A transformer is an electrical instrument made of two or more inductors and is used to transfer energy from one source to another, either increasing or reducing the voltage.

Transformers are essential to the energy landscape—from helping grid operators respond flexibly to power fluctuations to playing a crucial role in achieving a successful energy transition.

Transformers are used for power, industrial, transportation and several other applications, ranging from alternating current regulation to large-capacity transmission and distribution.

Let's look at the global top 10 transformer manufacturers based on the revenue generated in 2024.

Types of Transformers

An electric transformer or electrical transformer is a static electrical machine that transforms electric power from one circuit to another based on the basic principles of electromagnetic induction and mutual induction.

Let us take a brief look at the wide range of power transformers available in the market:

Transformers based on Core Material

• Air core transformer

• Ferrite core transformer

• Iron core transformer

• Toroidal core transformer or toroidal transformer (including an encapsulated transformer)

Transformers based on Phases

• Auto transformer

• Single-phase transformer

• Three-phase transformer

Looking for Global Power Transformer Market Report?     Download Free Sample Now!

Transformers based on Place of Usage

• Dry-type transformer (indoor)

• Oil-filled transformer (including a furnace transformer (outdoor))

Transformers based on Turns Ratio

• Isolation transformer (including a control transformer)

• Step-up transformer

• Step-down transformer

Other types of transformers include current transformer (a type of instrument transformer) and distribution transformer. 

List of Top Transformer Manufacturers in the world (According to latest revenue 2024)

Hitachi Energy

Hitachi Energy is a globally leading company, which provides a wide range of products and solutions, including transformers for data centers, marine, power  (generation, distribution, and transmission), solar and other applications.

In addition, the company provides transformer services for complete life-cycle support, including transformer replacement components and parts.

The company’s offerings include:

EconiQ™ transformers: EconiQ™ power and distribution transformers are built using scientific methodologies like Life Cycle Analysis and consist of best-in-class solutions for enhanced sustainability performance.

Transformers for floating applications: The company offers the OceaniQ™ portfolio of products, solutions (deployed offshore in floating, subsea, and fixed structures applications), and services, which can overcome harsh offshore conditions and vastly increase the available global capacity for upcoming offshore wind farm projects.

TXpert™ Enabled digital power transformer: The digitally enabled transformer prevents failures and unplanned outages, optimizes asset performance, and aids in intelligent grid management.

TXpand™: The rupture-resistant transformer solution with a demonstrated capability of absorbing energy from faults reduces risk, keeps the power flowing, and increases safety for people in and around power substations.

In January 2025, Hitachi Energy announced a EUR 30 million investment to move and expand its dry-type transformer factory in Zaragoza, Spain. The new 22,000 sqm facility, located at the Zaragoza Logistics Platform, will be ready by the end of 2026. It will increase production capacity, create new jobs, and follow sustainable building standards with LEED Gold certification.

General Electric Company 

General Electric Company (GE) is an American multinational conglomerate with operations in several industries, such as additive manufacturing, aviation, power, renewable energy, and finance.

GE’s Grid Solutions is a renewable energy business, which provides power utilities and industries with a variety of equipment, services, and systems. Among these is HV/MV equipment comprising a wide array of transformer solutions meeting rigorous operating requirements in electrical environments around the world.

In addition to providing specialized transformer services, GE has expertise in transformer manufacturing and designs and delivers transformers, such as:

Distribution transformers: GE offers highly reliable and technologically advanced distribution solutions, including:

• Single-phase pole-mounted distribution transformers (installation on utility overhead systems)

• Single-phase pad-mounted distribution transformers (modern underground residential applications)

• Liquid-filled pad-mounted distribution transformers (designed for commercial and residential outdoor installation)

Special distribution transformers

• Primary and secondary substation transformers

• Cast coil transformers

• Multi Tap transformers

Network transformers

Voltage regulators

Power transformers: GE’s low-maintenance, high-performance power transformers support a broad range of voltage levels and provide reliability in generation, transmission, and distribution.

Conventional power transformers: GE’s large, medium, and small power transformers are highly efficient and built to the latest industry standards, as well as operational and customer specifications.

Auto transformers: GE’s auto transformers are lighter with a compact footprint and are designed for constant flux regulation at high voltages and booster schemes.

Generator step-up transformers: GSU transformers last long with superior performance and are suitable for hydraulic, nuclear, and thermal applications from small to high voltages.

Special power transformers

• Phase-shifting transformers

• Transformers for SVC (Static Var Compensator) systems

• Industrial transformers

• Low-maintenance transformers

• HVDC (High Voltage Direct Current) converter transformers

Green transformers: GE’s green power transformers come with a hermetically-sealed tank design and provide various benefits, including energy efficiency, lower CO2 emissions, noise reduction, and space savings.

In September 2024, GE Vernova announced an expansion of its Grid Solutions business in Stafford, UK, to meet rising global demand for HVDC systems. The Redhill site will double its capacity with a new valve assembly line, while the Lichfield Rd site will be upgraded to boost production of HVDC converter transformers. Transformers from this site were recently installed in the North Sea to support the 1.4GW Sofia Offshore Wind Farm.

HD Hyundai Electric

The inauguration of the Electrical Engineering Division (EED) in 1977 as a new division of Hyundai Heavy Industries Co., Ltd. marked the beginning of a company, which has grown into a globally recognized name in the manufacturing and distribution of electrical equipment.

HD Hyundai Electric is now an integrated solution provider with offerings, such as power transformers, marine distribution transformers, specialized transformers, high-voltage motors, and energy solutions.

Hyundai Electric exports transformers to 70+ countries worldwide and supplies transformers for use in apartments, electric arc furnaces, high-speed railways, industrial plants, subways, wind generators, etc.

Power transformers: Hyundai Electric uses the latest equipment and industry-standard production systems to produce extra-high-voltage transformers with diverse specifications up to 800 kV.

Distribution transformers

• Mold transformer (compact, fire resistant, and lightweight with excellent insulation)

• Oil-immersed transformer (flexible design with a high degree of customization)

Marine distribution transformers: Hyundai Electric’s marine solutions for ships and offshore facilities include transformers built with advanced molding technology, eliminating the risk of explosion and fire.

Find Transformer Manufacturing Projects around the Globe     Collect Your Free Leads Here!

Key features:

• Compactness

• Lightweight size

• Low loss

• Low noise

• Stability

In April 2025, HD Hyundai Electric announced the completion of Korea’s largest grid-flow adjusting transformer. The 230kV, 653MVA phase-shifting transformer, the highest-capacity of its kind made in Korea, passed final approval tests and is set for delivery by August to a wind farm in New York operated by Invenergy.

Schneider Electric

Schneider Electric SE, is a renowned French multinational corporation and one of the biggest transformer companies in the world. The company has over 60 years of experience in transformer production. The French MNC offers power transformers across multiple types, including oil-immersed, air-insulated, and dry-type transformers. 

Each transformer is designed to deliver optimal performance, energy efficiency, and durability addressing specific customer requirements for single-phase or three-phase configurations.

Transformer Types and Capabilities

Low Voltage Transformers

Schneider Electric offers a comprehensive range of low-voltage transformers designed for diverse environments. The product lineup includes:

Drive Isolation Transformers: Designed for AC and DC motor drive applications.

Buck Boost Transformers: Economical, space-saving transformers for minor voltage adjustments.

General Purpose Transformers: Epoxy resin-filled, suited for outdoor use without additional accessories.

Distribution Transformers: Available in both single and three-phase models, meeting DOE 2016 efficiency standards.

Medium Voltage Transformers

Built to withstand harsh environments, Schneider’s medium voltage transformers deliver robust performance in industrial settings. Key models include:

Cast Coil Power-Cast II™ Transformers: Ideal for settings with chemical fumes, dust, or high vibrations, offering the durability of liquid-filled transformers.

VPI Power-Dry II™ Transformers: Vacuum-pressure impregnated dry-type transformers for commercial and industrial applications, providing a cost-effective solution for high-impact and short-circuit load handling.

Specialized Transformer Solutions

Schneider Electric also produces a range of specialized transformers, such as:

Instrument and Industrial Control Transformers: Low impedance for voltage regulation in high-inrush environments.

Mini Power-Zone LV Substation: Integrates a transformer and circuit breaker distribution panel for compact power solutions.

Siemens Energy AG

Siemens Energy AG (Siemens Energy) is a major energy development company formed by the spin-off of the former Gas and Power division of the Siemens Group.

Siemens Energy’s grid technologies’ portfolio includes but not limited to the following:

CAREPOLE dry-type pole-mounted transformers: These are environmentally friendly, reliable, and safe transformers, which possess outstanding electrical, mechanical, and thermal characteristics. Furthermore, CAREPOLE was selected for the 2022 “EUISSCA Sustainable Supply Chain Award.”

Fluid-immersed distribution transformers: These are compact and reliable transformers with fully bio-degradable ester-insulating oil for improved operation at high temperatures.

GEAFOL cast resin transformers: GEAFOL cast resin transformers are environmentally friendly while exceeding the highest safety standards and retaining excellent electrical, mechanical, and thermal characteristics.

HVDC transformers: HVDC transformers support efficient power exchange between interconnected systems and asynchronous grids. These transformers also enable bulk and reliable power supply from generation units to load centers (at the lowest possible transmission losses).

Phase-shifting transformers: Phase-shifting transformers are the most cost effective for active power flow control to enhance the flexibility and stability of transmission grids.

Power transformers: Power transformers are highly efficient and reliable for different application areas, including industry, infrastructure, power generation, and power transmission.

Traction transformers: Traction transformers provide flexible power transformation for rail operators and train manufacturers and can handle the highest ratings in a limited space.

Transformers for industrial applications: These are cost-efficient and reliable transformers designed to withstand the harshest conditions and tailormade for industrial applications.

Furthermore, Siemens Energy’s Sensformer® makes transformers connective through sensors for vital operating parameters, such as oil level, LV winding current, temperature, and GPS positioning.

Mitsubishi Electric Corporation

Mitsubishi electric started manufacturing transformers in 1910 and became one of the largest transformer manufacturers in the world. The Japanese electric equipment manufacturers have built a legacy as one of the foremost manufacturers of high-quality, reliable transformers globally. 

Mitsubishi Electric’s transformers are renowned for both safety and efficiency providing power transmission and distribution network for infrastructure projects worldwide. Here are some of the notable transformer models:

Generator Step-Up Transformers: Mitsubishi Electric’s generator step-up transformers are designed for large-capacity power plants, including nuclear power generation. The company also developed a three phase transformer for one of the largest-capacity nuclear power plants in the world.

Autotransformers (Three & Single Phase): Mitsubishi Electric’s shell-form autotransformers offer high-voltage and large-capacity solutions. The special three-phase autotransformers also feature a unique design that reduces transportation size by 50%, enhancing logistics and installation efficiency.

Gas-Insulated Transformers: Mitsubishi Electric’s nonflammable gas-insulated transformers, which utilize SF6 gas as a cooling and insulating medium, represent a sustainable choice in transformer design.

Core Form Transformers: Mitsubishi Electric’s core-form transformers are available in ratings ranging from 69 kV to 275 kV, making them suitable for a wide range of applications.

Shell Form Transformers: Mitsubishi Electric’s shell-form transformers are crafted with advanced three-dimensional computer analysis. This is a one-step solution that addresses common industry challenges such as heating. Rated up to 765 kV, these transformers have earned a reputation for exceptional reliability and quality.

In October 2024, Mitsubishi Electric Power Products (MEPPI) and its parent company Mitsubishi Electric Corporation (MELCO) announced to include USD 25 million to expand Hitachi’s Virginia transformer factory, USD 60 million to expand its Pennsylvania high-voltage switchgear and breakers factory, and USD 70 million to construct a distribution transformer factory in Reynosa, Mexico.

Toshiba Energy Systems & Solutions Corporation

Toshiba Energy Systems & Solutions Corporation is a subsidiary of the Toshiba Group—a Japanese multinational conglomerate commonly known as “Toshiba” (TOSHIBA) with an over 135-year-old industry legacy.  

The name “Toshiba” is derived from its former name—Tokyo Shibaura Electric Co., Ltd.—a merger between Shibaura Seisaku-sho and Tokyo Denki.

Toshiba Energy Systems & Solutions Corporation provides energy-related solutions, including heavy ion therapy and energy transmission and distribution solutions, as well as renewable energy generation systems and energy aggregation services.

Among its overseas companies is “Toshiba Transmission & Distribution Systems (India) Private Limited (TTDI), which serves as the global manufacturing hub of Toshiba Corporation.

TTDI’s product portfolio includes:

Completely Self-protected transformers: CSPs offer a safe solution against lightning, severe overloads, and switch surges.

Corrugated tank distribution transformers: These compact, elegant transformers require little maintenance and are manufactured using the most modern manufacturing practices.

Looking for Global Power Transformer Market Report?     Download Free Sample Now!

Oil-filled power transformers: These are robustly designed with sturdy construction to handle short circuits effectively. Furthermore, the company’s single-phased oil-filled distribution transformers are designed to improve the reliability of electrical distribution systems.

Three-phase pad-mounted transformers: These are safe, reliable, and aesthetic and serve as compact power centers for commercial or industrial applications.

Additionally, TTDI has over 15 years of experience in producing dry-type cast resin transformers.

The company’s Energy Systems Research & Development Center focuses on developing technologies for carbon neutrality and improvement of Quality of Life (QoL) and infrastructure resilience.

Triad Magnetics is another company that provides custom-manufactured inductors and transformers, as well as high-frequency magnetics and power supplies, with global manufacturing and distribution capabilities.

ABB Ltd

ABB is a global leader in transformer technology and has a rich history dating back to 1893 when it (then ASEA) delivered one of the world’s first transformers. This innovation was part of the first commercial three-phase AC power transmission link, connecting a hydropower plant to a large iron-ore mine in Sweden.

Over the past 120 years, ABB has grown to become one of the world’s largest transformer manufacturers and service providers, with a presence in over 100 countries, 50 transformer factories, and 30 service centers worldwide.

ABB Transformer Product Portfolio

ABB offers a comprehensive range of transformer solutions, from distribution transformers to advanced specialized transformers designed to meet diverse power needs across industries.

Power and Distribution Transformers

ABB’s power and distribution transformers are versatile. These are designed to deliver efficient and reliable power distribution across various applications.

Control Transformers

ABB’s control transformers include models such as the TM-C, TM-S, and TM-I. These transformers are specialized for control and auxiliary circuits, featuring reinforced insulation for safe operation between primary and secondary circuits.

Padmount Transformers

ABB’s padmount transformers, such as the ABB Liquid Pad Mount 2,500 kVA Transformer and Pad Mount Oil Transformer, are engineered for demanding environments. They offer exceptional performance and reliability, making them suitable for outdoor applications and other challenging settings.

Traction Transformers

ABB recently introduced the Power Electronics Traction Transformer (PETT), a breakthrough for rail applications. Using power electronics, PETT reduces size and weight, improves energy efficiency, and lowers noise levels, enhancing the performance of modern trains.

Special Application Transformers

ABB’s special application transformers include groundbreaking solutions such as the 1,100 kV UHVDC converter transformer, capable of transmitting up to 10,000 MW of power over distances as long as 3,000 km. Other innovations include subsea transformers for underwater power distribution at depths of 3,000 meters, and ultra-low sound transformers for noise-sensitive environments.

Technological Innovations and Sustainability

ABB is dedicated to sustainable and efficient energy solutions, continuously advancing transformer technology to reduce environmental impact. Their innovative products include:

High-Efficiency Distribution Transformers: These liquid and dry-type transformers reduce energy losses by up to 70%, making them ideal for sustainable energy networks.

Amorphous Core Transformers: ABB’s transformers with amorphous cores are designed for lower energy loss, and their biodegradable-oil-based models are environmentally friendly, reducing the risk of soil contamination.

TBEA Co., Ltd.

Previously known as “Tebian Electric Apparatus,” TBEA is credited with developing the first power transformer in China in 1938. The company is a globally leading power transmission and distribution equipment manufacturer, with 18 domestic industrial parks and 3 overseas manufacturing bases.

TBEA’s transformer product range meets industry standards, such as AS (Australian), BS (English), CSA (Canadian), IEEE (American), IS (Indian), and Technical Standards of IEC (International).

The key features of the transformers include:

• High reliability

• Low loss

• Low noise

• Low partial discharge

• Low temperature rise 

TBEA provides the following transformers for voltage transformation and power transmission at power grids, power plants, large power enterprises, etc.:

• Cabinet-type substation [American type]

• Cabinet-type substation [European type]

• Large capacity dry-type transformer [30000kVA]

In addition, the company offers the following transformers:

• Dry-type transformer in wind turbine generator room (covers 3.4 MW, 4.5 MW, 5 MW, 6 MW, 7 MW and other mainstream wind power models)

• ODFPS [1000kV 1000MVA power transformer] 

JSHP Transformer Co., Ltd.

JiangSu HuaPeng Transformer Co., Ltd. (JSHP Transformer) is a family-owned manufacturer with an industry-leading reputation of being the world’s largest medium power transformer (MPT) producer.

JSHP transformers include:

• Oil-immersed transformers (500/750 kV series, 220/345 kV series, 110 kV-66kV series, and 35 kV-10 kV series furnace transformer)

• Dry type (cast resin transformer up to 115 kV, 40 MVA)

• JStrong™ transformers (designed for offshore wind turbine cell installation with the capability to withstand internal arcing without tank rupture and causing fire)

In addition, JSHP renewable transformers include solar GSU and wind GSU transformers.

According to company data (2022), it has been serving:

• 18% of the load of Las Vegas, NV

• 14% of the load of Dublin, Ireland

• 10% of the load of New York City

In addition, the company mentions a track record of delivering:

• 11,000+ units (115kV-765kV power transformers I 2-3 units shipped per day)

• 50,000+ units (renewable GSU I 500+ units shipped per month)

• 3,000+ MV power stations (worldwide delivery)

Wrapping Up

The manufacturing process of transformers involves skilled craftsmanship for constructing a transformer’s core, which consists of steel plates wrapped with coils of insulated copper wire.

In contrast to a standard transformer available in the market, a custom transformer can meet specific requirements, such as a limited space, noise reduction, and voltage stepping (requires a specially designed transformer optimized for precise input and output voltage levels).

Across the world, transformer suppliers employ cutting-edge technologies to create safe, reliable, and efficient transformers useful for various applications, such as:

• Conventional power plants

• Industrial plants

• Mining and steel plants

• Nuclear power plants

• Oil & gas facilities

• Renewable energy plants

• Substations

• Water treatment plants

From addressing market challenges to developing custom solutions in an evolving transformer industry, transformer manufacturers worldwide play a key role in powering the engine of green growth and ensuring reliable electrical energy for all.

Blackridge Research & Consulting – Global Transformer Market Report

Looking for a thorough analysis of the global transformer market?

Blackridge Research & Consulting’s Global Transformer Market Report offers an in-depth review of market dynamics across various regions, including the key factors driving and restraining growth, current and future market opportunities, and noteworthy industry developments.

This report also provides:

• Detailed insights into the competitive landscape and emerging market trends

• Analysis of the top industry players

Contact us to discover our special introductory offer and save on your first or multiple purchases.

Each report purchase includes:

• Up to 60 minutes of exclusive access to our analysts

• Year-long post-purchase analyst support

At Blackridge Research & Consulting, we also offer tailored research services and free customization on our reports.

FAQs: Transformer Manufacturers & History

Who is the largest manufacturer of transformers?

Siemens Energy (Germany) is the global leader in terms of market share, followed by:

• Hitachi Energy (Japan/Switzerland)

• GE Grid Solutions (USA)

• TBEA (China)

• CG Power (India)

Market Share: Siemens holds ~18% of the global transformer market.

Which company manufactures transformers?

Top transformer manufacturers include:

• ABB (Sweden/Switzerland)

• Mitsubishi Electric (Japan)

• Hyosung (South Korea)

• SPX Transformer Solutions (USA)

• Wilson Power Solutions (UK for distribution transformers)

What country makes transformers?

Top 5 producing nations (2024):

1. China (40% global production)

2. Germany (Premium high-voltage units)

3. USA (Critical grid infrastructure)

4. India (Fastest-growing exporter)

5. South Korea (Specialty transformers)

What are the three types of transformers?

Core classifications:

1. Power Transformers (Grid transmission, 50MVA+)

2. Distribution Transformers (Local networks, <10MVA)

3. Instrument Transformers (Measurement/protection)

Other types: Autotransformers, pad-mounted, and phase-shifting transformers.

Which country invented the transformer?

Hungary (1885):

• Inventors: Ottó Bláthy, Miksa Déri, Károly Zipernowsky

• First commercial use: Ganz Works, Budapest

• Key innovation: Closed-core design (basis for modern transformers)