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China's Transformer Exports Surge Continuously, Leading Global Market Growth
2026-01-14
Transformers, known as the "voltage converters" and "energy porters" of the power system, are core equipment for power transmission, distribution, and utilization. Driven by the growing global power demand and the upgrading of smart grids, the global transformer market demand has soared. Meanwhile, developed economies with an earlier electrification process are facing the challenge of aging power grids, further boosting the replacement demand for transformers.
China's transformer export value has maintained high growth for four consecutive years since 2021, a trend that highlights the country's increasing influence in the global transformer industry. According to the latest forecast released by Allied Market Research, a leading international energy industry analysis institution, the global transformer market size is expected to reach $103 billion by 2031, doubling the $58.6 billion in 2021, with a compound annual growth rate (CAGR) of 6.1% from 2021 to 2031.
As the world's largest transformer manufacturing base, China contributed more than 60% of the global transformer output in 2023 and has ranked first in the world in export scale for many years. A key competitive advantage of China's transformer industry lies in its unique full-chain independent supply chain system, covering the entire process from mineral extraction to finished product assembly. This system features the largest scale, fastest response speed, and lowest cost globally.
In terms of technological innovation, Chinese enterprises have achieved a leap from following to leading the global trend, continuously enhancing the competitiveness of their products. With the continuous expansion of global power infrastructure construction and the acceleration of the energy transition, China's transformers are poised to seize more opportunities in the international market.