月2025年8月
ページ数351
図表数380
価格タイプシングルユーザライセンス
価格USD 4,950
種別英文調査報告書

本レポートは、変圧器市場を種類、冷却方式、定格電力、相、絶縁エンドユーザー、地域別に定義、説明、予測しています。また、市場の詳細な定性・定量分析も提供しています。主要な市場推進要因、制約要因、機会、課題を包括的に分析しています。さらに、競争環境の分析、市場ダイナミクス、市場価値の推定、変圧器市場の将来動向など、市場の様々な重要な側面を網羅しています。

変圧器市場は、2025年の646億4,000万米ドルから2030年には884億8,000万米ドルに拡大し、年平均成長率(CAGR)6.5%で成長すると予測されています。この成長は、新興国および先進国における電力消費量の増加、送電網インフラの近代化への大規模な投資、そして再生可能エネルギー源の導入加速といった要因によって推進されています。各国が気候変動対策目標の達成とエネルギーアクセスの改善を目指す中、高効率でスマートかつ環境的に持続可能な変圧器の需要が急速に拡大しています。さらに、都市化の進展、データセンター建設、輸送および産業の電化の進展により、信頼性の高い高度な変圧器技術へのニーズがさらに高まっています。

The transformer market is estimated to grow from USD 64.64  billion in 2025 to USD 88.48 billion by 2030, at a CAGR of 6.5%. This growth is driven by a combination of rising electricity consumption across emerging and developed economies, large-scale investments in grid infrastructure modernization, and the accelerated integration of renewable energy sources. As nations aim to meet climate goals and improve energy access, the demand for high-efficiency, smart, and environmentally sustainable transformers is rapidly expanding. Additionally, the surge in urbanization, data center construction, and electrification of transport and industry further fuels the need for reliable and advanced transformer technologies.

変圧器市場 - 2030年までの世界予測 - chosareport.com
transformer-market

“By type, power transformer held largest share of transformer market in 2024”

Power transformers represented the largest share of the transformer market, by type, primarily due to the global expansion and reinforcement of high-voltage transmission networks. As countries invest in bulk power transmission from generation sources, including large-scale solar, wind, hydro, and thermal plants, to urban load centers, the demand for power transformers capable of handling high voltage and long-distance transmission continues to rise. Moreover, aging grid infrastructure in developed regions and ambitious grid expansion plans in emerging economies drive substantial replacements and new installations. The transition toward inter-regional and cross-border power trade, particularly in regions such as Asia Pacific, Europe, and Africa, further amplifies the need for large, efficient, and high-capacity power transformers, solidifying this segment’s dominant market position.

“By power rating, the medium segment to exhibit fastest growth during forecast period”

Medium (10.1–100 MVA) is expected to be the fastest-growing segment, by power rating, driven by its versatile applications across a broad range of sectors, including industrial facilities, renewable energy projects, urban substations, and large commercial complexes. As economies continue to industrialize and modernize their infrastructure, medium power transformers are increasingly being deployed to support medium-voltage networks that bridge transmission and distribution systems. The rapid growth of solar and wind farms—especially in decentralized formats—also fuels demand for transformers in this rating range, as they are ideally suited to manage fluctuating loads while ensuring grid stability. Furthermore, government-backed urban electrification and smart grid initiatives increasingly favor medium-rated transformers due to their optimal balance between performance, cost, and scalability.

変圧器市場 - 2030年までの世界予測 - region
transformer-market-region

“North America to be second fastest-growing region in transformer market during forecast period”

North America is likely to be the second fastest-growing region in the transformer market during the forecast period, driven by substantial investments in grid modernization, aging infrastructure replacement, and the integration of renewable energy sources. The US and Canada are upgrading their transmission and distribution networks to improve reliability, support electric vehicle (EV) expansion, and accommodate distributed energy resources such as rooftop solar and battery storage. Federal initiatives such as the US Infrastructure Investment and Jobs Act and Canada’s Clean Electricity Regulations are accelerating the deployment of advanced transformer technologies, including digital and eco-efficient models. Additionally, the region’s growing data center footprint and increased electrification across transportation and industry sectors further propel the demand for high-performance and resilient transformers.

Breakdown of Primaries:

In-depth interviews were conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among others, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows:

  • By Company Type: Tier 1 – 65%, Tier 2 – 24%, and Tier 3 – 11%
  • By Designation: C-level Executives – 25%, Directors – 30%, and Others – 45%
  • By Region: North America – 25%, Europe – 40%, Asia Pacific – 25%, Middle East & Africa – 5%, and South America – 5%

Note: Other designations include sales managers, marketing managers, product managers, and product engineers.

The tier of the companies is defined based on their total revenue as of 2024. Tier 1: USD 1 billion and above, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: <USD 500 million.

A few major players with a wide regional presence dominate the transformer market. The leading players are Hitachi Energy Ltd. (Switzerland), Siemens Energy (Germany), Eaton (Ireland), GE Vernova (US), and Toshiba Energy Systems & Solutions Corporation (Japan).

変圧器市場 - 2030年までの世界予測 - ecosystem
transformer-market-ecosystem

Study Coverage:

The report defines, describes, and forecasts the transformer market by type, cooling type, power rating, phase, insulation end user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the transformer market.

Key Benefits of Buying Report

  • Product Development/Innovation: Key drivers (Need to modernize power infrastructure due to escalating energy demand), restraints (High initial investment cost and fluctuating raw material prices), opportunities (Evolution of smart, digital, and resilient grids), and challenges (Sustainability and safety challenges linked to transformer insulating oils) influence the market.
  • Market Development: In June 2024, Siemens Energy invested in expanding its grid division, a strategic move to strengthen global energy infrastructure and accelerate the energy transition. This expansion includes building new manufacturing facilities, such as a large power transformer plant in Charlotte, North Carolina, which will help address the critical shortage of transformers in the US and support aging grid infrastructure.
  • Market Diversification: In February 2025, Eaton invested in a new manufacturing facility in South Carolina for its three-phase transformers, marking the company’s third facility in the United States. The image shows the transformers’ manufacturing process at the company’s facility in Wisconsin.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players, Hitachi Energy Ltd. (Switzerland), Siemens Energy (Germany), Eaton (Ireland), GE Vernova (US), and Toshiba Energy Systems & Solutions Corporation (Japan), among others, in the transformer market.

Table of Contents

1               INTRODUCTION              27

1.1           STUDY OBJECTIVES       27

1.2           MARKET DEFINITION   27

1.3           STUDY SCOPE   28

1.3.1        MARKETS COVERED AND REGIONAL SCOPE      28

1.3.2        INCLUSIONS AND EXCLUSIONS 29

1.3.3        YEARS CONSIDERED      30

1.4           CURRENCY CONSIDERED            30

1.5           UNIT CONSIDERED        30

1.6           LIMITATIONS    30

1.7           STAKEHOLDERS               31

2               RESEARCH METHODOLOGY       32

2.1           RESEARCH DATA              32

2.2           MARKET BREAKDOWN AND DATA TRIANGULATION                 33

2.2.1        SECONDARY DATA          34

2.2.1.1    Key data from secondary sources       34

2.2.1.2    List of major secondary sources         34

2.2.2        PRIMARY DATA 35

2.2.2.1    Breakdown of primaries      35

2.2.2.2    Key data from primary sources           36

2.2.2.3    Participants in primary interviews     37

2.3           MARKET SIZE ESTIMATION         37

2.3.1        BOTTOM-UP APPROACH              37

2.3.2        TOP-DOWN APPROACH                38

2.3.3        DEMAND-SIDE ANALYSIS             39

2.3.3.1    Regional analysis  39

2.3.3.2    Country-level analysis          40

2.3.3.3    Demand-side assumptions 40

2.3.3.4    Demand-side calculations   40

2.3.4        SUPPLY-SIDE ANALYSIS                 41

2.3.4.1    Supply-side assumptions     42

2.3.4.2    Supply-side calculations      42

2.4           RESEARCH ASSUMPTIONS           43

2.5           RESEARCH LIMITATIONS             43

2.6           RISK ASSESSMENT           43

3               EXECUTIVE SUMMARY  44

4               PREMIUM INSIGHTS       50

4.1           ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN TRANSFORMER MARKET              50

4.2           TRANSFORMER MARKET, BY REGION    51

4.3           TRANSFORMER MARKET IN ASIA PACIFIC, BY TYPE AND COUNTRY            51

4.4           TRANSFORMER MARKET, BY TYPE           52

4.5           TRANSFORMER MARKET, BY COOLING TYPE     52

4.6           TRANSFORMER MARKET, BY POWER RATING     52

4.7           TRANSFORMER MARKET, BY PHASE        53

4.8           TRANSFORMER MARKET, BY INSULATION           53

4.9           TRANSFORMER MARKET, BY END USER 53

5               MARKET OVERVIEW       54

5.1           INTRODUCTION              54

5.2           MARKET DYNAMICS       55

5.2.1        DRIVERS               55

5.2.1.1    Pressing need to modernize the power infrastructure due to escalating energy demand   55

5.2.1.2    Strong focus on integrating renewable energy sources into

power grids            57

5.2.1.3    Urgent need to upgrade aging grid infrastructure           59

5.2.2        RESTRAINTS      61

5.2.2.1    High initial investment cost and fluctuating raw material prices                 61

5.2.3        OPPORTUNITIES              62

5.2.3.1    Evolution of smart, digital, and resilient grids 62

5.2.3.2    Growing focus of developing countries on electrification                 63

5.2.4        CHALLENGES    64

5.2.4.1    Sustainability and safety challenges linked to transformer

insulating oils        64

5.2.4.2    Supply chain disruptions and component shortages       65

5.3           TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS            66

5.4           PRICING ANALYSIS          68

5.4.1        PRICING RANGE OF TRANSFORMERS, BY TYPE, 2024                 68

5.4.2        PRICING RANGE OF TRANSFORMERS, BY POWER RATING, 2024     68

5.4.3        AVERAGE SELLING PRICE TREND OF TRANSFORMERS,  BY REGION,

2021–2024              69

5.5           SUPPLY CHAIN ANALYSIS             70

5.6           ECOSYSTEM ANALYSIS  73

5.7           TECHNOLOGY ANALYSIS             74

5.7.1        KEY TECHNOLOGIES     74

5.7.1.1    Solid-state transformers (SSTs)         74

5.7.1.2    Digital twin technology for transformers          74

5.7.2        ADJACENT TECHNOLOGIES       75

5.7.2.1    Adjacent cooling system for transformers         75

5.7.2.2    Renewable energy integration systems              75

5.7.3        COMPLEMENTARY TECHNOLOGIES       76

5.7.3.1    Transformer condition monitoring system       76

5.7.3.2    Smart transformer substation automation        76

5.8           PATENT ANALYSIS          77

5.9           TRADE ANALYSIS             79

5.9.1        IMPORT SCENARIO (HS CODE 8504)        79

5.9.2        EXPORT SCENARIO (HS CODE 8504)        80

5.10         KEY CONFERENCES AND EVENTS, 2025–2026        81

5.11         TARIFF AND REGULATORY LANDSCAPE               82

5.11.1      TARIFF ANALYSIS             82

5.11.2      REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS             83

5.11.3      CODES AND REGULATIONS        86

5.12         PORTER’S FIVE FORCES ANALYSIS           88

5.12.1      THREAT OF SUBSTITUTES          89

5.12.2      BARGAINING POWER OF SUPPLIERS       89

5.12.3      BARGAINING POWER OF BUYERS             89

5.12.4      THREAT OF NEW ENTRANTS      90

5.12.5      INTENSITY OF COMPETITIVE RIVALRY 90

5.13         KEY STAKEHOLDERS AND BUYING CRITERIA     90

5.13.1      KEY STAKEHOLDERS IN BUYING PROCESS           90

5.13.2      BUYING CRITERIA           91

5.14         INVESTMENT AND FUNDING SCENARIO               92

5.15         CASE STUDY ANALYSIS 92

5.15.1      ADDRESSING RELIABILITY, SAFETY, AND ENVIRONMENTAL RISKS IN BUSHINGS THROUGH EASYDRY TECHNOLOGY  92

5.15.2      OPTIMIZING GRID RESILIENCE AND TRANSFORMER HEALTH

WITH TXPERT HUB         93

5.15.3      SAFEGUARDING TRANSFORMER LIFESPAN AND GRID RELIABILITY USING

TVP TECHNOLOGY         93

5.16         IMPACT OF GEN AI/AI ON TRANSFORMER MARKET                 94

5.16.1      ADOPTION OF GEN AI/AI IN TRANSFORMER MARKET                 94

5.16.2      IMPACT OF GEN AI/AI ON TRANSFORMER MARKET, BY REGION                95

5.17         MACROECONOMIC OUTLOOK FOR TRANSFORMER MARKET               96

5.18         IMPACT OF 2025 US TARIFF – OVERVIEW              98

5.18.1      INTRODUCTION              98

5.18.2      KEY TARIFF RATES          98

5.18.3      PRICE IMPACT ANALYSIS             99

5.18.4      IMPACT ON COUNTRIES/REGIONS         100

5.18.4.1  US           100

5.18.4.2  Europe   102

5.18.4.3  Asia Pacific            102

5.18.5      IMPACT ON END USERS                103

6               TRANSFORMER MARKET, BY TYPE           104

6.1           INTRODUCTION              105

6.2           POWER TRANSFORMER 106

6.2.1        GRID MODERNIZATION AND CROSS-BORDER TRANSMISSION PROJECTS

TO DRIVE DEMAND        106

6.3           DISTRIBUTION TRANSFORMER 107

6.3.1        URBANIZATION AND ELECTRIFICATION PROGRAMS TO ELEVATE ADOPTION              107

6.4           INSTRUMENT TRANSFORMER   108

6.4.1        GLOBAL SHIFT TOWARD SMART GRID INFRASTRUCTURE AND DIGITAL SUBSTATIONS TO CREATE OPPORTUNITIES              108

6.5           SPECIALTY TRANSFORMER         109

6.5.1        SPECIALIZED INDUSTRIAL AND TRANSPORT APPLICATIONS TO ACCELERATE IMPLEMENTATION     109

7               TRANSFORMER MARKET, BY COOLING TYPE     111

7.1           INTRODUCTION              112

7.2           OIL-COOLED     113

7.2.1        SUPERIOR THERMAL CONDUCTIVITY AND DURABILITY TO BOOST DEMAND           113

7.3           AIR-COOLED     114

7.3.1        ENVIRONMENTAL SAFETY AND LOW MAINTENANCE REQUIREMENTS TO FACILITATE DEMAND         114

8               TRANSFORMER MARKET, BY POWER RATING     116

8.1           INTRODUCTION              117

8.2           LOW      118

8.2.1        RAPID URBANIZATION AND SMART CITY INITIATIVES TO FACILITATE MARKET GROWTH         118

8.3           MEDIUM              119

8.3.1        INDUSTRIAL EXPANSION IN EMERGING ECONOMIES TO FUEL

MARKET GROWTH          119

8.4           HIGH     120

8.4.1        INCREASING INVESTMENTS IN REINFORCING GRID STABILITY

TO SPUR DEMAND          120

9               TRANSFORMER MARKET, BY PHASE        122

9.1           INTRODUCTION              123

9.2           THREE-PHASE   124

9.2.1        WIDESPREAD USE IN TRANSMISSION NETWORKS AND LARGE COMMERCIAL COMPLEXES TO FUEL SEGMENTAL GROWTH             124

9.3           SINGLE-PHASE 125

9.3.1        GOVERNMENT-LED INITIATIVES TO EXPAND ELECTRICITY ACCESS ACROSS REMOTE AND UNDERSERVED REGIONS TO DRIVE MARKET     125

10            TRANSFORMER MARKET, BY INSULATION           127

10.1         INTRODUCTION              128

10.2         OIL         129

10.2.1      HIGH DIELECTRIC STRENGTH AND SUPERIOR THERMAL CONDUCTIVITY TO SPIKE DEMAND 129

10.3         SOLID   130

10.3.1      SIGNIFICANT DEMAND FOR SUSTAINABLE, LOW-EMISSION TECHNOLOGIES IN URBAN INFRASTRUCTURE TO PROPEL MARKET             130

10.4         GAS        131

10.4.1      SPACE OPTIMIZATION AND ENVIRONMENTAL SAFETY TO ESCALATE DEMAND               131

10.5         AIR         132

10.5.1      SIMPLICITY, FLEXIBILITY, AND COST-EFFECTIVENESS TO ELEVATE ADOPTION              132

11            TRANSFORMER MARKET, BY END USER 134

11.1         INTRODUCTION              135

11.2         POWER UTILITIES           136

11.2.1      PRESSING NEED TO UPGRADE AGING GRID ASSETS TO ELEVATE DEMAND         136

11.3         INDUSTRIAL      137

11.3.1      RISING FOCUS ON DECARBONIZATION AND ENERGY OPTIMIZATION TO FACILITATE ADOPTION       137

11.4         RESIDENTIAL & COMMERCIAL  138

11.4.1      RAPID URBANIZATION AND REAL ESTATE DEVELOPMENT TO TRIGGER DEMAND 138

11.5         DATA CENTERS                 139

11.5.1      PROLIFERATION OF CLOUD COMPUTING TO CREATE GROWTH OPPORTUNITIES         139

11.6         OTHER END USERS         140

12            TRANSFORMER MARKET, BY REGION    142

12.1         INTRODUCTION              143

12.2         ASIA PACIFIC     145

12.2.1      CHINA  151

12.2.1.1  Government’s push for smart grid and digital substation deployment to drive demand              151

12.2.2      INDIA    152

12.2.2.1  Growing focus on renewable energy expansion to accelerate demand  152

12.2.3      JAPAN   153

12.2.3.1  Surging deployment of energy storage systems and electric vehicle charging networks to propel market     153

12.2.4      AUSTRALIA         154

12.2.4.1  Significant investments in transmission and distribution infrastructure to support market growth           154

12.2.5      REST OF ASIA PACIFIC   155

12.3         NORTH AMERICA             156

12.3.1      US           161

12.3.1.1  Digital infrastructure and grid modernization programs to spike demand  161

12.3.2      CANADA               162

12.3.2.1  Clean energy and transmission system upgrade initiatives to foster market growth            162

12.3.3      MEXICO                164

12.3.3.1  Government focus on improving grid resilience to facilitate adoption 164

12.4         EUROPE               165

12.4.1      GERMANY           169

12.4.1.1  Rising deployment of green hydrogen and digital factories to spur demand  169

12.4.2      ITALY    170

12.4.2.1  Growing digital economy to create opportunities            170

12.4.3      UK          171

12.4.3.1  Strong focus on deploying SF6-free substations to facilitate market growth       171

12.4.4      FRANCE                172

12.4.4.1  Pressing need to enhance transmission and distribution infrastructure to increase demand     172

12.4.5      SPAIN    173

12.4.5.1  Solar PV capacity expansion projects to support market growth                 173

12.4.6      REST OF EUROPE             174

12.5         MIDDLE EAST & AFRICA                175

12.5.1      GCC       180

12.5.1.1  Saudi Arabia          182

12.5.1.1.1                Urban expansion and smart city initiatives to surge demand  182

12.5.1.2  UAE        183

12.5.1.2.1                Greater emphasis on expanding clean energy proportion in overall energy mix to boost demand              183

12.5.1.3  Rest of GCC          184

12.5.2      SOUTH AFRICA 185

12.5.2.1  Push to modernize transmission and distribution infrastructure to create growth opportunities           185

12.5.3      REST OF MIDDLE EAST& AFRICA              186

12.6         SOUTH AMERICA             187

12.6.1      BRAZIL 191

12.6.1.1  Investment in metro rail systems, marine terminals, and public transport electrification to support market growth         191

12.6.2      ARGENTINA       192

12.6.2.1  Expansion of high-voltage transmission lines to strengthen market growth       192

12.6.3      REST OF SOUTH AMERICA           193

13            COMPETITIVE LANDSCAPE         195

13.1         OVERVIEW          195

13.2         KEY PLAYER STRATEGIES/RIGHT TO WIN, 2022–2025                 195

13.3         MARKET SHARE ANALYSIS, 2024                 197

13.4         REVENUE ANALYSIS, 2020–2024  201

13.5         COMPANY VALUATION AND FINANCIAL METRICS                 202

13.6         BRAND/PRODUCT COMPARISON             203

13.7         COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024                 204

13.7.1      STARS   204

13.7.2      EMERGING LEADERS     204

13.7.3      PERVASIVE PLAYERS      204

13.7.4      PARTICIPANTS 204

13.7.5      COMPANY FOOTPRINT: KEY PLAYERS, 2024         206

13.7.5.1  Company footprint               206

13.7.5.2  Region footprint   207

13.7.5.3  Type footprint       208

13.7.5.4  Cooling type footprint          209

13.7.5.5  Phase footprint     210

13.7.5.6  End user footprint                 211

13.8         COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023        212

13.8.1      PROGRESSIVE COMPANIES         212

13.8.2      RESPONSIVE COMPANIES            212

13.8.3      DYNAMIC COMPANIES  212

13.8.4      STARTING BLOCKS         212

13.8.5      COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2024                 214

13.8.5.1  Detailed list of key startups/SMEs    214

13.8.5.2  Competitive benchmarking of key startups/SMEs          215

13.9         COMPETITIVE SCENARIO             215

13.9.1      PRODUCT LAUNCHES   215

13.9.2      DEALS  217

13.9.3      EXPANSIONS     222

13.9.4      OTHER DEVELOPMENTS              225

14            COMPANY PROFILES      237

14.1         KEY PLAYERS     237

14.1.1      HITACHI ENERGY LTD. 237

14.1.1.1  Business overview 237

14.1.1.2  Products/Solutions/Services offered 239

14.1.1.3  Recent developments           242

14.1.1.3.1                Product launches  242

14.1.1.3.2                Deals      242

14.1.1.3.3                Expansions             243

14.1.1.3.4                Other developments             243

14.1.1.4  MnM view              245

14.1.1.4.1                Key strengths/Right to win 245

14.1.1.4.2                Strategic choices   245

14.1.1.4.3                Weaknesses/Competitive threats       246

14.1.2      SIEMENS ENERGY            247

14.1.2.1  Business overview 247

14.1.2.2  Products/Solutions/Services offered 248

14.1.2.3  Recent developments           251

14.1.2.3.1                Product launches  251

14.1.2.3.2                Other developments             251

14.1.2.4  MnM view              251

14.1.2.4.1                Key strengths/Right to win 251

14.1.2.4.2                Strategic choices   252

14.1.2.4.3                Weaknesses/Competitive threats       252

14.1.3      EATON 253

14.1.3.1  Business overview 253

14.1.3.2  Products/Solutions/Services offered 254

14.1.3.3  Recent developments           256

14.1.3.3.1                Deals      256

14.1.3.3.2                Expansions             257

14.1.3.3.3                Other developments             257

14.1.3.4  MnM view              258

14.1.3.4.1                Key strengths/Right to win 258

14.1.3.4.2                Strategic choices   259

14.1.3.4.3                Weaknesses/Competitive threats       259

14.1.4      GE VERNOVA     260

14.1.4.1  Business overview 260

14.1.4.2  Products/Solutions/Services offered 261

14.1.4.3  Recent developments           265

14.1.4.3.1                Product launches  265

14.1.4.3.2                Deals      265

14.1.4.3.3                Expansions             266

14.1.4.3.4                Other developments             266

14.1.4.4  MnM view              268

14.1.4.4.1                Key strengths/Right to win 268

14.1.4.4.2                Strategic choices   268

14.1.4.4.3                Weaknesses/Competitive threats       268

14.1.5      TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION 269

14.1.5.1  Business overview 269

14.1.5.2  Products/Solutions/Services offered 271

14.1.5.3  Recent developments           272

14.1.5.3.1                Developments       272

14.1.5.4  MnM view              273

14.1.5.4.1                Key strengths/Right to win 273

14.1.5.4.2                Strategic choices   273

14.1.5.4.3                Weaknesses/Competitive threats       273

14.1.6      SCHNEIDER ELECTRIC  274

14.1.6.1  Business overview 274

14.1.6.2  Products/Solutions/Services offered 275

14.1.6.3  Recent developments           277

14.1.6.3.1                Product launches  277

14.1.6.3.2                Deals      277

14.1.6.3.3                Expansions             278

14.1.6.3.4                Other developments             279

14.1.7      ABB        280

14.1.7.1  Business overview 280

14.1.7.2  Products/Solutions/Services offered 281

14.1.7.3  Recent developments           283

14.1.7.3.1                Product launches  283

14.1.7.3.2                Deals      284

14.1.7.3.3                Expansions             284

14.1.7.3.4                Other developments             285

14.1.8      MITSUBISHI ELECTRIC CORPORATION 286

14.1.8.1  Business overview 286

14.1.8.2  Products/Solutions/Services offered 287

14.1.8.3  Recent developments           289

14.1.8.3.1                Deal        289

14.1.8.3.2                Other developments             289

14.1.9      BHARAT HEAVY ELECTRICALS LIMITED               290

14.1.9.1  Business overview 290

14.1.9.2  Products/Solutions/Services offered 291

14.1.9.3  Recent developments           292

14.1.9.3.1                Product launches  292

14.1.9.3.2                Expansions             293

14.1.9.3.3                Other developments             293

14.1.10   HD HYUNDAI ELECTRIC CO., LTD.           295

14.1.10.1                 Business overview 295

14.1.10.2                 Products/Solutions/Services offered 296

14.1.10.3                 Recent developments           298

14.1.10.3.1             Developments       298

14.1.11   HUBBELL             300

14.1.11.1                 Business overview 300

14.1.11.2                 Products/Solutions/Services offered 301

14.1.11.3                 Recent developments           302

14.1.11.3.1             Deals      302

14.1.12   CG POWER & INDUSTRIAL SOLUTIONS LTD.      303

14.1.12.1                 Business overview 303

14.1.12.2                 Products/Solutions/Services offered 304

14.1.12.3                 Recent developments           307

14.1.12.3.1             Deals      307

14.1.12.3.2             Expansions             307

14.1.12.3.3             Other developments             308

14.1.13   HYOSUNG HEAVY INDUSTRIES 309

14.1.13.1                 Business overview 309

14.1.13.2                 Products/Solutions/Services offered 310

14.1.13.3                 Recent developments           312

14.1.13.3.1             Expansions             312

14.1.13.3.2             Other developments             312

14.1.14   FUJI ELECTRIC CO., LTD.              313

14.1.14.1                 Business overview 313

14.1.14.2                 Products/Solutions/Services offered 314

14.1.14.3                 Recent developments           316

14.1.14.3.1             Developments       316

14.1.15   WEG      317

14.1.15.1                 Business overview 317

14.1.15.2                 Products/Solutions/Services offered 318

14.1.15.3                 Recent developments           319

14.1.15.3.1             Expansions             319

14.1.15.3.2             Other developments             320

14.1.16   LS ELECTRIC CO., LTD. 321

14.1.16.1                 Business overview 321

14.1.16.2                 Products/Solutions/Services offered 322

14.1.16.3                 Recent developments           323

14.1.16.3.1             Deals      323

14.1.16.3.2             Expansions             324

14.1.16.3.3             Other developments             324

14.1.17   ARTECHE GROUP            325

14.1.17.1                 Business overview 325

14.1.17.2                 Products/Solutions/Services offered 326

14.1.18   KONČAR D.D.    328

14.1.18.1                 Business overview 328

14.1.18.2                 Products/Solutions/Services offered 329

14.1.18.3                 Recent developments           330

14.1.18.3.1             Deals      330

14.1.18.3.2             Other developments             331

14.1.19   JSHP TRANSFORMER      332

14.1.19.1                 Business overview 332

14.1.19.2                 Products/Solutions/Services offered 332

14.1.20   TBEA     334

14.1.20.1                 Business overview 334

14.1.20.2                 Products/Solutions/Services offered 334

14.2         OTHER PLAYERS              336

14.2.1      CHINA XD GROUP            336

14.2.2      VOLTAMP TRANSFORMER           337

14.2.3      MEIDENSHA CORPORATION      338

14.2.4      ORMAZABAL      339

14.2.5      HENAN HENGYU ELECTRIC GROUP CO., LTD.   340

15            APPENDIX           341

15.1         INSIGHTS FROM INDUSTRY EXPERTS     341

15.2         DISCUSSION GUIDE        341

15.3         KNOWLEDGESTORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL                347

15.4         CUSTOMIZATION OPTIONS        349

15.5         RELATED REPORTS         349

15.6         AUTHOR DETAILS           350

LIST OF TABLES

TABLE 1                TRANSFORMER MARKET: INCLUSIONS AND EXCLUSIONS      29

TABLE 2                KEY SECONDARY SOURCES         34

TABLE 3                EXPERTS IN PRIMARY INTERVIEWS, BY COMPANY AND ROLE    37

TABLE 4                TRANSFORMER MARKET SEGMENTATION, ESTIMATION, AND FORECASTING           39

TABLE 5                TRANSFORMER MARKET SNAPSHOT      45

TABLE 6                PRICING RANGE OF TRANSFORMERS, BY TYPE, 2024, (USD/UNIT)             68

TABLE 7                PRICING RANGE OF TRANSFORMERS, BY POWER RATING, 2024, (USD/UNIT)          68

TABLE 8                AVERAGE SELLING PRICE TREND OF TRANSFORMERS, BY REGION,

2021–2024 (USD/UNIT)   69

TABLE 9                ROLE OF COMPANIES IN ECOSYSTEM    73

TABLE 10              LIST OF MAJOR PATENTS PERTAINING TO TRANSFORMER MARKET, 2022–2025         78

TABLE 11              IMPORT DATA FOR HS CODE 8504-COMPLIANT PRODUCTS, BY COUNTRY,

2020–2024 (USD THOUSAND)      79

TABLE 12              EXPORT DATA FOR HS CODE 8504-COMPLIANT PRODUCTS, BY COUNTRY,

2020–2024 (USD THOUSAND)      80

TABLE 13              TRANSFORMER MARKET: LIST OF KEY CONFERENCES AND EVENTS, 2025–2026                 81

TABLE 14              IMPORT TARIFF FOR HS CODE 8504-COMPLIANT PRODUCTS, 2024    82

TABLE 15              NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  83

TABLE 16              EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  84

TABLE 17              ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  85

TABLE 18              SOUTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  86

TABLE 19              MIDDLE EAST & AFRICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS             86

TABLE 20              TRANSFORMER MARKET: CODES AND REGULATIONS  86

TABLE 21              TRANSFORMER MARKET: IMPACT OF PORTER’S FIVE FORCES      89

TABLE 22              INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS FOR

TOP 3 END USERS (%)    91

TABLE 23              KEY BUYING CRITERIA FOR TOP 3 END USERS                 91

TABLE 24              US-ADJUSTED RECIPROCAL TARIFF RATES, 2024                 98

TABLE 25              EFFECTIVE TARIFFS ON LOW-VOLTAGE TRANSFORMER COMPONENTS

(HS CODE 853690)             99

TABLE 26              ANTICIPATED CHANGES IN PRICES AND POTENTIAL IMPACT ON END USERS

DUE TO TARIFF IMPACT               99

TABLE 27              TRANSFORMER MARKET, BY TYPE, 2021–2024 (USD MILLION) 105

TABLE 28              TRANSFORMER MARKET, BY TYPE, 2025–2030 (USD MILLION) 106

TABLE 29              POWER TRANSFORMER: TRANSFORMER MARKET, BY REGION,

2021–2024 (USD MILLION)          106

TABLE 30              POWER TRANSFORMER: TRANSFORMER MARKET, BY REGION,

2025–2030 (USD MILLION)            107

TABLE 31              DISTRIBUTION TRANSFORMER: TRANSFORMER MARKET, BY REGION,

2021–2024 (USD MILLION)            107

TABLE 32              DISTRIBUTION TRANSFORMER: TRANSFORMER MARKET, BY REGION,

2025–2030 (USD MILLION)            108

TABLE 33              INSTRUMENT TRANSFORMER: TRANSFORMER MARKET, BY REGION,

2021–2024 (USD MILLION)            108

TABLE 34              INSTRUMENT TRANSFORMER: TRANSFORMER MARKET, BY REGION,

2025–2030 (USD MILLION)            109

TABLE 35              SPECIALTY TRANSFORMER: TRANSFORMER MARKET, BY REGION,

2021–2024 (USD MILLION)            110

TABLE 36              SPECIALTY TRANSFORMER: TRANSFORMER MARKET, BY REGION,

2025–2030 (USD MILLION)            110

TABLE 37              TRANSFORMER MARKET, BY COOLING TYPE, 2021–2024 (USD MILLION)            112

TABLE 38              TRANSFORMER MARKET, BY COOLING TYPE, 2025–2030 (USD MILLION)            113

TABLE 39              OIL-COOLED: TRANSFORMER MARKET, BY REGION, 2021–2024 (USD MILLION)          113

TABLE 40              OIL-COOLED: TRANSFORMER MARKET, BY REGION, 2025–2030 (USD MILLION)          114

TABLE 41              AIR-COOLED: TRANSFORMER MARKET, BY REGION, 2021–2024 (USD MILLION)          114

TABLE 42              AIR-COOLED: TRANSFORMER MARKET, BY REGION, 2025–2030 (USD MILLION)          115

TABLE 43              TRANSFORMER MARKET, BY POWER RATING, 2021–2024 (USD MILLION)            117

TABLE 44              TRANSFORMER MARKET, BY POWER RATING, 2025–2030 (USD MILLION)            118

TABLE 45              LOW: TRANSFORMER MARKET, BY REGION, 2021–2024 (USD MILLION)            118

TABLE 46              LOW: TRANSFORMER MARKET, BY REGION, 2025–2030 (USD MILLION)            119

TABLE 47              MEDIUM: TRANSFORMER MARKET, BY REGION, 2021–2024 (USD MILLION)            119

TABLE 48              MEDIUM: TRANSFORMER MARKET, BY REGION, 2025–2030 (USD MILLION)            120

TABLE 49              HIGH: TRANSFORMER MARKET, BY REGION, 2021–2024 (USD MILLION)            120

TABLE 50              HIGH: TRANSFORMER MARKET, BY REGION, 2025–2030 (USD MILLION)            121

TABLE 51              TRANSFORMER MARKET, BY PHASE, 2021–2024 (USD MILLION) 123

TABLE 52              TRANSFORMER MARKET, BY PHASE, 2025–2030 (USD MILLION) 124

TABLE 53              THREE-PHASE: TRANSFORMER MARKET, BY REGION, 2021–2024 (USD MILLION)          124

TABLE 54              THREE-PHASE: TRANSFORMER MARKET, BY REGION, 2025–2030 (USD MILLION)          125

TABLE 55              SINGLE-PHASE: TRANSFORMER MARKET, BY REGION, 2021–2024 (USD MILLION)          125

TABLE 56              SINGLE-PHASE: TRANSFORMER MARKET, BY REGION, 2025–2030 (USD MILLION)          126

TABLE 57              TRANSFORMER MARKET, BY INSULATION, 2021–2024 (USD MILLION)            128

TABLE 58              TRANSFORMER MARKET, BY INSULATION, 2025–2030 (USD MILLION)            129

TABLE 59              OIL: TRANSFORMER MARKET, BY REGION, 2021–2024 (USD MILLION)       129

TABLE 60              OIL: TRANSFORMER MARKET, BY REGION, 2025–2030 (USD MILLION)       130

TABLE 61              SOLID: TRANSFORMER MARKET, BY REGION, 2021–2024 (USD MILLION)            130

TABLE 62              SOLID: TRANSFORMER MARKET, BY REGION, 2025–2030 (USD MILLION)            131

TABLE 63              GAS: TRANSFORMER MARKET, BY REGION, 2021–2024 (USD MILLION)            131

TABLE 64              GAS: TRANSFORMER MARKET, BY REGION, 2025–2030 (USD MILLION)            132

TABLE 65              AIR: TRANSFORMER MARKET, BY REGION, 2021–2024 (USD MILLION)       132

TABLE 66              AIR: TRANSFORMER MARKET, BY REGION, 2025–2030 (USD MILLION)       133

TABLE 67              TRANSFORMER MARKET, BY END USER, 2021–2024 (USD MILLION)       135

TABLE 68              TRANSFORMER MARKET, BY END USER, 2025–2030 (USD MILLION)       136

TABLE 69              POWER UTILITIES: TRANSFORMER MARKET, BY REGION,

2021–2024 (USD MILLION)            136

TABLE 70              POWER UTILITIES: TRANSFORMER MARKET, BY REGION,

2025–2030 (USD MILLION)            137

TABLE 71              INDUSTRIAL: TRANSFORMER MARKET, BY REGION, 2021–2024 (USD MILLION)          137

TABLE 72              INDUSTRIAL: TRANSFORMER MARKET, BY REGION, 2025–2030 (USD MILLION)          138

TABLE 73              RESIDENTIAL & COMMERCIAL: TRANSFORMER MARKET, BY REGION,

2021–2024 (USD MILLION)            138

TABLE 74              RESIDENTIAL & COMMERCIAL: TRANSFORMER MARKET, BY REGION,

2025–2030 (USD MILLION)            139

TABLE 75              DATA CENTERS: TRANSFORMER MARKET, BY REGION, 2021–2024 (USD MILLION)          139

TABLE 76              DATA CENTERS: TRANSFORMER MARKET, BY REGION, 2025–2030 (USD MILLION)          140

TABLE 77              OTHER END USERS: TRANSFORMER MARKET, BY REGION,

2021–2024 (USD MILLION)            140

TABLE 78              OTHER END USERS: TRANSFORMER MARKET, BY REGION,

2025–2030 (USD MILLION)            141

TABLE 79              TRANSFORMER MARKET, BY REGION, 2021–2024 (USD MILLION) 144

TABLE 80              TRANSFORMER MARKET, BY REGION, 2025–2030 (USD MILLION) 144

TABLE 81              TRANSFORMER MARKET, BY REGION, 2021–2024 (UNITS)                145

TABLE 82              TRANSFORMER MARKET, BY REGION, 2025–2030 (UNITS)                145

TABLE 83              ASIA PACIFIC: TRANSFORMER MARKET, BY TYPE, 2021–2024 (USD MILLION)                146

TABLE 84              ASIA PACIFIC: TRANSFORMER MARKET, BY TYPE, 2025–2030 (USD MILLION)                147

TABLE 85              ASIA PACIFIC: TRANSFORMER MARKET, BY COOLING TYPE,

2021–2024 (USD MILLION)            147

TABLE 86              ASIA PACIFIC: TRANSFORMER MARKET, BY COOLING TYPE,

2025–2030 (USD MILLION)            147

TABLE 87              ASIA PACIFIC: TRANSFORMER MARKET, BY POWER RATING,

2021–2024 (USD MILLION)            147

TABLE 88              ASIA PACIFIC: TRANSFORMER MARKET, BY POWER RATING,

2025–2030 (USD MILLION)            148

TABLE 89              ASIA PACIFIC: TRANSFORMER MARKET, BY PHASE, 2021–2024 (USD MILLION)             148

TABLE 90              ASIA PACIFIC: TRANSFORMER MARKET, BY PHASE, 2025–2030 (USD MILLION)             148

TABLE 91              ASIA PACIFIC: TRANSFORMER MARKET, BY INSULATION,

2021–2024 (USD MILLION)            149

TABLE 92              ASIA PACIFIC: TRANSFORMER MARKET, BY INSULATION,

2025–2030 (USD MILLION)            149

TABLE 93              ASIA PACIFIC: TRANSFORMER MARKET, BY END USER, 2021–2024 (USD MILLION)                149

TABLE 94              ASIA PACIFIC: TRANSFORMER MARKET, BY END USER, 2025–2030 (USD MILLION)                150

TABLE 95              ASIA PACIFIC: TRANSFORMER MARKET, BY COUNTRY, 2021–2024 (USD MILLION)     150

TABLE 96              ASIA PACIFIC: TRANSFORMER MARKET, BY COUNTRY, 2025–2030 (USD MILLION)     150

TABLE 97              CHINA: TRANSFORMER MARKET, BY END USER, 2021–2024 (USD MILLION)            151

TABLE 98              CHINA: TRANSFORMER MARKET, BY END USER, 2025–2030 (USD MILLION)            151

TABLE 99              INDIA: TRANSFORMER MARKET, BY END USER, 2021–2024 (USD MILLION)            152

TABLE 100            INDIA: TRANSFORMER MARKET, BY END USER, 2025–2030 (USD MILLION)            152

TABLE 101            JAPAN: TRANSFORMER MARKET, BY END USER, 2021–2024 (USD MILLION)            153

TABLE 102            JAPAN: TRANSFORMER MARKET, BY END USER, 2025–2030 (USD MILLION)            153

TABLE 103            AUSTRALIA: TRANSFORMER MARKET, BY END USER, 2021–2024 (USD MILLION)                154

TABLE 104            AUSTRALIA: TRANSFORMER MARKET, BY END USER, 2025–2030 (USD MILLION)                154

TABLE 105          REST OF ASIA PACIFIC: TRANSFORMER MARKET, BY END USER,  2021–2024 (USD MILLION)            155

TABLE 106          REST OF ASIA PACIFIC: TRANSFORMER MARKET, BY END USER,

2025–2030 (USD MILLION)            156

TABLE 107            NORTH AMERICA: TRANSFORMER MARKET, BY TYPE, 2021–2024 (USD MILLION)                157

TABLE 108            NORTH AMERICA: TRANSFORMER MARKET, BY TYPE, 2025–2030 (USD MILLION)                158

TABLE 109            NORTH AMERICA: TRANSFORMER MARKET, BY COOLING TYPE,

2021–2024 (USD MILLION)            158

TABLE 110            NORTH AMERICA: TRANSFORMER MARKET, BY COOLING TYPE,

2025–2030 (USD MILLION)            158

TABLE 111            NORTH AMERICA: TRANSFORMER MARKET, BY POWER RATING,

2021–2024 (USD MILLION)            158

TABLE 112            NORTH AMERICA: TRANSFORMER MARKET, BY POWER RATING,

2025–2030 (USD MILLION)            159

TABLE 113            NORTH AMERICA: TRANSFORMER MARKET, BY PHASE,

2021–2024 (USD MILLION)            159

TABLE 114            NORTH AMERICA: TRANSFORMER MARKET, BY PHASE,

2025–2030 (USD MILLION)            159

TABLE 115            NORTH AMERICA: TRANSFORMER MARKET, BY INSULATION,

2021–2024 (USD MILLION)            160

TABLE 116            NORTH AMERICA: TRANSFORMER MARKET, BY INSULATION,

2025–2030 (USD MILLION)            160

TABLE 117            NORTH AMERICA: TRANSFORMER MARKET, BY END USER,

2021–2024 (USD MILLION)            160

TABLE 118            NORTH AMERICA: TRANSFORMER MARKET, BY END USER,

2025–2030 (USD MILLION)            160

TABLE 119            NORTH AMERICA: TRANSFORMER MARKET, BY COUNTRY,

2021–2024 (USD MILLION)            161

TABLE 120            NORTH AMERICA: TRANSFORMER MARKET, BY COUNTRY,

2025–2030 (USD MILLION)            161

TABLE 121            US: TRANSFORMER MARKET, BY END USER, 2021–2024 (USD MILLION)            162

TABLE 122            US: TRANSFORMER MARKET, BY END USER, 2025–2030 (USD MILLION)            162

TABLE 123            CANADA: TRANSFORMER MARKET, BY END USER, 2021–2024 (USD MILLION)                163

TABLE 124            CANADA: TRANSFORMER MARKET, BY END USER, 2025–2030 (USD MILLION)                163

TABLE 125            MEXICO: TRANSFORMER MARKET, BY END USER, 2021–2024 (USD MILLION)                164

TABLE 126            MEXICO: TRANSFORMER MARKET, BY END USER, 2025–2030 (USD MILLION)                164

TABLE 127            EUROPE: TRANSFORMER MARKET, BY TYPE, 2021–2024 (USD MILLION)            165

TABLE 128            EUROPE: TRANSFORMER MARKET, BY TYPE, 2025–2030 (USD MILLION)            165

TABLE 129            EUROPE: TRANSFORMER MARKET, BY COOLING TYPE, 2021–2024 (USD MILLION)          166

TABLE 130            EUROPE: TRANSFORMER MARKET, BY COOLING TYPE, 2025–2030 (USD MILLION)          166

TABLE 131            EUROPE: TRANSFORMER MARKET, BY POWER RATING,

2021–2024 (USD MILLION)            166

TABLE 132            EUROPE: TRANSFORMER MARKET, BY POWER RATING,

2025–2030 (USD MILLION)            166

TABLE 133            EUROPE: TRANSFORMER MARKET, BY PHASE, 2021–2024 (USD MILLION)            166

TABLE 134            EUROPE: TRANSFORMER MARKET, BY PHASE, 2025–2030 (USD MILLION)            167

TABLE 135            EUROPE: TRANSFORMER MARKET, BY INSULATION, 2021–2024 (USD MILLION)                167

TABLE 136            EUROPE: TRANSFORMER MARKET, BY INSULATION, 2025–2030 (USD MILLION)                167

TABLE 137            EUROPE: TRANSFORMER MARKET, BY END USER, 2021–2024 (USD MILLION)                168

TABLE 138            EUROPE: TRANSFORMER MARKET, BY END USER, 2025–2030 (USD MILLION)                168

TABLE 139            EUROPE: TRANSFORMER MARKET, BY COUNTRY, 2021–2024 (USD MILLION)     168

TABLE 140            EUROPE: TRANSFORMER MARKET, BY COUNTRY, 2025–2030 (USD MILLION)     169

TABLE 141            GERMANY: TRANSFORMER MARKET, BY END USER, 2021–2024 (USD MILLION)                170

TABLE 142            GERMANY: TRANSFORMER MARKET, BY END USER, 2025–2030 (USD MILLION)                170

TABLE 143            ITALY: TRANSFORMER MARKET, BY END USER, 2021–2024 (USD MILLION)            171

TABLE 144            ITALY: TRANSFORMER MARKET, BY END USER, 2025–2030 (USD MILLION)            171

TABLE 145            UK: TRANSFORMER MARKET, BY END USER, 2021–2024 (USD MILLION)            172

TABLE 146            UK: TRANSFORMER MARKET, BY END USER, 2025–2030 (USD MILLION)            172

TABLE 147            FRANCE: TRANSFORMER MARKET, BY END USER, 2021–2024 (USD MILLION)                173

TABLE 148            FRANCE: TRANSFORMER MARKET, BY END USER, 2025–2030 (USD MILLION)                173

TABLE 149            SPAIN: TRANSFORMER MARKET, BY END USER, 2021–2024 (USD MILLION)            174

TABLE 150            SPAIN: TRANSFORMER MARKET, BY END USER, 2025–2030 (USD MILLION)            174

TABLE 151            REST OF EUROPE: TRANSFORMER MARKET, BY END USER,

2021–2024 (USD MILLION)            175

TABLE 152            REST OF EUROPE: TRANSFORMER MARKET, BY END USER,

2025–2030 (USD MILLION)            175

TABLE 153            MIDDLE EAST & AFRICA: TRANSFORMER MARKET, BY TYPE,

2021–2024 (USD MILLION)            176

TABLE 154            MIDDLE EAST & AFRICA: TRANSFORMER MARKET, BY TYPE,

2025–2030 (USD MILLION)            176

TABLE 155            MIDDLE EAST & AFRICA: TRANSFORMER MARKET, BY COOLING TYPE,

2021–2024 (USD MILLION)            176

TABLE 156            MIDDLE EAST & AFRICA: TRANSFORMER MARKET, BY COOLING TYPE,

2025–2030 (USD MILLION)            177

TABLE 157            MIDDLE EAST & AFRICA: TRANSFORMER MARKET, BY POWER RATING,

2021–2024 (USD MILLION)            177

TABLE 158            MIDDLE EAST & AFRICA: TRANSFORMER MARKET, BY POWER RATING,

2025–2030 (USD MILLION)            177

TABLE 159            MIDDLE EAST & AFRICA: TRANSFORMER MARKET, BY PHASE,

2021–2024 (USD MILLION)            177

TABLE 160            MIDDLE EAST & AFRICA: TRANSFORMER MARKET, BY PHASE,

2025–2030 (USD MILLION)            178

TABLE 161            MIDDLE EAST & AFRICA: TRANSFORMER MARKET, BY INSULATION,

2021–2024 (USD MILLION)            178

TABLE 162            MIDDLE EAST & AFRICA: TRANSFORMER MARKET, BY INSULATION,

2025–2030 (USD MILLION)            178

TABLE 163            MIDDLE EAST & AFRICA: TRANSFORMER MARKET, BY END USER,

2021–2024 (USD MILLION)            179

TABLE 164            MIDDLE EAST & AFRICA: TRANSFORMER MARKET, BY END USER,

2025–2030 (USD MILLION)            179

TABLE 165            MIDDLE EAST & AFRICA: TRANSFORMER MARKET, BY COUNTRY,

2021–2024 (USD MILLION)            179

TABLE 166            MIDDLE EAST & AFRICA: TRANSFORMER MARKET, BY COUNTRY,

2025–2030 (USD MILLION)          180

TABLE 167            GCC: TRANSFORMER MARKET, BY COUNTRY, 2021–2024 (USD MILLION)            181

TABLE 168            GCC: TRANSFORMER MARKET, BY COUNTRY, 2025–2030 (USD MILLION)            181

TABLE 169            GCC: TRANSFORMER MARKET, BY END USER, 2021–2024 (USD MILLION)            181

TABLE 170            GCC: TRANSFORMER MARKET, BY END USER, 2025–2030 (USD MILLION)            181

TABLE 171            SAUDI ARABIA: TRANSFORMER MARKET, BY END USER,

2021–2024 (USD MILLION)            182

TABLE 172            SAUDI ARABIA: TRANSFORMER MARKET, BY END USER,

2025–2030 (USD MILLION)            182

TABLE 173            UAE: TRANSFORMER MARKET, BY END USER, 2021–2024 (USD MILLION)            183

TABLE 174            UAE: TRANSFORMER MARKET, BY END USER, 2025–2030 (USD MILLION)            183

TABLE 175            REST OF GCC: TRANSFORMER MARKET, BY END USER,

2021–2024 (USD MILLION)            184

TABLE 176            REST OF GCC: TRANSFORMER MARKET, BY END USER,

2025–2030 (USD MILLION)            184

TABLE 177            SOUTH AFRICA: TRANSFORMER MARKET, BY END USER,

2021–2024 (USD MILLION)            185

TABLE 178            SOUTH AFRICA: TRANSFORMER MARKET, BY END USER,

2025–2030 (USD MILLION)            185

TABLE 179            REST OF MIDDLE EAST & AFRICA: TRANSFORMER MARKET, BY END USER,

2021–2024 (USD MILLION)            186

TABLE 180            REST OF MIDDLE EAST & AFRICA: TRANSFORMER MARKET, BY END USER,

2025–2030 (USD MILLION)            186

TABLE 181            SOUTH AMERICA: TRANSFORMER MARKET, BY TYPE, 2021–2024 (USD MILLION)                187

TABLE 182            SOUTH AMERICA: TRANSFORMER MARKET, BY TYPE, 2025–2030 (USD MILLION)                187

TABLE 183            SOUTH AMERICA: TRANSFORMER MARKET, BY COOLING TYPE,

2021–2024 (USD MILLION)            188

TABLE 184            SOUTH AMERICA: TRANSFORMER MARKET, BY COOLING TYPE,

2025–2030 (USD MILLION)            188

TABLE 185            SOUTH AMERICA: TRANSFORMER MARKET, BY POWER RATING,

2021–2024 (USD MILLION)          188

TABLE 186            SOUTH AMERICA: TRANSFORMER MARKET, BY POWER RATING,

2025–2030 (USD MILLION)            188

TABLE 187            SOUTH AMERICA: TRANSFORMER MARKET, BY PHASE, 2021–2024 (USD MILLION)             189

TABLE 188            SOUTH AMERICA: TRANSFORMER MARKET, BY PHASE, 2025–2030 (USD MILLION)             189

TABLE 189            SOUTH AMERICA: TRANSFORMER MARKET, BY INSULATION,

2021–2024 (USD MILLION)            189

TABLE 190            SOUTH AMERICA: TRANSFORMER MARKET, BY INSULATION,

2025–2030 (USD MILLION)            190

TABLE 191            SOUTH AMERICA: TRANSFORMER MARKET, BY END USER,

2021–2024 (USD MILLION)            190

TABLE 192            SOUTH AMERICA: TRANSFORMER MARKET, BY END USER,

2025–2030 (USD MILLION)            190

TABLE 193            SOUTH AMERICA: TRANSFORMER MARKET, BY COUNTRY,

2021–2024 (USD MILLION)            190

TABLE 194            SOUTH AMERICA: TRANSFORMER MARKET, BY COUNTRY,

2025–2030 (USD MILLION)            191

TABLE 195            BRAZIL: TRANSFORMER MARKET, BY END USER, 2021–2024 (USD MILLION)            192

TABLE 196            BRAZIL: TRANSFORMER MARKET, BY END USER, 2025–2030 (USD MILLION)            192

TABLE 197            ARGENTINA: TRANSFORMER MARKET, BY END USER, 2021–2024 (USD MILLION)                193

TABLE 198            ARGENTINA: TRANSFORMER MARKET, BY END USER, 2025–2030 (USD MILLION)                193

TABLE 199            REST OF SOUTH AMERICA: TRANSFORMER MARKET, BY END USER,

2021–2024 (USD MILLION)            194

TABLE 200            REST OF SOUTH AMERICA: TRANSFORMER MARKET, BY END USER,

2025–2030 (USD MILLION)            194

TABLE 201            OVERVIEW OF KEY STRATEGIES ADOPTED BY TOP PLAYERS,

JANUARY 2022–JULY 2025               195

TABLE 202            TRANSFORMER MARKET: DEGREE OF COMPETITION 197

TABLE 203            TRANSFORMER MARKET: REGION FOOTPRINT                 207

TABLE 204            TRANSFORMER MARKET: TYPE FOOTPRINT                 208

TABLE 205            TRANSFORMER MARKET: COOLING TYPE FOOTPRINT       209

TABLE 206            TRANSFORMER MARKET: PHASE FOOTPRINT                 210

TABLE 207            TRANSFORMER MARKET: END USER FOOTPRINT       211

TABLE 208            TRANSFORMER MARKET: DETAILED LIST OF KEY STARTUPS/SMES    214

TABLE 209            SWITCHGEAR MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES          215

TABLE 210          TRANSFORMER MARKET: PRODUCT LAUNCHES, JANUARY 2022–JULY 2025               215

TABLE 211            TRANSFORMER MARKET: DEALS, JANUARY 2022–JULY 2025  217

TABLE 212            TRANSFORMER MARKET: EXPANSIONS, JANUARY 2022–JULY 2025               222

TABLE 213            TRANSFORMER MARKET: OTHER DEVELOPMENTS, JANUARY 2022–JULY 2025          225

TABLE 214            HITACHI ENERGY LTD.: COMPANY OVERVIEW                 238

TABLE 215            HITACHI ENERGY LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    239

TABLE 216            HITACHI ENERGY LTD.: PRODUCT LAUNCHES                 242

TABLE 217            HITACHI ENERGY LTD.: DEALS 242

TABLE 218            HITACHI ENERGY LTD.: EXPANSIONS    243

TABLE 219            HITACHI ENERGY LTD.: OTHER DEVELOPMENTS              243

TABLE 220            SIEMENS ENERGY: COMPANY OVERVIEW                 247

TABLE 221            SIEMENS ENERGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED    248

TABLE 222            SIEMENS ENERGY: PRODUCT LAUNCHES                 251

TABLE 223            SIEMENS ENERGY: OTHER DEVELOPMENTS                 251

TABLE 224            EATON: COMPANY OVERVIEW  253

TABLE 225            EATON: PRODUCTS/SOLUTIONS/SERVICES OFFERED             254

TABLE 226            EATON: DEALS 256

TABLE 227            EATON: EXPANSIONS    257

TABLE 228            EATON: OTHER DEVELOPMENTS            257

TABLE 229            GE VERNOVA: COMPANY OVERVIEW      260

TABLE 230            GE VERNOVA: PRODUCTS/SOLUTIONS/SERVICES OFFERED    261

TABLE 231            GE VERNOVA: PRODUCT LAUNCHES      265

TABLE 232            GE VERNOVA: DEALS     265

TABLE 233            GE VERNOVA: EXPANSIONS        266

TABLE 234            GE VERNOVA: OTHER DEVELOPMENTS                 266

TABLE 235            TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION: COMPANY OVERVIEW 269

TABLE 236            TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED                 271

TABLE 237            TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION: DEVELOPMENTS            272

TABLE 238            SCHNEIDER ELECTRIC: COMPANY OVERVIEW                 274

TABLE 239            SCHNEIDER ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED    275

TABLE 240            SCHNEIDER ELECTRIC: PRODUCT LAUNCHES                 277

TABLE 241            SCHNEIDER ELECTRIC: DEALS  277

TABLE 242            SCHNEIDER ELECTRIC: EXPANSIONS     278

TABLE 243            SCHNEIDER ELECTRIC: OTHER DEVELOPMENTS              279

TABLE 244            ABB: COMPANY OVERVIEW         280

TABLE 245            ABB: PRODUCTS/SOLUTIONS/SERVICES OFFERED             281

TABLE 246            ABB: PRODUCT LAUNCHES         283

TABLE 247            ABB: DEALS        284

TABLE 248            ABB: EXPANSIONS           284

TABLE 249            ABB: OTHER DEVELOPMENTS   285

TABLE 250            MITSUBISHI ELECTRIC CORPORATION: COMPANY OVERVIEW   286

TABLE 251            MITSUBISHI ELECTRIC CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED    287

TABLE 252            MITSUBISHI ELECTRIC CORPORATION: DEALS                 289

TABLE 253            MITSUBISHI ELECTRIC CORPORATION: OTHER DEVELOPMENTS              289

TABLE 254            BHARAT HEAVY ELECTRICALS LIMITED: COMPANY OVERVIEW   290

TABLE 255            BHARAT HEAVY ELECTRICALS LIMITED: PRODUCTS/SOLUTIONS/

SERVICES OFFERED        291

TABLE 256            BHARAT HEAVY ELECTRICALS LIMITED: PRODUCT LAUNCHES   292

TABLE 257            BHARAT HEAVY ELECTRICALS LIMITED: EXPANSIONS     293

TABLE 258            BHARAT HEAVY ELECTRICALS LIMITED: OTHER DEVELOPMENTS              293

TABLE 259            HD HYUNDAI ELECTRIC CO., LTD.: COMPANY OVERVIEW          295

TABLE 260            HD HYUNDAI ELECTRIC CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    296

TABLE 261            HD HYUNDAI ELECTRIC CO., LTD.: DEVELOPMENTS              298

TABLE 262            HUBBELL: COMPANY OVERVIEW              300

TABLE 263            HUBBELL: PRODUCTS/SOLUTIONS/SERVICES OFFERED             301

TABLE 264            HUBBELL: DEALS             302

TABLE 265            CG POWER & INDUSTRIAL SOLUTIONS LTD.: COMPANY OVERVIEW   303

TABLE 266            CG POWER & INDUSTRIAL SOLUTIONS LTD.: PRODUCTS/SOLUTIONS/

SERVICES OFFERED        304

TABLE 267            CG POWER & INDUSTRIAL SOLUTIONS LTD.: DEALS  307

TABLE 268            CG POWER & INDUSTRIAL SOLUTIONS LTD.: EXPANSIONS     307

TABLE 269            CG POWER & INDUSTRIAL SOLUTIONS LTD.: OTHER DEVELOPMENTS              308

TABLE 270            HYOSUNG HEAVY INDUSTRIES: COMPANY OVERVIEW          309

TABLE 271            HYOSUNG HEAVY INDUSTRIES: PRODUCTS/SOLUTIONS/SERVICES OFFERED    310

TABLE 272            HYUSONG HEAVY INDUSTRIES: EXPANSIONS                 312

TABLE 273            HYOSUNG HEAVY INDUSTRIES: OTHER DEVELOPMENTS              312

TABLE 274            FUJI ELECTRIC CO., LTD.: COMPANY OVERVIEW                 313

TABLE 275            FUJI ELECTRIC CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    314

TABLE 276            FUJI ELECTRIC CO., LTD.: DEVELOPMENTS                 316

TABLE 277            WEG: COMPANY OVERVIEW       317

TABLE 278            WEG: PRODUCTS/SOLUTIONS/SERVICES OFFERED             318

TABLE 279            WEG: EXPANSIONS          319

TABLE 280            WEG: OTHER DEVELOPMENTS 320

TABLE 281            LS ELECTRIC CO., LTD.: COMPANY OVERVIEW                 321

TABLE 282            LS ELECTRIC CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    322

TABLE 283            LS ELECTRIC CO.,LTD.: DEALS  323

TABLE 284            LS ELECTRIC CO., LTD.: EXPANSIONS    324

TABLE 285            LS ELECTRIC CO., LTD.: OTHER DEVELOPMENTS              324

TABLE 286            ARTECHE GROUP: COMPANY OVERVIEW                 325

TABLE 287            ARTECHE GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED    326

TABLE 288            KONČAR D.D.: COMPANY OVERVIEW     328

TABLE 289            KONČAR D.D.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    329

TABLE 290            KONČAR D.D.: DEALS    330

TABLE 291            KONČAR D.D.: OTHER DEVELOPMENTS                 331

TABLE 292            JSPH TRANSFORMER: COMPANY OVERVIEW                 332

TABLE 293            JSHP TRANSFORMER: PRODUCTS/SOLUTIONS/SERVICES OFFERED    332

TABLE 294            TBEA: COMPANY OVERVIEW      334

TABLE 295            TBEA: PRODUCTS/SOLUTIONS/SERVICES OFFERED             334

LIST OF FIGURES

FIGURE 1              TRANSFORMER MARKET SEGMENTATION AND REGIONAL SCOPE            28

FIGURE 2              TRANSFORMER MARKET: RESEARCH DESIGN                 32

FIGURE 3              DATA TRIANGULATION                33

FIGURE 4              DATA CAPTURED THROUGH SECONDARY SOURCES             34

FIGURE 5              INFORMATION SOURCED FROM PRIMARY INTERVIEWS      36

FIGURE 6              BREAKDOWN OF PRIMARIES: BY COMPANY TYPE, DESIGNATION, AND REGION        36

FIGURE 7              MAIN METRICS CONSIDERED TO ANALYZE AND ASSESS DEMAND FOR TRANSFORMERS 37

FIGURE 8              MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH              38

FIGURE 9              MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH                38

FIGURE 10            APPROACH FOR REGIONAL TRANSFORMER MARKET ASSESSMENT  39

FIGURE 11            PROCESS FLOW TO ESTIMATE MARKET SIZE                 40

FIGURE 12            KEY STEPS CONSIDERED TO ASSESS SUPPLY OF TRANSFORMERS               41

FIGURE 13            TRANSFORMER MARKET: SUPPLY-SIDE ANALYSIS            42

FIGURE 14            ASIA PACIFIC DOMINATED TRANSFORMER MARKET IN 2024                46

FIGURE 15            POWER TRANSFORMER SEGMENT TO ACCOUNT FOR LARGEST MARKET

SHARE IN 2025   46

FIGURE 16            OIL-COOLED SEGMENT TO SECURE LARGER MARKET SHARE IN 2030 47

FIGURE 17            TRANSFORMERS WITH LOW POWER RATINGS TO LEAD MARKET IN 2025            47

FIGURE 18            THREE-PHASE TRANSFORMERS TO CAPTURE PROMINENT MARKET

SHARE IN 2025   48

FIGURE 19            OIL-INSULATED TRANSFORMERS TO GRAB MAJORITY OF MARKET  SHARE IN 2025                 48

FIGURE 20            POWER UTILITIES  TO OCCUPY LEADING POSITION IN TRANSFORMER

MARKET IN 2025                49

FIGURE 21            GRID MODERNIZATION AND RENEWABLE ENERGY EXPANSION

PROJECTS TO OFFER LUCRATIVE GROWTH OPPORTUNITIES                 50

FIGURE 22            ASIA PACIFIC TO EXHIBIT HIGHEST CAGR IN TRANSFORMER MARKET DURING FORECAST PERIOD   51

FIGURE 23            POWER TRANSFORMER SEGMENT AND CHINA HELD LARGEST SHARE

OF ASIA PACIFIC TRANSFORMER MARKET IN 2024            51

FIGURE 24            POWER TRANSFORMERS TO HOLD DOMINANT MARKET POSITION IN 2030          52

FIGURE 25            OIL-COOLED TRANSFORMERS TO EXERT MARKET DOMINANCE IN 2030    52

FIGURE 26            TRANSFORMERS WITH LOW POWER RATINGS TO HOLD DOMINANT MARKET POSITION IN 2030            52

FIGURE 27            THREE-PHASE TRANSFORMERS TO HOLD COMMANDING POSITION IN 2030             53

FIGURE 28            OIL-IMMERSED TRANSFORMERS TO MAINTAIN SUPREMACY IN 2030        53

FIGURE 29            POWER UTILITIES TO BE KEY END USERS OF TRANSFORMERS  IN 2030             53

FIGURE 30            TRANSFORMER MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES,

AND CHALLENGES          55

FIGURE 31            HISTORICAL AND PROJECTED GROWTH IN TOTAL ELECTRICITY GENERATION,

BY REGION, 2010−2050  57

FIGURE 32            GLOBAL INVESTMENT IN CLEAN ENERGY AND FOSSIL FUELS, 2019–2024               59

FIGURE 33            INVESTMENT IN POWER GRIDS AND ENERGY STORAGE SYSTEMS,

BY REGION, 2017–2024    60

FIGURE 34            GLOBAL INVESTMENT IN CLEAN ENERGY, 2017–2024        61

FIGURE 35            AVERAGE ANNUAL COPPER PRICE, 2017–2025                 62

FIGURE 36            AVERAGE ANNUAL INVESTMENT SPENDING ON ELECTRICITY GRIDS IN NET ZERO SCENARIO, 2015–2030                 64

FIGURE 37            GLOBAL CO2 EMISSIONS FROM ELECTRICITY GENERATION, 2014–2026                65

FIGURE 38            TRENDS/DISRUPTIONS INFLUENCING TRANSFORMER PROVIDERS

AND THEIR CLIENTS      67

FIGURE 39            AVERAGE SELLING PRICE TREND OF TRANSFORMERS, BY REGION, 2021–2024                 69

FIGURE 40            TRANSFORMER MARKET: SUPPLY CHAIN ANALYSIS            70

FIGURE 41            TRANSFORMER MARKET: KEY PLAYERS IN ECOSYSTEM       73

FIGURE 42            TRANSFORMER MARKET: PATENTS GRANTED AND APPLIED, 2014–2025               77

FIGURE 43            IMPORT SCENARIO FOR HS CODE 8504-COMPLIANT PRODUCTS

IN TOP 5 COUNTRIES, 2020–2024                80

FIGURE 44            EXPORT SCENARIO FOR HS CODE 8504-COMPLIANT PRODUCTS

IN TOP 5 COUNTRIES, 2020–2024                81

FIGURE 45            TRANSFORMER MARKET: PORTER’S FIVE FORCES ANALYSIS           88

FIGURE 46            INFLUENCE OF KEY STAKEHOLDERS IN BUYING PROCESS FOR  TOP 3 END USERS            90

FIGURE 47            KEY BUYING CRITERIA FOR TOP 3 END USERS                 91

FIGURE 48            INVESTMENT AND FUNDING SCENARIO                 92

FIGURE 49            IMPACT OF GEN AI/AI ON TRANSFORMER MARKET, BY REGION     95

FIGURE 50            TRANSFORMER MARKET SHARE, BY TYPE, 2024                 105

FIGURE 51            TRANSFORMER MARKET SHARE, BY COOLING TYPE, 2024           112

FIGURE 52            TRANSFORMER MARKET SHARE, BY POWER RATING, 2024     117

FIGURE 53            TRANSFORMER MARKET SHARE, BY PHASE, 2024                 123

FIGURE 54            TRANSFORMER MARKET SHARE, BY INSULATION, 2024            128

FIGURE 55            TRANSFORMER MARKET SHARE, BY END USER, 2024        135

FIGURE 56            ASIA PACIFIC TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD       143

FIGURE 57            TRANSFORMER MARKET SHARE, BY REGION                 144

FIGURE 58            ASIA PACIFIC: TRANSFORMER MARKET SNAPSHOT          146

FIGURE 59            NORTH AMERICA: TRANSFORMER MARKET SNAPSHOT          157

FIGURE 60            MARKET SHARE ANALYSIS OF COMPANIES OFFERING TRANSFORMERS, 2024              198

FIGURE 61            REVENUE ANALYSIS OF FIVE KEY PLAYERS IN TRANSFORMER MARKET,

2020–2024              201

FIGURE 62            COMPANY VALUATION 202

FIGURE 63            FINANCIAL METRICS      202

FIGURE 64            BRAND/PRODUCT COMPARISON             203

FIGURE 65            TRANSFORMER MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2024         205

FIGURE 66            TRANSFORMER MARKET: COMPANY FOOTPRINT       206

FIGURE 67            TRANSFORMER MARKET: COMPANY EVALUATION MATRIX

(STARTUPS/SMES), 2024                213

FIGURE 68            HITACHI ENERGY LTD.: COMPANY SNAPSHOT                 238

FIGURE 69            SIEMENS ENERGY: COMPANY SNAPSHOT                 248

FIGURE 70            EATON: COMPANY SNAPSHOT  254

FIGURE 71            GE VERNOVA: COMPANY SNAPSHOT     261

FIGURE 72            TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION: COMPANY SNAPSHOT 270

FIGURE 73            SCHNEIDER ELECTRIC: COMPANY SNAPSHOT                 275

FIGURE 74            ABB: COMPANY SNAPSHOT        281

FIGURE 75            MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT   287

FIGURE 76            BHARAT HEAVY ELECTRICALS LIMITED: COMPANY SNAPSHOT   291

FIGURE 77            HD HYUNDAI ELECTRIC CO., LTD.: COMPANY SNAPSHOT          296

FIGURE 78            HUBBELL: COMPANY SNAPSHOT             301

FIGURE 79            CG POWER & INDUSTRIAL SOLUTIONS LTD.: COMPANY SNAPSHOT   304

FIGURE 80            HYOSUNG HEAVY INDUSTRIES: COMPANY SNAPSHOT          310

FIGURE 81            FUJI ELECTRIC CO., LTD.: COMPANY SNAPSHOT                 314

FIGURE 82            WEG: COMPANY SNAPSHOT       318

FIGURE 83            LS ELECTRIC CO., LTD.: COMPANY SNAPSHOT                 322

FIGURE 84            ARTECHE GROUP: COMPANY SNAPSHOT                 326

FIGURE 85            KONČAR D.D.: COMPANY SNAPSHOT     329